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We have asked for an advisory opinion from USCIS if we are subjected to the 2 year's home country rule (our visas do not mention anything). If we find out that we are subjected to the 2 year's home country rule, we will have to apply for a waiver at some point. However, the immigration specialist at my wife's University told us that we do not need a waiver to apply for the step 1 for either NIW or EA. However, we cannot apply for the step 2 for either of these categories unless we have a waiver on the 2 year's home country rule. Please can you let us know if our understanding is correct?
That is correct. You do not need to have a J-waiver (or have satisfied the two-year home country physical presence requirement) at the time that you file the I-140. But, if your J visa is subject to the INA 212(e) restriction, you will not be eligible to file the I-485 for adjustment of status until you have either satisfied this requirement or have a J-waiver.