affidavit of support question

[gezzuzz 1]

My last 3 years tax returns show income as

2007 AGI $21,676 (w2 worker)

2008 AGI $31,058 (w2 worker)

2009 AGI $10,250 (selfemployed)

i plan to have aleast $25,000 in cash by the time i file the affidavit of support..

For affidavit of support will i have to put $10,250 as my income?

Last year i had to travel more and the business didnt really get rolling till after march.

I also had to buy a laptop and tools.

This year travel is not a issue and expenses are WAY down.

Should i include my YTD profit and lost for this year?

This year so far my P&L shows income of $15,000

This YTD sales $23,000

Last YTD sales $9,000

I would say this year my income is $50,000 this year.

Would love some good advice from with selfemployed people.

[pushbrk 12,154]

My last 3 years tax returns show income as

2007 AGI $21,676 (w2 worker)

2008 AGI $31,058 (w2 worker)

2009 AGI $10,250 (selfemployed)

i plan to have aleast $25,000 in cash by the time i file the affidavit of support..

For affidavit of support will i have to put $10,250 as my income?

Last year i had to travel more and the business didnt really get rolling till after march.

I also had to buy a laptop and tools.

This year travel is not a issue and expenses are WAY down.

Should i include my YTD profit and lost for this year?

This year so far my P&L shows income of $15,000

This YTD sales $23,000

Last YTD sales $9,000

I would say this year my income is $50,000 this year.

Would love some good advice from with selfemployed people.

A YTD P&L from a CPA would add weight to your case.

[gezzuzz 1]

A YTD P&L from a CPA would add weight to your case.

thank for the help

i dont use a cpa.. my accounting is pretty simple.. can i hire one just for this purpose?

Will i have to put $10,250 as my income?

Edited April 26, 2010 by gezzuzz

[Audy_Rob 26]

I think "pushbrk" is suggesting (or telling) you to get a CPA to verify the current income stream and prepare a proper P&L.

If you do that, you probably will not need to list the 10,250 as your income but could list the current income as an annualized number. That just means to take your income for the first four months and multiply by three if the CPA will sign.

With this kind of proper documentation, you would not need to list 10,250. You could honestly list the higher estimate. But submitting the 2009 tax form will be necessary and might trigger a red flag depending on the Consulate and the interviewing officer.

[gezzuzz 1]

I think "pushbrk" is suggesting (or telling) you to get a CPA to verify the current income stream and prepare a proper P&L.

If you do that, you probably will not need to list the 10,250 as your income but could list the current income as an annualized number. That just means to take your income for the first four months and multiply by three if the CPA will sign.

With this kind of proper documentation, you would not need to list 10,250. You could honestly list the higher estimate. But submitting the 2009 tax form will be necessary and might trigger a red flag depending on the Consulate and the interviewing officer.

ok i will get a cpa for that.. i should be past june and have 6 months history for this year.. my 6 months for 2010 will be well above the 125% poverty line alone.. plus i will have cash assets to make up the difference in the poverty line.. ($18,310 - $10,250 = $8060 x 3 = $24,180).

[pushbrk 12,154]

I think "pushbrk" is suggesting (or telling) you to get a CPA to verify the current income stream and prepare a proper P&L.

If you do that, you probably will not need to list the 10,250 as your income but could list the current income as an annualized number. That just means to take your income for the first four months and multiply by three if the CPA will sign.

With this kind of proper documentation, you would not need to list 10,250. You could honestly list the higher estimate. But submitting the 2009 tax form will be necessary and might trigger a red flag depending on the Consulate and the interviewing officer.

I'm actually only suggesting that the P&L will carry more weight if prepared and signed by a CPA. No CPA is going to sign off in April about what a company's profitability is going to be for the entire year. The OP would still list their current income as their 2009 line 22 because that's the procedure but the CPA P&L COULD make the difference in a marginal case. "Meeting the minimum" is not a guarantee of success. Another thing that would help is a bank letter. This is a subjective decision, not at objective line we cross.

ok i will get a cpa for that.. i should be past june and have 6 months history for this year.. my 6 months for 2010 will be well above the 125% poverty line alone.. plus i will have cash assets to make up the difference in the poverty line.. ($18,310 - $10,250 = $8060 x 3 = $24,180).

Correct calculation that DOES meet the minimum requirement but there's no guarantee that will carry the day.

[Audy_Rob 26]

Should i include my YTD profit and lost for this year?

This year so far my P&L shows income of $15,000

This YTD sales $23,000

Last YTD sales $9,000

I am not sure if you already have a documented "income" of 15,000, possibly 18,000 by the 6 month point, and you have a CPA sign-off providing a sanitized P&L showing about 18,000 for 2010 (first 6 months), I would think you would be justified in listing that as your current income.

This is not a black and white area. It isn't for the applicant and is not for the Adjudicating officer. As pushbrk says, you may not be solid with any of the options.

Yes, you may have expenses come up in the second half of the year that alter your P&L so you don't even clear 18,000 or whatever the 6 month figure is. But you would have your current income documented to that point for 2010.

It is not much different for a salaried employee. They can list their current income and back it up with 6 months of pay stubs and previous tax forms (which you don't have). But the income is not guaranteed for the rest of the year. The employee can lose the job or go through a round of pay cuts.

Get an outside third party (CPA) to document your first half of the year and you can be justified in listing that as current income.

As an alternative, not all Consulates accept joint sponsors but many do, well over half, and I have seen posts from some where the CO asks the sponsor to go get a joint sponsor. This might be the safest alternative for you.

[gezzuzz 1]

I am not sure if you already have a documented "income" of 15,000, possibly 18,000 by the 6 month point, and you have a CPA sign-off providing a sanitized P&L showing about 18,000 for 2010 (first 6 months), I would think you would be justified in listing that as your current income.

