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Hi, All!

 

Prepping for my i864 and wanted to know:

 

How are business losses handled?

 

Hypothetical:

 

If total wages from regular employment were around $44k, but business losses of $25k were claimed, will they consider the $44k as the income and NOT deduct the business loss, or will they deduct the business loss when calculating the income?

 

Thanks, all!

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I say they will consider business loss. The reason: Profit or Loss From Business (Schedule C) is part of your Individual Income Tax Return  Form 1040. When you submit I-864, you are required to use 3  most recent x total income (1040) or adjusted gross income (1040EZ). I do not think they need to examine your tax form too much but just read line  for Total Income/AGI.

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6 hours ago, RTLE said:

I say they will consider business loss. The reason: Profit or Loss From Business (Schedule C) is part of your Individual Income Tax Return  Form 1040. When you submit I-864, you are required to use 3  most recent x total income (1040) or adjusted gross income (1040EZ). I do not think they need to examine your tax form too much but just read line  for Total Income/AGI.

That is correct for entering the information about the past, which is about tax returns.  However, an employee does not qualify based on tax returns alone, but on documented ( pay stub) current income.

 

They are going to consider the totality of circumstance.  If the loss was isolated to one year, and the other years and current income look, good then probably OK.

 

Confusion about tax returns vs current income is very common.  Don't fall into that trap.


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