My H1b will max out in March 2022, considering the current timeline my PERM should come by end of Dec 2022. As my wife is on an F1 visa I am planning to stay back on f2 COS which will help my spouse in studies and I can share the load of day-to-day chores and kids.
Q1. Considering the current timeline of f2 COS which is 18-20months I will be on f2 receipt. If I exit the country before approval in case of emergency abandoning the f2 COS will my stay will be counted as an overstay?
Q2. Once my Perm is approved my employer will file my I-140 in premium, Do I need to wait for I-140 approval to apply for an H1b extension?
Q3. And at what stage I can start working, is it when the H1b extension is filed, or do I need to wait for approval? Can we do an H1b extension in premium?
Assuming you timely file for COS from H1B to F2 before your H1B expires, you are considered in a period of authorized stay while a petition is pending with USCIS, so you will not be considered out of status if you decide to abandon the COS application and leave the US.
Yes, your employer can file for cap-exempt H1B once the I-140 is approved.
One more Q if you don’t mind, Do I need to close my trading and crypto accounts after moving to f2 COS?
Also with Remote Jobs in trend, my implementation partner wanted me to explore if I can take an offshore position (home country) on Indian payroll, is this possible?
I don’t think so however after moving to F2 you can’t do active trading (4 or more trades per week). Passive investing in stocks, dividend & interest income, rental income are ok and allowed legally. You must file US taxes as applicable using 1040NR form.
Any active employment is not allowed for F2 by law. That said, if you work and generate income in India, there is no way for USCIS to know that you are breaking the law which you shouldn’t anyways.
As a dependent of F-1 you are exempt individual from the substantial presence test for getting treated as resident alien for tax purpose and so F1/F2 are considered nonresident aliens by IRS for tax purpose. Nonresident aliens are only taxed for their US income.
You must consult with a CPA for knowing your tax obligation. Whatever information I provide is for information purpose only.