Question about support... or lack of

[JeffnBhing 0]

Long time reader here and recently sent out a "bullet proof" I-129K packet and got my NOA1 on the 2nd day. I only see one thing that I question but think my plan might work. Please read it all before you flame me

I do not meet 125% poverty income, as a matter of fact my CPA didn't file a return last year because I only showed $68.00 of income...lol Some things about owning a business is good but definitely not good for an I-129. This year looks even worse.

What has happened over the past few years is I have been loaning the company money and what comes out is a repayment of the loans and that goes to pay bills.

However I have lots of assets way over the 125% x 5 years and currently about 60K in cash.

My current hobby to keep me busy is trading in stocks. If anyone heard about the markets this past year you can probably guess I didn't make a whole lot there either so that isn't going to help much. A few classes and I think I fixed all the problems I had with it but wont be able to tell for a while.

My plan is to have a PFS (personal financial statement) signed by my CPA stating my asset and cash value along with an optimistic business evaluation. An optimistic house appraisal will be done as soon as we get NOA2. I will also hopefully be able to show that I am making a good amount with brokerage statements.

When Bing gets her date to go to the Consulate I plan to fly in, have the information above and hopefully can show that I am making some sort of income in the markets. I can't guess what I will make by time that comes around but I wonder if there is a chance of squeezing through the Consulate on just assets alone.

Any help or advise is appreciated...and NO I am not going to go and get a real job! Hahaha

Edit: No Cosponsors alive or available.

Sorry for the long story but I wanted to try to explain everything as well as I could.

[Alt name 1]

um

Whats a 129K?

[mox 298]

It's a typo, he means I-129F.

(Not specifically answering your question Jeff because...I just don't know. Get a job. :D )

[Inquiring Mind 0]

I'm a newbie and don't have an answer to your question, but please share how you "bullet proofed" your I-129F" Application. I'm am soooo impressed with the turnaround. That's unbelieveable , but HIGH FIVE and a THUMBS UP to you for getting it done.

[JeffnBhing 0]

I followed the directions here and went over it 6 times making sure everything was exactly right... After I realized that my first application didnt even have a check attached. And yes I meant 129F wanted to write K1 but I dont see how to get back in and edit it yet.

I'm a newbie and don't have an answer to your question, but please share how you "bullet proofed" your I-129F" Application. I'm am soooo impressed with the turnaround. That's unbelieveable , but HIGH FIVE and a THUMBS UP to you for getting it done.

[Alt name 1]

(laughing) wow, I bullet-proofed (2) petitions then.

There aren't any specific written guidelines to answer your question. They ask for a specific list of things, then offer without really giving any information, a section on the I134 giving you a chance to show your assets without giving any feedback as to how they will be interpreted.

Guess you'll have to send in whatever you have and hope for the best.

[Jesse and Hema 2]

http://www.visaschina.com/affidavits_of_support.htm :

If a petitioner or co-sponsor, or joint sponsor has insufficient income, cashable assets may be substituted. For example: cashable assets, such as savings bonds, other bonds, stocks, money market accounts, real estate equities, etc., can usually make up for the difference in required gross income or no income at all.

That's from a site about visas to China. I think to an extent, it varies by country, but I know that assets CAN make up for deficient income. I've just never seen anyone do it with NO income. Usually, people are 1 or 2k below the guideline.

I'd suggest contacting the embassy with this inquiry. Most are available by email, too. They might be willing to give you a definitive answer.

[rebeccajo 14]

Income is income. Show how it is being generated, no matter what the source.

There are no clear guidelines for using assets to supplement income on the I134. But later for adjustment of status you will need to show three times the income shortfall of 125% of the poverty guideline. VJ members will usually recommend you try to achieve hitting the 125% mark as it is needed for adjustment of status later on.

You will need to file the I134. If you wish to have your financial statements attached to them that is your call.

You will need to have tax returns at the ready later for adjustment of status. While you are getting your accountant to prepare financial statements you might have him file that back tax return, or explain in writing why it was not needed.

[pushbrk 12,243]

Long time reader here and recently sent out a "bullet proof" I-129K packet and got my NOA1 on the 2nd day. I only see one thing that I question but think my plan might work. Please read it all before you flame me

I do not meet 125% poverty income, as a matter of fact my CPA didn't file a return last year because I only showed $68.00 of income...lol Some things about owning a business is good but definitely not good for an I-129. This year looks even worse.

