Full Version: I-864
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I am the petitioner and have been self-employed for the last 3 years. My 2006 income is sufficient to meet the 125% poverty guideline. But since in 2005 I was living outside the USA, I took a Foreign Earned Income (form 2555) deduction on my income tax return. In conclusion, my total income on IRS 1040 (line 22) was zero. However, Schedule C income for 2005 was sufficient to meet the poverty guidelines. My 2004 my income from self-employment was not sufficient. I have some assets that will help meet the minimum income requirement to sponsor my spouse as an immigrant. In my case, would it be better to have a co-sponsor? I am most worried about 2005.
QUOTE(ggbr @ May 21 2007, 05:42 AM) 
I am the petitioner and have been self-employed for the last 3 years. My 2006 income is sufficient to meet the 125% poverty guideline. But since in 2005 I was living outside the USA, I took a Foreign Earned Income (form 2555) deduction on my income tax return. In conclusion, my total income on IRS 1040 (line 22) was zero. However, Schedule C income for 2005 was sufficient to meet the poverty guidelines. My 2004 my income from self-employment was not sufficient. I have some assets that will help meet the minimum income requirement to sponsor my spouse as an immigrant. In my case, would it be better to have a co-sponsor? I am most worried about 2005.
Your current income is the most important factor. I wouldn't worry about 2005. You had sufficient income. It just wasn't taxable. If your current income is sufficient and sustainable you don't need a co-sponsor.
ggbr,
When you write that your Schedule C income was sufficient in 2005, do you mean the gross income reported at the top of the form or the net income at the bottom after taking business deductions? It's the Schedule C figure that you transfer to your 1040 that 'counts' - your personal income, not your business' income. (Some people fail to recognize this important point.)
For the I-864 show what the line 22 number would be without taking the Foreign Earned Income deduction, and attach a simple calculation showing how and why the number that you are reporting differs from, the number that is on line 22 of your 1040.
Yodrak
When you write that your Schedule C income was sufficient in 2005, do you mean the gross income reported at the top of the form or the net income at the bottom after taking business deductions? It's the Schedule C figure that you transfer to your 1040 that 'counts' - your personal income, not your business' income. (Some people fail to recognize this important point.)
For the I-864 show what the line 22 number would be without taking the Foreign Earned Income deduction, and attach a simple calculation showing how and why the number that you are reporting differs from, the number that is on line 22 of your 1040.
Yodrak
QUOTE(ggbr @ May 21 2007, 08:42 AM)
I am the petitioner and have been self-employed for the last 3 years. My 2006 income is sufficient to meet the 125% poverty guideline. But since in 2005 I was living outside the USA, I took a Foreign Earned Income (form 2555) deduction on my income tax return. In conclusion, my total income on IRS 1040 (line 22) was zero. However, Schedule C income for 2005 was sufficient to meet the poverty guidelines. My 2004 my income from self-employment was not sufficient. I have some assets that will help meet the minimum income requirement to sponsor my spouse as an immigrant. In my case, would it be better to have a co-sponsor? I am most worried about 2005.
QUOTE(Yodrak @ May 21 2007, 09:25 AM)
ggbr,
When you write that your Schedule C income was sufficient in 2005, do you mean the gross income reported at the top of the form or the net income at the bottom after taking business deductions? It's the Schedule C figure that you transfer to your 1040 that 'counts' - your personal income, not your business' income. (Some people fail to recognize this important point.)
For the I-864 show what the line 22 number would be without taking the Foreign Earned Income deduction, and attach a simple calculation showing how and why the number that you are reporting differs from, the number that is on line 22 of your 1040.
Yodrak
When you write that your Schedule C income was sufficient in 2005, do you mean the gross income reported at the top of the form or the net income at the bottom after taking business deductions? It's the Schedule C figure that you transfer to your 1040 that 'counts' - your personal income, not your business' income. (Some people fail to recognize this important point.)
For the I-864 show what the line 22 number would be without taking the Foreign Earned Income deduction, and attach a simple calculation showing how and why the number that you are reporting differs from, the number that is on line 22 of your 1040.
Yodrak
QUOTE(ggbr @ May 21 2007, 08:42 AM)
I am the petitioner and have been self-employed for the last 3 years. My 2006 income is sufficient to meet the 125% poverty guideline. But since in 2005 I was living outside the USA, I took a Foreign Earned Income (form 2555) deduction on my income tax return. In conclusion, my total income on IRS 1040 (line 22) was zero. However, Schedule C income for 2005 was sufficient to meet the poverty guidelines. My 2004 my income from self-employment was not sufficient. I have some assets that will help meet the minimum income requirement to sponsor my spouse as an immigrant. In my case, would it be better to have a co-sponsor? I am most worried about 2005.
Thanks Yodrak, answering your question, the net business income that I entered on line 12 of my form 1040 is sufficient to meet the poverty guidelines for 2005. Do you think I should write an explanation on the I-864 form or on an attached sheet?
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