K1 - Affidavit of Support, assets, & co-sponsors

[SalishSea 16,835]

2 hours ago, KristineJ said:

Another quick question, we don't have a copy of our I-129f, can we just fill up a new one?

In the future, you will want to keep copies of all immigration-related documents.

[KristineJ 5]

3 hours ago, Jorgedig said:

In the future, you will want to keep copies of all immigration-related documents.

Yeah I will remember that. Thank you 😊

[KristineJ 5]

5 hours ago, Hank_ said:

 

All that is important for your fiancee is YOUR BIO information from the I-129F ... complete that section and email it to her.   The information will be helpful for the interview and for CFO

Okay I will. Thank you😊

[John & Rose 7,239]

On 12/24/2019 at 10:00 PM, Matt W said:

I have sufficient W2, stock investment income and liquid assets but my tax returns actually show a negative total income due to private business investments with losses. So my case is weird and complicated. Trying to figure out how to navigate this. 

 

I'm hoping the CO looks at our case and just sees I'm obviously not poor and approves us. 🙏

I know of one person who made well over $150k but had so many business write offs that they only showed $20k on paper.  They needed a joint sponsor because all that the CO seems to look at is the Total Income for W2 and AGI for self employed.  Be careful when you try to reduce your taxable income.

 

[John & Rose 7,239]

On 12/27/2019 at 9:57 AM, KristineJ said:

Another quick question, we don't have a copy of our I-129f, can we just fill up a new one?

You will not need that at any point in the process going forward.  Make sure you keep your K-1 NOA2.  You need that for AOS.

[geowrian 22,336]

44 minutes ago, John & Rose said:

I know of one person who made well over $150k but had so many business write offs that they only showed $20k on paper.  They needed a joint sponsor because all that the CO seems to look at is the Total Income for W2 and AGI for self employed.  Be careful when you try to reduce your taxable income.

Absolutely. How can one be expected to use funds to support somebody when those funds are being used to run the business? The reality is they only had ~$20k in income.

[Matt W 16]

3 minutes ago, geowrian said:

Absolutely. How can one be expected to use funds to support somebody when those funds are being used to run the business? The reality is they only had ~$20k in income.

That not true at all. You can legitimately make $150,000 a year in W2 income from your own business while the business, or some other investment, still loses money on paper. The business can have other investors or is using different tax write-offs, etc. 

 

Now if you are self employed as a plumber or Uber driver, that is probably different. But as an entrepreneur and business owner of a larger business, it's way different.

Edited December 28, 2019 by Matt W

[John & Rose 7,239]

3 minutes ago, Matt W said:

That not true at all. You can legitimately make $150,000 a year in W2 income from your own business while the business, or some other investment, still loses money on paper. The business can have other investors or is using different tax write-offs, etc. 

 

Now if you are self employed as a plumber or Uber driver, that is probably different. But as an entrepreneur and business owner of a larger business, it's way different.

False. For one thing, this really doesn’t apply to W2 employees as they won’t have business expenses. 1099 employees use their deductions to minimize their tax exposure so their reported income is after business expenses are deducted. That money is not their income. It is their cost. 

[John & Rose 7,239]

11 minutes ago, geowrian said:

Absolutely. How can one be expected to use funds to support somebody when those funds are being used to run the business? The reality is they only had ~$20k in income.

Correct. Their cost of running the business cannot be considered income. It happens often enough and people get really upset but it is true and logical. If you are supporting your business for $100k and year that get taken off your taxable income since it is a business expense. Self employed need to be very careful. It is the taxable income that matters for immigration 

Edited December 28, 2019 by John & Rose

[Hank_ 9,173]

14 minutes ago, Matt W said:

That not true at all. You can legitimately make $150,000 a year in W2 income from your own business while the business, or some other investment, still loses money on paper. The business can have other investors or is using different tax write-offs, etc. 

 

Now if you are self employed as a plumber or Uber driver, that is probably different. But as an entrepreneur and business owner of a larger business, it's way different.

 

AGI ... IS ... AGI, there is no discussion as far as the CO is concerned, have it or get a joint sponsor.

[Hank_ 9,173]

1 hour ago, John & Rose said:

You will not need that at any point in the process going forward.  Make sure you keep your K-1 NOA2.  You need that for AOS.

 

Nope don't need the I-129F for anything, EXCEPT (now that the G-325A has be removed) the BIO information of the Petitioner comes in handy for the beneficiary to know that information for the interview at the embassy AND for the seminar at CFO.   Other than that I totally agree with you.    

[geowrian 22,336]

21 minutes ago, Matt W said:

That not true at all. You can legitimately make $150,000 a year in W2 income from your own business while the business, or some other investment, still loses money on paper. The business can have other investors or is using different tax write-offs, etc.

Yes, you can earn $150k as an employee of the business (hence a W-2). But if most of that income is then put back into the business (meaning it can be written off as a business expense), then it is not available to sponsor somebody or to even live off of.

I think get what you are saying. You may be able to hold on to more of that money if it were needed. But the reality is that the money is not actually available for that purpose as it has been claimed for another purpose already.

 

15 minutes ago, John & Rose said:

That money is not their income. It is their cost. 

Bingo.

Edited December 28, 2019 by geowrian