I-864 self employment questions
Hi all. I am savannah_boy's wife (the USC) and we are following the CR-1 Visa Application route. We have received the DS-3032 and instructions to pay the AOS fee. I am trying to get a head start on the I-864 documentation now and have a couple of questions:
1. I am self employed and am wondering what to show as proof of this. Should it be my business license? A month (or more) of bank statements? I am a sole-proprietor and file taxes under my SSN (as opposed to a my business being incorporated and having a tax ID, etc.) 2. I have my last two tax returns showing that I am above the 125% poverty guidelines. My 2007 returns shows income well above that line, 2008 shows just above the line, and obviously 2009's return has yet to be completed. My parents have agreed to be joint sponsors should I need them. Is this a good idea to have just in case or is it overkill? Thanks all, Kim |
Re: I-864 self employment questions
Originally Posted by savannah_girl
(Post 8173371)
I am trying to get a head start on the I-864 documentation now and have a couple of questions:
1. I am self employed and am wondering what to show as proof of this. Should it be my business license? A month (or more) of bank statements? I am a sole-proprietor and file taxes under my SSN (as opposed to a my business being incorporated and having a tax ID, etc.) 2. I have my last two tax returns showing that I am above the 125% poverty guidelines. My 2007 returns shows income well above that line, 2008 shows just above the line, and obviously 2009's return has yet to be completed. My parents have agreed to be joint sponsors should I need them. Is this a good idea to have just in case or is it overkill? It's never a bad idea to have a joint-sponsor lined up, if you think it could go either way, with the other evidence you have to show them. |
Re: I-864 self employment questions
Originally Posted by savannah_girl
(Post 8173371)
1. I am self employed and am wondering what to show as proof of this.
I am a sole-proprietor and file taxes under my SSN (as opposed to a my business being incorporated and having a tax ID, etc.) I have my last two tax returns showing that I am above the 125% poverty guidelines. My parents have agreed to be joint sponsors should I need them. Is this a good idea to have just in case or is it overkill? Ian |
Re: I-864 self employment questions
BG,
True, it doesn't prove anything about level of income, but it is good evidence of being gainfully self-employed. This is important because the self-employed often have difficulty demonstrating what their current income is and may have to rely more heavily on their past income as a demonstration of what their current income might reasonably be. Regards, JEff
Originally Posted by BritishGuy36
(Post 8173398)
Your business license doesn't prove anything as far as your level of income is concerned.
Originally Posted by savannah_girl
(Post 8173371)
Hi all. I am savannah_boy's wife (the USC) and we are following the CR-1 Visa Application route. We have received the DS-3032 and instructions to pay the AOS fee. I am trying to get a head start on the I-864 documentation now and have a couple of questions:
1. I am self employed and am wondering what to show as proof of this. Should it be my business license? |
Re: I-864 self employment questions
Originally Posted by ian-mstm
(Post 8174352)
Be aware that you must demonstrate your personal income... not the business income.
Your own personal income is what's leftover after looking at your total business income minus your business deductions. Let's say the business earns $50,000 a year. On the surface, it looks like you are way above the $18,000+/- required for the I-864. But then you have to deduct your business expenses from that $50,000. So if you have $35,000 in business expenses, that only leaves you with a personal profit of $15,000, which is not enough to meet the I-864 requirements. A good way to show your ongoing business vs. personal income is to provide a Profit & Loss Statement along with the I-864. And yes, it's a good idea to have the joint sponsor lined up just in case the ConOff does not think you meet the I-864 requirements. Rene |
Re: I-864 self employment questions
s_g,
Obviously, but mid-way through December you should have a pretty good idea what your income for 2009 is going to be, yes? And you file quarterly statements and estimated tax payments with the IRS, so you've got 3 of those behind you for 2009? Comparing your 2009 records to date with your 2007 and 2008 records you should be able to make a good showing of what your current income is. If it is insufficient to meet the I-864 requirement then by all means be prepared with a joint sponsorship package from your parents. I will repeat Ian's caution about looking at your personal income not your business' income, because many self-employed just don't see (or don't want to see) the difference. Line 22 on your 1040 is the number to use. Regards, JEff
Originally Posted by savannah_girl
(Post 8173371)
2. I have my last two tax returns showing that I am above the 125% poverty guidelines. My 2007 returns shows income well above that line, 2008 shows just above the line, and obviously 2009's return has yet to be completed.
