Structured settlement count as income?

[Martin_Jana 0]

hello all

i know i just posted, but now i have another question. we filed in december for our k-1 visa and are hoping to get NOA2 by this summer. what we are worried about is if my fiance makes enough for the affidavit of support so that she doesn't need a co-sponsor. she currently makes just under the limit for a 2 person household with her job alone. what i am wondering is if a structured settlement could count as income? she said she asked her parents and a couple other people, and they said it couldn't be counted as an asset because she can't access it all at once? she currently gets monthly payments, plus large sums every few years. i think she's going to be getting the monthly payments until she is 30? or some age like that. just curious if this could be counted as an income, as we would really like to avoid having to get a co-sponsor. thanks!

OH btw, she does not pay taxes on that. that is a big reason we wondered if it would count, as she does not pay taxes for it?

[Nich-Nick 3,355]

hello all

i know i just posted, but now i have another question. we filed in december for our k-1 visa and are hoping to get NOA2 by this summer. what we are worried about is if my fiance makes enough for the affidavit of support so that she doesn't need a co-sponsor. she currently makes just under the limit for a 2 person household with her job alone. what i am wondering is if a structured settlement could count as income? she said she asked her parents and a couple other people, and they said it couldn't be counted as an asset because she can't access it all at once? she currently gets monthly payments, plus large sums every few years. i think she's going to be getting the monthly payments until she is 30? or some age like that. just curious if this could be counted as an income, as we would really like to avoid having to get a co-sponsor. thanks!

OH btw, she does not pay taxes on that. that is a big reason we wondered if it would count, as she does not pay taxes for it?

There is a difference between income and assets. Assets can be used to make up where one falls short in income. Assets can be a savings account, stocks, bonds, real estate, certificates of deposit...things like that. In general to use an asset it must be easily convertible to cash within one year. Her entire settlement balance is not immediately available to her as cash so she can't claim the whole settlement as an asset for this purpose.

But if she gets a monthly payment, that payment is income. It doesn't matter if it's taxable income or not. She would have to prove that she is to receive that amount each month with a statement of some sort from whoever distributes her monthly payment. Much like an employer letter states a person is employed full-time at "ABC Company" making $2000/month, she needs something official in writing stating her monthly distribution from "XYZ Bank and Trust" is $xxx.xx/month. She can further back that up with bank statements showing $xxx.xx being direct deposited each month or even photocopies of checks if she receives money in the mail by check. While it may not show up on her tax return, it's not the tax return amount that gets you through. It is painting a clear picture of her current monthly or yearly income to the officer making the decision.

[jacquelineRa 0]

It is a sort of monthly income so counting it or not is up to You guys. Consulting the head person in this concern is better as rules do vary fro place to place.

http://www.quotemeaprice.com

Edited March 21, 2013 by jacquelineRa