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Would I be legally authorized to stay in the US after my current H1B visa has expired on April 30TH, 2014 as long as the I-140 and I-485 have been filed to the USCIS, or should I have to leave the country and wait for the EB-2 NIW petition approval to come back?
Yes. By filing an I-485 you will have a valid visa status based on your pending I-485 known as AOS (adjustment of status). This AOS visa status allows you to stay in the US while your I-485 is pending. With the I-485 you can file an I-765 to apply for an Employment Authorization Document (EAD) (no additional filing fee). You can use the EAD to work in the US while your I-485 is pending. Once USCIS receives your I-765 it takes 1-3 months to get the EAD.