|
Re: I-864 self employment questions
Originally Posted by jeffreyhy
(Post 8174832)
s_g,
Obviously, but mid-way through December you should have a pretty good idea what your income for 2009 is going to be, yes? And you file quarterly statements and estimated tax payments with the IRS, so you've got 3 of those behind you for 2009? Comparing your 2009 records to date with your 2007 and 2008 records you should be able to make a good showing of what your current income is. If it is insufficient to meet the I-864 requirement then by all means be prepared with a joint sponsorship package from your parents. Thanks everyone for the great information. |
Re: I-864 self employment questions
s_g,
Maybe, maybe not. Things like one's home or an only automobile may not be counted for much. Remember, the purpose of the affidavit of support is to show that the sponsor has or can get their hands on sufficient cash to pay the immigrant's living expenses. Selling an asset like one's home to generate cash is conter-productive. In today's market getting a mortgage might be very difficult for someone who is barely over the poverty level, and again would be somewhat counter-productive since it would create and additional expense that would consume the cash generated. (True, the affidavit of support looks only at income and not expenses, but in looking at the overall picture an immigration or consular officer may be influenced by what is going on.) Please do report back when this is settled, it will be helpful to know how your I-864 is received and if you do make it on your own or are required to get a joint sponsor. Regards, JEff
Originally Posted by savannah_girl
(Post 8175143)
I do happen to own my home outright and I am certain that will cover the difference in my income. However, I'm securing the joint sponsor as well. Covering all bases.
|
Re: I-864 self employment questions
Originally Posted by jeffreyhy
(Post 8175331)
Please do report back when this is settled, it will be helpful to know how your I-864 is received and if you do make it on your own or are required to get a joint sponsor.
Regards, JEff |
Re: I-864 self employment questions
Originally Posted by jeffreyhy
(Post 8175331)
Please do report back when this is settled, it will be helpful to know how your I-864 is received and if you do make it on your own or are required to get a joint sponsor.
Dad was grumbling about the needed paperwork (can't I just send the first page of my tax return... WHY do they need this profit/loss statement, WHY do I need proof of this and that, etc.) so Mom took over the document-gathering duties. They e-file their tax return and coming up with the many supporting files took some searching on her end. I am so grateful for my parents' help and am reminded that although this is a huge priority for my husband and me, it is not as time-sensitive for others. Mom was great and had everything ready and signed in a few days (and at Christmas!), but I think if someone needs to go the joint sponsor route, he/she needs to be prepared to be patient and explain the process in the simplest terms possible. It is a lot to ask someone to do, not just for the inconvenience of dragging out financial documents, but for the potential legal issues as well. I know the package was received at the NVC, but haven't any additional information. I don't expect to have any (from what I've read) unless there is a problem or need for further documentation (at which point my dad's head explodes). We've paid the fee for the DS-230 and savannah_boy is gathering the last of his records. It should be mailed by the end of the month. :fingerscrossed: |
Re: I-864 self employment questions
s_g,
Thanks for the update. If the I-864 package was complete you won't hear anything more about it until the visa interview. The I-864 information is not evaluated by the NVC, it's evaluated by the consular officer who handles the visa application. The NVC simply collects the information that the consular officer will need to have to make an evaluation. Good luck! Regards, JEff
Originally Posted by savannah_girl
(Post 8222116)
I express mailed the I-864 package on December 23. I ended up using my father as a joint sponsor since my income from the last three years was all over the place--the life of a freelancer. For the minimum requirement, 2009's income was iffy at best.
.... I know the package was received at the NVC, but haven't any additional information. I don't expect to have any (from what I've read) unless there is a problem or need for further documentation (at which point my dad's head explodes). |
Re: I-864 self employment questions
Ordering tax transcripts from IRS is another way around gathering the supporting evidence. All schedule information is included in the transcipt.
|
Re: I-864 self employment questions
Well same thing happen with my friend and i help her out and i told her to provide following documents.
Your ID Copy Your Passport Copy Your SSN Copy Last 3 Year Tax Returns If you have 2 Years that will work to 3 Months Checking and Savings Account Statement If you are Self-Emloyed Try to also attach Last 3 Months Business Account Business Tax ID Letter from IRS ( Not the State Tax ID Copy) The once u recieve in Mail or once when u file a Corperation you recieve it. Corperation Papers (Certificate) If you participate in Share Market Better you provide Summary of Annual total that you have invested not the Gross or Trading Total Statement. Best Regards, The Real GURU :rolleyes: |
Re: I-864 self employment questions
Originally Posted by therealguru
(Post 8228320)
Well same thing happen with my friend and i help her out and i told her to provide following documents.
Ian |
Re: I-864 self employment questions
Originally Posted by therealguru
(Post 8228320)
Your ID Copy
Your Passport Copy Your SSN Copy Last 3 Year Tax Returns 3 Months Checking and Savings Account Statement If you are Self-Emloyed Try to also attach Last 3 Months Business Account Business Tax ID Letter from IRS ( Not the State Tax ID Copy) The once u recieve in Mail or once when u file a Corperation you recieve it. Corperation Papers (Certificate) If you participate in Share Market Better you provide Summary of Annual total that you have invested not the Gross or Trading Total Statement. The main focus of a self-employed sponsor or joint sponsor is to prove they earn enough *personal* income to qualify. Personal income is separate from business income. Rene |
All times are GMT. The time now is 11:09 pm. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.