wareagle

ok, one more panic question

It's regarding the sponsor's financial requirements

I am looking at being covered using a combination of income and assets:

My wife has $11,000 assets and we have the evidence to show it
My MIL has $73,156 in assets
My MIL also has $6k as her Net Income for 2010 Tax Year

My understanding was. You need 5 times the difference of HH income from P85 in assets - less the income

So in my case (HH 2) it would be $18,387 - $6k personal income = $12,387*5

= $61,935 needed in assets.

Is this correct so far?

My next more awkward question.

I have evidence for assets. However MIL is self employed and so I dont have anything like a pay slip to demonstrate monthly income. Will I need something like this, or will her Tax return be sufficient?

If I do need something, could I just show a spread sheet as she doesnt keep any official records. She is a hairdresser so nothing formal I could produce

I'm worrying as I realised we only have $84,000 in assets and so her income will need to be taken into account.

Interview is this Friday and so I'm now really panicking!

Help appreciated

Noorah101

If you're using a joint sponsor, it doesn't really matter what your wife's income or assets are...it's what your joint sponsor has that counts.

Is this 5x what the income requirement would be? Joint sponsor's assets must be 5x the amount (spouses can be 3x the amount).

Her 2010 income is not what counts on the I-864. It's her *current* income in 2011. If she's still earning that little, then she can make up the difference in assets, if she has enough.

I don't know what "HH income" is. I don't know what "P85 in assets" means.

Her tax return shows past income. She needs something to document *current* income. Most people who are self employed keep records such as quarterly profit/loss statements, perhaps a record book of business income/expenses, etc. Keep in mind that she can only use personal income, not the business income on the I-864. Personal income = Business income minus business expenses. For example, if she earns $20,000 a year from the business, but she has $10,000 a year in business expenses (shown on Schedule C of her tax return), then her personal income is $10,000 and that's what can be used on the I-864. All this will need to be documented for her current income.

Yes, a spreadsheet showing business income and business expenses per month for 2011 would be helpful. At least it would be something.

Who is "we"? Your wife's assets and her mother's assets can't be combined.

Bottom line is...does your MIL have enough current income plus assets at 5x the amount to make up the difference, for her household plus the immigrant?

Rene

Noorah101

OK, I see now that HH2 means Household Size 2. I assume you mean your MIL lives alone and is sponsoring you, meaning HER household size is 2. She would need 5x the amount needed in income, so if she's not using income at all, she'd need $91,935 in assets.

She only has $73,156 so that's not enough.

You've said what her 2010 income is, but you haven't said what her current income is, so we don't know yet if she meets the requirements overall.

If we just assume she also is making $6,000 (personal income, not business income) in 2011, the it goes like this:

She needs to earn $18,387. Take away the $6,000 she can show in personal income, she's left with lacking $12,387. Five times $12,387 = $61,935. If she has $73,156 in assets, then her $6,000 a year income plus $73,156 in assets should be enough. This all must be documented.

Rene

wareagle

Yes you have this exactly right.

In that case I will use a spreadsheet showing revenue, costs and then monthly net.

I thought the USC always had to be a sponsor, which is why I was including her assets.

Nevermind though, as I see it. As long as we use current income and assets from MIL i'll be fine

Thanks so much to you both for your help, and I'm glad i asked!

Noorah101

You are correct, the USC spouse is the Sponsor and needs to complete an accurate I-864 (so yes, show her assets on there). But when it comes time for the ConOff to look things over, she will see the USC doesn't qualify, and will look solely at MIL's I-864 to qualify.

Rene

wareagle

great, at least I'm getting some parts of it right! thanks again

jeffreyhy

What kind of assets? Cash is king, if non-cash the nature of the asset can be significant - all assets are not equally useful for supporting an immigrant.
I agree with Rene - we're more than 1/3 through 2011 now so something showing what 2011 is looking like would be good to have. A simple spreadsheet showing 4 months actual 8 months estimated in comparison with 2010 would be good. Best would be if she kept separate business v personal bank accounts, or at least deposited all of her earning before withdrawing the money needed for personal and business expenses, so the bank statements could be used to support the numbers on the spreadsheet. Regards, JEff

wareagle

Thanks Jeff, all cash/savings which can be liquidated within a 12 month period.

I have a cash flow statement showing Jan-April 2011 for the business, so I'm hoping that should be ok.

as it's the assets that are forming the bulk of the "guarantee" and I have an official bank letter for those, I'm hoping that the spreadsheet would prove sufficient in this case.

Noorah101

I'm just wondering, and I don't know if this makes a difference or not....but are her assets (savings) in a separate account than the business uses? As in, the cash assets she's using on the I-864 are in a personal account, not in a business name account?

Rene

wareagle

that's right, she has her assets in personal account and then she does apparently have a small business checking account.

It's just whether I can get the last 4 month's statements before Friday!

If not, my spreadsheet of startling simplicity will have to do

Noorah101

She can scan and email them to you. Or fax them to you.

Rene

wareagle

here's hoping she can access them online!

thanks again

Noorah101

She doesn't have to have the online version, she can use a paper version....

Rene

wareagle

i see, should be all ok then. I would imagine she can get printed copies from the branch. My wife arrived back in the US yesterday so is busy getting it all collated now!

thanks again

wareagle

okay,

I managed to get 5 months of personal bank account statements. I have highlighted on these her total credits, which are inline with her projected and historical annual income.

Do you think this will be enough?

Or should I write a supporting spreadsheet trying to guess at business income and expenses to leave net profit?

Sorry for the last minute q's. I have a tendency to over-think