A question regarding my income

[ReignDance 4]

I want to clarify, if it matters, that my parents live in the same household together. Couldn't their incomes be both combined? Because neither one meets 125% just by themselves, but their total income together meets that requirement.

Edited May 10, 2012 by ReignDance

[KayDeeCee 4,891]

I want to clarify, if it matters, that my parents live in the same household together. Couldn't their incomes be both combined? Because neither one meets 125% just by themselves, but their total income together meets that requirement.

For the I-134 there can be only one co-sponsor and no combing of incomes. The co-sponsor must meet the requirements for their household size plus the beneficiary all on their own. When using the I-864 for married couples, then yes, one of your parents could fill out the I-864 and the other could fill out the I-864A. For K-1 visa applicants, they use the I-134 though. If you can get through and be approved for the K-1, then your parents can use the I-864 and I-864A to combine their incomes to joint sponsor after you are married and filing for AOS.

Do they have any savings, stocks, or other liquid assets? The one with the most income could use their assets to make up for the amount they are short. Keep in mind it will need to be 5 times the amount they are short though. For example, if dad makes $20k but he needs $23k, then he would need 5 times the $3k he is short, or $15k in assets.

[ReignDance 4]

Well, we have a household of 4. Me, my mom, my dad, and my grandma. If my fiancee counts towards it, then that makes 5. So, do I consider it to be 4 or 5? If just 4, my dad alone meets the requirement at around $29,000. If 5, we have an extra car as an asset. He also has his own business. Would his business count as an asset?

[KayDeeCee 4,891]

Well, we have a household of 4. Me, my mom, my dad, and my grandma. If my fiancee counts towards it, then that makes 5. So, do I consider it to be 4 or 5? If just 4, my dad alone meets the requirement at around $29,000. If 5, we have an extra car as an asset. He also has his own business. Would his business count as an asset?

Are you and your grandma claimed as dependents on your dad's taxes? If so, then yes you count in his household and it would be 5. If no, then adjust the size down accordingly. Is he completely self-employed? If not, he can add his business profits as additional income. If he relies solely on his business for income, then it cannot be an asset, as he would have definite hardship if he sold it. Assets need to be able to be converted to cash within a year without hardship. A second car, a home, property, stocks, bonds, savings, etc.

[ReignDance 4]

Are you and your grandma claimed as dependents on your dad's taxes? If so, then yes you count in his household and it would be 5. If no, then adjust the size down accordingly. Is he completely self-employed? If not, he can add his business profits as additional income. If he relies solely on his business for income, then it cannot be an asset, as he would have definite hardship if he sold it. Assets need to be able to be converted to cash within a year without hardship. A second car, a home, property, stocks, bonds, savings, etc.

We're both not dependants. He's not completely self employed. For houses being used as assets, we have a house; but only one house. Can we use just this one house as an asset? Also, my parents are wondering how you know this particular information?

Edited May 10, 2012 by ReignDance

[KayDeeCee 4,891]

We're both not dependants. He's not completely self employed. For houses being used as assets, we have a house; but only one house. Can we use just this one house as an asset? Also, my parents are wondering how you know this particular information?

If neither of you are dependents on their taxes, then his household size is only 3: himself, your mom and your fiance. With an income of $29k, he does not need to show any assets.

From the I-864 instructions: http://www.uscis.gov/files/form/i-864instr.pdf

Consulates use the guidelines for the I-864 even when it is for a K-1 using the I-134 form.

[ReignDance 4]

If neither of you are dependents on their taxes, then his household size is only 3: himself, your mom and your fiance. With an income of $29k, he does not need to show any assets.

From the I-864 instructions: http://www.uscis.gov/files/form/i-864instr.pdf

Consulates use the guidelines for the I-864 even when it is for a K-1 using the I-134 form.

Thank you very much for your help. I was mistaken about my dad's income being around $29,000. It's actually around $19,000. We have a car and a truck, so he could use the truck as an asset. What about our house? Is our one and only house counted as an asset?

[KayDeeCee 4,891]

Thank you very much for your help. I was mistaken about my dad's income being around $29,000. It's actually around $19,000. We have a car and a truck, so he could use the truck as an asset. What about our house? Is our one and only house counted as an asset?

You are welcome. Hope you guys get it all worked out.

From the I-864 instructions I posted above, page 8, part 7: You may include the net value of your home as an asset. The net value of the home is the appraised value of the home, minus the sum of any and all loans secured by a mortgage, trust deed, or other lien on the home. If you wish to include the net value of your home, this, you must include documentation demonstrating that you own it, a recent appraisal by a licensed appraiser, and evidence of the amount of any and all loans secured by a mortgage, trust deed, or other lien on the home.

[ReignDance 4]

Thank you so much for your help. That should be all of my questions. I appreciate it.