Bank Statements for K1?

[baron555 934]

At what point do I need to show bank statements? I am a contractor and I am concerned that if I don't have much money in my bank, they would decline the application. Are they looking for something on the statements?

Current income is key, bank savings is not.

From reading online, I saw that sometimes a letter from your bank explaining previous year's deposit and current income would be good enough. Can anyone confirm what they did regarding bank statements?

Not required if you have enough annual income.

[Dohan 133]

I am self employed so do not have a contract. I only have one tax return to provide as I was previously unemployed but will be writing a statement explaining that.

I am pretty new to taxes etc. Can you explain to me what a tax transcript is? I'm gathering it is different from my tax return?

You can obtain your tax transcript from the IRS website here http://www.irs.gov/Individuals/Get-Transcript

Select the online, create a log in, and follow the instructions. It's a free and quick way to get a print out of your income tax filing for the years when you did do it.

I am in the same boat as you are and from my side I will be submitting the transcript for 2013 and 2014, and for 2012 writing a letter as I was in school. And same thing with checks. Btw, if you have a company that you bill your clients under, you should also provide proof that you are the registered owner of that company. Just in case the checks are written to the name of your company and not you.

Fingers crossed for all of us self-employed rebels!

[Gosia & Tito 199]

At what point do I need to show bank statements? I am a contractor and I am concerned that if I don't have much money in my bank, they would decline the application. Are they looking for something on the statements?

From reading online, I saw that sometimes a letter from your bank explaining previous year's deposit and current income would be good enough. Can anyone confirm what they did regarding bank statements?

Some banks have a predefined format in which they state when you open the account/s and what the average balance was in teh past 3-6-9 months.

Some would do a letter stating similarly.

From what I hear here, depending on the bank and sometimes the manager of the branch you go, it has various degrees of difficulty.

Missing that, you could make copies of your statements, about every 3 months fo rthe past year and that should provide a good view

For the i-134 I've also read here that not always the CO cares to see it. For AOS, I'd make sure you got any of the wasy above

Edited January 9, 2015 by Gosia & Tito

[Hank_ 9,174]

At what point do I need to show bank statements? I am a contractor and I am concerned that if I don't have much money in my bank, they would decline the application. Are they looking for something on the statements?

From reading online, I saw that sometimes a letter from your bank explaining previous year's deposit and current income would be good enough. Can anyone confirm what they did regarding bank statements?

Depends somewhat on which embassy you are processing through.

[KayDeeCee 4,900]

I am self employed so do not have a contract. I only have one tax return to provide as I was previously unemployed but will be writing a statement explaining that.

I am pretty new to taxes etc. Can you explain to me what a tax transcript is? I'm gathering it is different from my tax return?

You can get a free IRS transcript(http://www.irs.gov/Individuals/Get-Transcript) or use a complete copy of your return with all forms, schedules, 1099s included. Either one is fine.

If your most recent tax return on line 22 of the 1040, Total Income, shows you meet the income requirement, then your return plus your check copies should be enough to prove your income for London.

If you put the UK in your profile, then others going through London would easily be able to see your posts in the UK portal. One of the most knowledgeable members here about London often replies to those needing help with maters related to the London consulate, Nich-Nick. She helped write up the London guide found here in the UK regional forum. She has stated many times that London simply wants to see some proof of the income you claim, and that people have been approved with just one type of income proof there. http://www.visajourney.com/forums/topic/474161-london-k1-a-complete-guide/

http://www.visajourney.com/forums/topic/530754-have-joint-sponsor-but-my-1-134-info-lost-in-transit-is-this-a-problem/?p=7419525

Furthermore, London has approved on one proof of income, so having a boatload of various proofs is redundant.

[Nicky. 0]

Thank you KayDeeCee, your information is very helpful.

Could you possibly let me know what would be required for us to get accepted for the adjustment of status? What paperwork we would need to file? and supporting documents.

[AR&CB 2]

Self-employed can use their tax transcripts as proof of income and meeting the requirement. As long as line 22 of your 1040 meets the requirement for your household size, then you should be good to go. You can provide the last 3 years of transcripts to show stable, ongoing income, if that would help your case.

Do you have check stubs, or can you provide copies of your cashed pay checks? Those could work too, but are not absolutely necessary. Bank statements are not required either.

So does the same go for a retired co-sponsor (IRS Transcripts of 3 years)

[KayDeeCee 4,900]

Thank you KayDeeCee, your information is very helpful.

Could you possibly let me know what would be required for us to get accepted for the adjustment of status? What paperwork we would need to file? and supporting documents.

For the I-864? Same documentation for proof of income when self-employed.

So does the same go for a retired co-sponsor (IRS Transcripts of 3 years)

If they are retired, what is their source of current income? You list their current annual income and provide proof of it. 1099s from social security or retirement annuity. Whatever they receive, you must prove they receive it and how much they receive. Bank statements can be helpful for those that have any non-taxable sources of income like SS benefits. If they do receive SS benefits, you can also get a benefits letter from the SSA to show how much they receive a year.

[AR&CB 2]

For the I-864? Same documentation for proof of income when self-employed.

If they are retired, what is their source of current income? You list their current annual income and provide proof of it. 1099s from social security or retirement annuity. Whatever they receive, you must prove they receive it and how much they receive. Bank statements can be helpful for those that have any non-taxable sources of income like SS benefits. If they do receive SS benefits, you can also get a benefits letter from the SSA to show how much they receive a year.

I have everything you mentioned. Thanks for your comment Edited January 14, 2015 by AR&CB