This is not a black and white area. It isn't for the applicant and is not for the Adjudicating officer. As pushbrk says, you may not be solid with any of the options.

Yes, you may have expenses come up in the second half of the year that alter your P&L so you don't even clear 18,000 or whatever the 6 month figure is. But you would have your current income documented to that point for 2010.

It is not much different for a salaried employee. They can list their current income and back it up with 6 months of pay stubs and previous tax forms (which you don't have). But the income is not guaranteed for the rest of the year. The employee can lose the job or go through a round of pay cuts.

Get an outside third party (CPA) to document your first half of the year and you can be justified in listing that as current income.

As an alternative, not all Consulates accept joint sponsors but many do, well over half, and I have seen posts from some where the CO asks the sponsor to go get a joint sponsor. This might be the safest alternative for you.

how do i find out if they accept a cosponsor in chile? i may get one just for back up

[Audy_Rob 26]

how do i find out if they accept a cosponsor in chile? i may get one just for back up

Try going to the Forum titled Embassy and Consulate Discussion because that is the proper place for I-134/AOS discussions. Then post a new question specifically asking people that have interviewed in Santiago if they use a joint sponsor. I have seen two postings over the weekend where the CO asked the USC to get a joint sponsor. One was Bangladesh and the other was Argentina. So far, the only place I recall where a joint sponsor was rejected was a CO in Philippines threw out the USC's mother.

Also you can check the Embassy web site for Chile and see if in the I-134 information they mention if a joint sponsor is allowed.

[pushbrk 12,154]

I am not sure if you already have a documented "income" of 15,000, possibly 18,000 by the 6 month point, and you have a CPA sign-off providing a sanitized P&L showing about 18,000 for 2010 (first 6 months), I would think you would be justified in listing that as your current income.

This is not a black and white area. It isn't for the applicant and is not for the Adjudicating officer. As pushbrk says, you may not be solid with any of the options.

Yes, you may have expenses come up in the second half of the year that alter your P&L so you don't even clear 18,000 or whatever the 6 month figure is. But you would have your current income documented to that point for 2010.

It is not much different for a salaried employee. They can list their current income and back it up with 6 months of pay stubs and previous tax forms (which you don't have). But the income is not guaranteed for the rest of the year. The employee can lose the job or go through a round of pay cuts.

Get an outside third party (CPA) to document your first half of the year and you can be justified in listing that as current income.

As an alternative, not all Consulates accept joint sponsors but many do, well over half, and I have seen posts from some where the CO asks the sponsor to go get a joint sponsor. This might be the safest alternative for you.

The bold paragraph above is simply not correct. The self employed individual is evaluated by an entirely different standard. "Income" is from line 22 on the most recent tax return. Even an mid year CPA provided P&L doesn't carry the weight of a single pay stub for an employee. This is because the self-employed can cook the books pretty much any way they want, particularly any time but year end. Risk of unemployment and risk of business loss don't even compare.

[gezzuzz 1]

The bold paragraph above is simply not correct. The self employed individual is evaluated by an entirely different standard. "Income" is from line 22 on the most recent tax return. Even an mid year CPA provided P&L doesn't carry the weight of a single pay stub for an employee. This is because the self-employed can cook the books pretty much any way they want, particularly any time but year end. Risk of unemployment and risk of business loss don't even compare.

thank you for all your help.. i have one question... is that line 22 on form 1040A or on form 1040.....

on form 1040A line 22 is adjusted gross income

on form 1040 line 22 is total income (before i deduct half my self employment tax and student loan interest)

i do have a 1099 for 2009... are they going to want to see it? i did my taxes from my books.. but every penny of the 1099 is accounted for (i dont cheat).. will it help or hurt me to include it.. its about $39,000..

[pushbrk 12,154]

thank you for all your help.. i have one question... is that line 22 on form 1040A or on form 1040.....

on form 1040A line 22 is adjusted gross income

on form 1040 line 22 is total income (before i deduct half my self employment tax and student loan interest)

i do have a 1099 for 2009... are they going to want to see it? i did my taxes from my books.. but every penny of the 1099 is accounted for (i dont cheat).. will it help or hurt me to include it.. its about $39,000..

Line 22 of the 1040 form. When submitting a tax return, include all schedules, W2 and 1099 forms just as you would when filing the return on paper.

[Audy_Rob 26]

I can still read Spanish fairly well I did a search for "Chile sponsor" in the Latina America Regional Forum here. From reading this thread it certainly seems other people have used a joint sponsor (co-sponsor) for Chile. I am sure either you or your Fiance(e) can read the thread and explain to the other.

http://www.visajourney.com/forums/topic/148227-que-visa/page__p__2173731__hl__chile%20sponsor__fromsearch__1entry2173731

If the link does not work, do what I did, go to the Regional Forum for Latin America and enter the two search terms.

Good luck

[journey1 0]

They can list their current income and back it up with 6 months of pay stubs and previous tax forms (which you don't have). But the income is not guaranteed for the rest of the year. The employee can lose the job or go through a round of pay cuts.

Are these required at consulate interview or just suggested?

I didn't see these cited anywhere in forms instrauctions or I missed something?

[Audy_Rob 26]

Are these required at consulate interview or just suggested?

I didn't see these cited anywhere in forms instrauctions or I missed something?

They are usually suggested evidence to submit supporting your claims of income for the I-134 Affidavit of Support. The I-134 is submitted at the Consulate/Embassy interview stage. This post is in the wrong forum so you might be confused if you are only at the I-129F USCIS filing stage.

When you get to Packet 3 and the Interview stage you will need to submit the I-134. It is suggested to submit a wealth of documents to support your claims of income or assets in lieu of income or obtain a joint sponsor if the Consulate/Embassy allows it.

Good luck