no assets but high income

[JIM AND WENA 0]

I am trying to bring my wife and her son here from Philippines. I am applying for CR1 Visa and just starting the process. I am a US citizen. I am confused about asset requirements. My salary is 20k more than 125% of the poverty level for a three person household. I have around 10k in assets and my assets consist of equity in home and mutual fund. I have searched this site for an hour an can't find info. for someone in my situation.

Are assets required if income is over 125% poverty level. If assets are required, do I need more assets to bring my wife here?

[Inky 1,111]

No you don't need assets if you make above the 125% requirement.

You can sponsor solely on income.

Assets are only if you do not make enough income to sponsor them.

[pixie77 2]

My husband didnt include his assets on the the I-864 because his salary was above the 125%. You can read the instructions page of the I-864. He sponsored me and a my daughter on CR2.

Good Luck!

Edited July 12, 2011 by pixie77

[Timmycell 0]

Hello does assets means Income tax return?

please response any one knows it?

[Timmycell 0]

My situation has something to do with this I dont have Income tax return (ITR) to show on my interview, but we are already at above 100% of puberty level, bcoz of my hubby's high salary, we only have W2 and pay stubs with bank account statements.

[Icha 0]

hi..i also need help regarding I-864

So, My husband is preparing the AOS form and documents right now. He's not so confident on giving out his 2008 & 2009 tax transcript because he's a self employed and he just started his business in 2008 that's why he didn't make good money during the first 2 years. Do you think that wouldn't cause an issue if he only send his 2010 tax transcript? he makes around 45k last year in 2010, and he got some cash in his bank account, do you think it's gonna be best if we find a co sponsor? he would like to put his assets on it, but that would be complicated i guess since he's gonna have to include his mortgage info etc..? i don't really understand about this kind of stuff and my husband doesn't either and that would be a great help if you would help us out on this

thanks a lot

[Darnell 8,478]

assets are optional, usually put in to make up a lack in income.

so, let's say the poverty guidelines (at 125 percent) for 2 people is 20,000 usd (just a nice round number, not the exact # from I-864P)

then the petitioner/sponser has 18,000 in income to show. He's missing 2,000 to hit the mark, so far, yes?

assets are valued at 1/3 of cash value (some 3 year rule, eek) so to make up the 2,000 difference, USCitizen would have to show another 6,000 usd in assets.

for the OP - if yer way past the poverty guidelines, remember - assets are optional.

Timmycell No, not at all. Income and assets are 2 different things. Income usually is reported on an income tax return. High salary without prior year income tax returns usually means he wasn't working prior year(s ), so had no income to show. I-864 evaluation is done at the Embassy IV Unit - they DO look at everything - prior year income, tax returns, and current income. It smells like prior year income is missing, be prepared to explain (in writing) why this is.

icha - Ya, the sad part for being self-employed, is that the IRS allows for many deductions so that the taxable income amount is much less than the actual income/receipts. Good for relieving the tax burden on the petitioner, but bad for showing high numbers above the poverty line for the petitioner. If he has assets to throw in, suggest he throw them in. Taxable income amount is what's being used on the evaluation, not income before schedule C deductions.

[Ironman140 45]

Very informative

Thanks

assets are optional, usually put in to make up a lack in income.

so, let's say the poverty guidelines (at 125 percent) for 2 people is 20,000 usd (just a nice round number, not the exact # from I-864P)

then the petitioner/sponser has 18,000 in income to show. He's missing 2,000 to hit the mark, so far, yes?

assets are valued at 1/3 of cash value (some 3 year rule, eek) so to make up the 2,000 difference, USCitizen would have to show another 6,000 usd in assets.

for the OP - if yer way past the poverty guidelines, remember - assets are optional.

Timmycell No, not at all. Income and assets are 2 different things. Income usually is reported on an income tax return. High salary without prior year income tax returns usually means he wasn't working prior year(s ), so had no income to show. I-864 evaluation is done at the Embassy IV Unit - they DO look at everything - prior year income, tax returns, and current income. It smells like prior year income is missing, be prepared to explain (in writing) why this is.

icha - Ya, the sad part for being self-employed, is that the IRS allows for many deductions so that the taxable income amount is much less than the actual income/receipts. Good for relieving the tax burden on the petitioner, but bad for showing high numbers above the poverty line for the petitioner. If he has assets to throw in, suggest he throw them in. Taxable income amount is what's being used on the evaluation, not income before schedule C deductions.

[Deputy Purple 1,294]

My situation has something to do with this I dont have Income tax return (ITR) to show on my interview, but we are already at above 100% of puberty level, bcoz of my hubby's high salary, we only have W2 and pay stubs with bank account statements.

He's not yet your hubby right as you've indicated that you're applying for a K-1 Visa...

If you are a K-1er then you will need to have copies of either his Tax Returns or his Tax Return Transcripts for the last 3 years and he will need to have a net taxable income that is 125% of the Federal Poverty guideline. If you don't have these then expect to have to get and provide them to the USEM before Visa issuance.

If you are already married and therefore a CR/IR-1er then he will have already provided the Tax documentation to the NVC as part of his Affidavit of Support package.

[Icha 0]

assets are optional, usually put in to make up a lack in income.

so, let's say the poverty guidelines (at 125 percent) for 2 people is 20,000 usd (just a nice round number, not the exact # from I-864P)

then the petitioner/sponser has 18,000 in income to show. He's missing 2,000 to hit the mark, so far, yes?

assets are valued at 1/3 of cash value (some 3 year rule, eek) so to make up the 2,000 difference, USCitizen would have to show another 6,000 usd in assets.

for the OP - if yer way past the poverty guidelines, remember - assets are optional.

Timmycell No, not at all. Income and assets are 2 different things. Income usually is reported on an income tax return. High salary without prior year income tax returns usually means he wasn't working prior year(s ), so had no income to show. I-864 evaluation is done at the Embassy IV Unit - they DO look at everything - prior year income, tax returns, and current income. It smells like prior year income is missing, be prepared to explain (in writing) why this is.

icha - Ya, the sad part for being self-employed, is that the IRS allows for many deductions so that the taxable income amount is much less than the actual income/receipts. Good for relieving the tax burden on the petitioner, but bad for showing high numbers above the poverty line for the petitioner. If he has assets to throw in, suggest he throw them in. Taxable income amount is what's being used on the evaluation, not income before schedule C deductions.

Thank you very much Darnell for the reply, yes, indeed, it's very clear and informative

So, if i may understand this, it means that he still need to include his 2008 & 2009 tax transcripts eventhough he didn't make good money during those 2 years + assets correct? he got not bad assets actually, so no need his dad co sponsor..?

Thank you

[Icha 0]

and 1 more thing, does he also need to include his recent/3 years federal tax return in the packages?

Thank you

Edited July 13, 2011 by Icha

[pushbrk 12,974]

Hello does assets means Income tax return?

please response any one knows it?

No it does not. Please take no offense but if your English skills are that poor, you really should get help filling out government forms.