What has happened over the past few years is I have been loaning the company money and what comes out is a repayment of the loans and that goes to pay bills.

However I have lots of assets way over the 125% x 5 years and currently about 60K in cash.

My current hobby to keep me busy is trading in stocks. If anyone heard about the markets this past year you can probably guess I didn't make a whole lot there either so that isn't going to help much. A few classes and I think I fixed all the problems I had with it but wont be able to tell for a while.

My plan is to have a PFS (personal financial statement) signed by my CPA stating my asset and cash value along with an optimistic business evaluation. An optimistic house appraisal will be done as soon as we get NOA2. I will also hopefully be able to show that I am making a good amount with brokerage statements.

When Bing gets her date to go to the Consulate I plan to fly in, have the information above and hopefully can show that I am making some sort of income in the markets. I can't guess what I will make by time that comes around but I wonder if there is a chance of squeezing through the Consulate on just assets alone.

Any help or advise is appreciated...and NO I am not going to go and get a real job! Hahaha

Edit: No Cosponsors alive or available.

Sorry for the long story but I wanted to try to explain everything as well as I could.

I think your plan will work just fine but make sure the CPA explains any absent tax return(s). The reason you gave is sufficient. No need to file with that little income.

[Dan & Jovy 0]

Long time reader here and recently sent out a "bullet proof" I-129K packet and got my NOA1 on the 2nd day. I only see one thing that I question but think my plan might work. Please read it all before you flame me

I do not meet 125% poverty income, as a matter of fact my CPA didn't file a return last year because I only showed $68.00 of income...lol Some things about owning a business is good but definitely not good for an I-129. This year looks even worse.

What has happened over the past few years is I have been loaning the company money and what comes out is a repayment of the loans and that goes to pay bills.

However I have lots of assets way over the 125% x 5 years and currently about 60K in cash.

My current hobby to keep me busy is trading in stocks. If anyone heard about the markets this past year you can probably guess I didn't make a whole lot there either so that isn't going to help much. A few classes and I think I fixed all the problems I had with it but wont be able to tell for a while.

My plan is to have a PFS (personal financial statement) signed by my CPA stating my asset and cash value along with an optimistic business evaluation. An optimistic house appraisal will be done as soon as we get NOA2. I will also hopefully be able to show that I am making a good amount with brokerage statements.

When Bing gets her date to go to the Consulate I plan to fly in, have the information above and hopefully can show that I am making some sort of income in the markets. I can't guess what I will make by time that comes around but I wonder if there is a chance of squeezing through the Consulate on just assets alone.

Any help or advise is appreciated...and NO I am not going to go and get a real job! Hahaha

Edit: No Cosponsors alive or available.

Sorry for the long story but I wanted to try to explain everything as well as I could.

I think your plan will work just fine but make sure the CPA explains any absent tax return(s). The reason you gave is sufficient. No need to file with that little income.

I also think your plan will work, if there's significant value to your business. Income is mostly irrelevant to the wealthy, other than to fight inflation. If they don't want to make the exception for you, I guess you'll need to find a plan B. Maybe become an employee of your business to generate some W-2 income. I am a CPA believe it or not, but my career has been spent in large corporate finance and previously auditing, so I am not a small business expert. Couldn't you just give yourself a nice big wage in the business which should be deductible by the business anyway, while you have some additional personal taxes. Its technically still 2007, so you could accomplish this in the tax year.

Regards and good luck.

[Dan & Jovy 0]

I am not sure if i can edit my own posts here, didnt see the button.

I did find this in the FAQ for the affidavit of support, within the guide.

http://www.visajourney.com/forums/index.ph...mp;page=support

When assets are used, the assets must equal 5 times the difference between the annual income and the

needed 125% of the poverty level, this is because the affidavit is in effect for 5 years. For instance, if you

needed $15,500 income and had an annual income of $13,500, you would need an extra $2,000 of assets for 5

years, or a total of $10,000 in assets in addition to your income. In general, if you are deficient on yearly income

for sponsorship and your assets are somewhat borderline, do not take chances--have a co-sponsor. If you do not

have a job or a steady income from other sources (such as retirement income), you will likely have to get a

co-sponsor for your spouse, even if your assets are adequate. The USCIS looks VERY CLOSELY at current income

and not just the assets.

