I-134 income requirement - adjusted gross income or total income?

[lucky & candy 0]

I know this has been asked before because I have researched it on VJ (last time I think it was discussed was in October). However the answers seem to vary and I was hoping for some additional advice/responses.

I am self-employed and my 2010 income level (line 22 on my 1040) should be enough to meet the 125% poverty guideline. However my adjusted gross income might be short. I am currently waiting on my accountant to complete my tax return.

Please advise which income number to use: total income (line 22), or adjusted gross income (line 37).

Thank you so much everyone for helping me through this process!

[Anh map 2,098]

For self employed persons it is line 22 from your most recent 1040.

[queenofharts 1]

It will not be your adjusted gross income

[pushbrk 13,632]

For self employed persons it is line 22 from your most recent 1040.

Exactly, line 22, total income, is the ticket.

[lucky & candy 0]

Line 22! I was hoping that would be the consensus. Thank you everyone for your responses! It puts relief in my heart and a smile on my face today.

[Caroline + Angelo 20]

Exactly, line 22, total income, is the ticket.

Even for those who are not self-employed?

[Caroline + Angelo 20]

anyone?

[pushbrk 13,632]

Even for those who are not self-employed?

Yes and no. When stating current income, only the self employed need to use line 22. For the employed, line 22 reflects past income. Employer letters and/or pay stubs reflect current income. The reason for the difference is because for the self employed, there's no way to calculate "income" as opposed to "revenue" until it is accounted for on a tax return. The employed don't have that problem.

[Ready to do it 101]

I hate to hijack the thread, but I still really never understood exactly what I need for my situation. I am currently self-employed. In 2010 I was W-2 through October and started a company which showed profit of about $1,000 on line 22 for 2010. In 2010 my W-2 income was 5 times over the 125% poverty level... and as mentioned my self-employment income was about $1,000. I assume there is a good chance my fiance's interview will be this year. I could have an accountant provide a P & L. I can also provide bank statements showing distributions of over $100k for this year. Ultimately though, unless the interview is in 2012 my last tax return (from 2010) shows my self-employment income of about $1,000. My household size is 3 and felt like there is no issue if I have over $70k in the bank. I may fall a bit short of that. Any idea what will be needed. Obviously, they will see that my distributions are well over $100k and why would I quit my 6 figure W-2 job to start a company making less? I guess that happens as some businesses fail, but distributions of over $100k... will that do the trick or am I really going to need a certain amount of assets? If so, how in the world will they determine how much assets? Will they use the $1,000 number from my 2010 self-employment income to determine the difference in income and 125% of poverty and totally disregard my W-2 income from 2010? Thoughts?

[pushbrk 13,632]

I hate to hijack the thread, but I still really never understood exactly what I need for my situation. I am currently self-employed. In 2010 I was W-2 through October and started a company which showed profit of about $1,000 on line 22 for 2010. In 2010 my W-2 income was 5 times over the 125% poverty level... and as mentioned my self-employment income was about $1,000. I assume there is a good chance my fiance's interview will be this year. I could have an accountant provide a P & L. I can also provide bank statements showing distributions of over $100k for this year. Ultimately though, unless the interview is in 2012 my last tax return (from 2010) shows my self-employment income of about $1,000. My household size is 3 and felt like there is no issue if I have over $70k in the bank. I may fall a bit short of that. Any idea what will be needed. Obviously, they will see that my distributions are well over $100k and why would I quit my 6 figure W-2 job to start a company making less? I guess that happens as some businesses fail, but distributions of over $100k... will that do the trick or am I really going to need a certain amount of assets? If so, how in the world will they determine how much assets? Will they use the $1,000 number from my 2010 self-employment income to determine the difference in income and 125% of poverty and totally disregard my W-2 income from 2010? Thoughts?

"Distributions" are not considered "income". A P & L plus a balance sheet may be helpful if provided by a CPA. Liquid assets of at least 3 times the income shortfall may well carry the day. Please start your own thread where YOUR circumstances can be discussed directly.

[ssmitty 0]

so, if you are self employed, they still go by line 22?   and if you fall short of the needed amount one of the 3 years, they will deny you?  I am also told that you can't use a sponsor if you have been divorced...……..thanks for any help,  ssmitty

[ssmitty 0]

also, in 2016 taxes as I was going through divorce, I did not work that much that year and only had 6,100 on line 22 but had over 50,000 in bank to live on from sale of house after divorce, would that help me?