Joint Sponsor Question, Please Help!

[MeredythB 38]

Hello, All.

I am a USC residing overseas with my Irish husband. I haven't worked since I moved here in August of 2011 and have no plans to return anytime soon, since I stay home to take care of our daughter. My dad has agreed to be our joint sponsor and has sent the request for his (and my) tax transcrips. My question is this: my dad owns a residential construction company, so his taxes show him making a NEGATIVE amount of income. He has assets that are sufficient to cover the requirements, so should he submit a personal financial statement with his tax information, or can he just submit the PFS? I don't want any confusion over his suitability as a sponsor, but I don't want a RFE, either. What is the proper course to take? Thank you!

[Calicolom 266]

I know what you mean by being self-employed, damned if you do and damned if you don’t. This is the damned if you do case, do not forget Government agencies share information with the IRS they may want to know where his assets came from.

[MeredythB 38]

I know what you mean by being self-employed, damned if you do and damned if you don’t. This is the damned if you do case, do not forget Government agencies share information with the IRS they may want to know where his assets came from.

Oh, his assets are all right and tight, stocks and accounts payable and whatnot, it's just that since he's the owner (and only employee) he files taxes for the company, and that shows negative income. Since he's got assets that will cover the requirement, I just want to know if he should submit only a personal financial statement or if he should include his tax transcripts as well with the packet. Thanks!

[pushbrk 13,568]

Oh, his assets are all right and tight, stocks and accounts payable and whatnot, it's just that since he's the owner (and only employee) he files taxes for the company, and that shows negative income. Since he's got assets that will cover the requirement, I just want to know if he should submit only a personal financial statement or if he should include his tax transcripts as well with the packet. Thanks!

You need to study the I-864 instructions carefully, then return with any remaining questions. You'll notice there that any assets to be considered must be both "liquid) (See the definition in the instructions.) and documented. Remember that the assets must equal 5 times the "income shortfall".

Here's an example. Income required is $30,000. Negative income from "total income" figure on tax return transcript is -$20,000. Income shortfall is $50,000, so documented liquid assets needed are $250,000+.

[lubo689 0]

Hi,

From our own experience of having a joint sponsor with his own business he will still need to send in his taxes from the previous year. This is required in the I-864 of any sponsor or an explanation of why they did not file taxes.

[pushbrk 13,568]

Hi,

From our own experience of having a joint sponsor with his own business he will still need to send in his taxes from the previous year. This is required in the I-864 of any sponsor or an explanation of why they did not file taxes.

This is incorrect. Joint sponsor who is self employed provides information from three tax returns, just like an employed person would. If they think it will help their case, they can send in the three tax return copies or just send one, just like an employed person. Providing information from is not the same as sending in.

[MeredythB 38]

Thanks, y'all. It seems to be a minefield, especially if you're not working. We got delivery notification today or our packet arriving in Chicago, so we're hoping to get this show on the road shortly. I'm sure I'll have a million more questions as we go through the process, so I'm so grateful to you all for being such an invaluable resource. I'll make sure to keep the timeline update, so fingers crossed, please!