[rebeccajo 14]

I am not sure if i can edit my own posts here, didnt see the button.

I did find this in the FAQ for the affidavit of support, within the guide.

http://www.visajourney.com/forums/index.ph...mp;page=support

When assets are used, the assets must equal 5 times the difference between the annual income and the

needed 125% of the poverty level, this is because the affidavit is in effect for 5 years. For instance, if you

needed $15,500 income and had an annual income of $13,500, you would need an extra $2,000 of assets for 5

years, or a total of $10,000 in assets in addition to your income. In general, if you are deficient on yearly income

for sponsorship and your assets are somewhat borderline, do not take chances--have a co-sponsor. If you do not

have a job or a steady income from other sources (such as retirement income), you will likely have to get a

co-sponsor for your spouse, even if your assets are adequate. The USCIS looks VERY CLOSELY at current income

and not just the assets.

If that's in the guide, it's outdated. The requirements for the I864 (not what we are even discussing here but there is relevance) were changed in June 2006. The asset requirement is now 3 times the income shortfall, not five.

Edited January 1, 2008 by rebeccajo

[Alt name 1]

(loves it when cocky business owners cleverly dodge taxes then try to prove income so that they can play)

<evil grin> at tax bill 2007: 41,200, AMT, and still lived live a rock star>

Motto: One must pay to play

[pushbrk 12,243]

I am not sure if i can edit my own posts here, didnt see the button.

I did find this in the FAQ for the affidavit of support, within the guide.

http://www.visajourney.com/forums/index.ph...mp;page=support

When assets are used, the assets must equal 5 times the difference between the annual income and the

needed 125% of the poverty level, this is because the affidavit is in effect for 5 years. For instance, if you

needed $15,500 income and had an annual income of $13,500, you would need an extra $2,000 of assets for 5

years, or a total of $10,000 in assets in addition to your income. In general, if you are deficient on yearly income

for sponsorship and your assets are somewhat borderline, do not take chances--have a co-sponsor. If you do not

have a job or a steady income from other sources (such as retirement income), you will likely have to get a

co-sponsor for your spouse, even if your assets are adequate. The USCIS looks VERY CLOSELY at current income

and not just the assets.

If that's in the guide, it's outdated. The requirements for the I864 (not what we are even discussing here but there is relevance) were changed in June 2006. The asset requirement is now 3 times the income shortfall, not five.

This instruction is general for the I-864, used for more than spouse or fiance visas. The 3 times requirements is for spouse/fiance only. 5 times for others. The exception is noted elsewhere.

[rebeccajo 14]

I am not sure if i can edit my own posts here, didnt see the button.

I did find this in the FAQ for the affidavit of support, within the guide.

http://www.visajourney.com/forums/index.ph...mp;page=support

When assets are used, the assets must equal 5 times the difference between the annual income and the

needed 125% of the poverty level, this is because the affidavit is in effect for 5 years. For instance, if you

needed $15,500 income and had an annual income of $13,500, you would need an extra $2,000 of assets for 5

years, or a total of $10,000 in assets in addition to your income. In general, if you are deficient on yearly income

for sponsorship and your assets are somewhat borderline, do not take chances--have a co-sponsor. If you do not

have a job or a steady income from other sources (such as retirement income), you will likely have to get a

co-sponsor for your spouse, even if your assets are adequate. The USCIS looks VERY CLOSELY at current income

and not just the assets.

If that's in the guide, it's outdated. The requirements for the I864 (not what we are even discussing here but there is relevance) were changed in June 2006. The asset requirement is now 3 times the income shortfall, not five.

This instruction is general for the I-864, used for more than spouse or fiance visas. The 3 times requirements is for spouse/fiance only. 5 times for others. The exception is noted elsewhere.

And since we were discussing a fiance' visa, that is why I noted the requirement for three times the shortfall.

Have I given you now another opportunity to shine your vast wealth of knowledge down upon us, or are you satisfied yet we have answered the OP's question?