How much saving cash (Asset) needed?

[Boring Life 20]

Hello,

My wife interview came and I needed to show them recent tax return. The income on my recent 2019 tax return is $20,193 and poverty guideline income for 2 people would be $21,550. Based on this how much cash value I needed to show to cover income gap?

......

Based on my calculation the difference is $1,357 and multiply by 3 equals $4,071? 

Edited November 19, 2020 by Boring Life

[milimelo 4,500]

Yeah, you may want to get a joint sponsor. That's a very low income - how will you pay for her medical insurance? 

[Boring Life 20]

17 minutes ago, milimelo said:

Yeah, you may want to get a joint sponsor. That's a very low income - how will you pay for her medical insurance? 

Last year was low income but this year would be good income as I am doing multiple jobs. Anyhow how much cash do i need for this year?

[Dashinka 24,592]

2 hours ago, Boring Life said:

Last year was low income but this year would be good income as I am doing multiple jobs. Anyhow how much cash do i need for this year?

As much as possible.  If using cash/assets you are correct you need 3x's.  

[Crazy Cat 41,980]

6 hours ago, Boring Life said:

Hello,

My wife interview came and I needed to show them recent tax return. The income on my recent 2019 tax return is $20,193 and poverty guideline income for 2 people would be $21,550. Based on this how much cash value I needed to show to cover income gap?

......

Based on my calculation the difference is $1,357 and multiply by 3 equals $4,071? 

Assets are used to help meet requirement for CURRENT annual income if my understanding is correct.  Your 2019 tax return is irrelevant for asset calculations.  If your CURRENT annual income is satisfactory in the opinion of the CO, you don't need assets in the equation.

Edited November 19, 2020 by Lucky Cat

[designguy 1,179]

4 hours ago, Boring Life said:

If your income is above poverty guidelines you dont need joint sponsor.

This is not 100% correct. If you are below the guidelines you need a joint sponsor. If you are above it is at the discretion of the CO. There are cases where someone makes slightly more and a JS is still required.

[Hilde 381]

3 minutes ago, designguy said:

This is not 100% correct. If you are below the guidelines you need a joint sponsor. If you are above it is at the discretion of the CO. There are cases where someone makes slightly more and a JS is still required.

This is absolutely true. I have read multiple posts here in VJ about this. I would advise the OP to search about this topic. Many folks who make a bit above poverty line have reported that the CO requested a joint sponsor when it came time for the interview. I also think it is dependent on which city you plan on living. For example, the cost of living in city in rural Iowa is less than in NYC, for example. This decision is up to the CO to make. 

[carmel34 3,639]

6 hours ago, Boring Life said:

If your income is above poverty guidelines you dont need joint sponsor.

This is clearly not the case, as we see weekly many cases where borderline incomes barely above the poverty guidelines are denied visas and told to find a co-sponsor.  Even using assets to make up the difference is not a guarantee that the CO will approve the visa, as it is a judgment call by the CO based on the totality of the circumstances.  The poverty guidelines are the minimum income requirement, but not necessarily sufficient.  If your liquid assets are significantly more than the minimum to offset the low income, it  may be enough, but no one can predict the outcome of the visa interview with any certainty.  Having a co-sponsor ready if needed is always recommended in borderline income/assets cases, as doing so could avoid a longer approval process.  Good luck!

[SteveInBostonI130 3,467]

The 125% poverty guidelinie is the MINIMUM you need to qualify.  And it is based on current income, not what was made in 2019 tax returns.  If in previous years income was less, and your current income is higher, then you may need to verify it with paystubs and/or letter from your employer.

 

It is up to the CO to make the judgement.  If your income is low, even if it's above the guideline, be prepared by lining up a joint sponsor.  Have the second -I864 ready to submit if the CO asks.

[Babu Frik 1,162]

2 hours ago, Boring Life said:

By providing them saving account statement of last 12 months. Also I am doing second job and this year income would be above poverty guidelines 

This year won't matter right now since you don't file those taxes for a few months.

They want to see income above the poverty guidelines.

[Boring Life 20]

37 minutes ago, Babu Frik said:

This year won't matter right now since you don't file those taxes for a few months.

They want to see income above the poverty guidelines.

Hmm..What should i do?

 

[Akwasi100 1]

33 minutes ago, Boring Life said:

Hmm..What should i do?

 

The public charge guidelines have become stricter nowadays and consular officers are considering several other factors when determining whether an applicant is likely to be a public charge and if a joint sponsor, they will evaluate the likelihood that the joint sponsor will voluntarily support the beneficiary, etc..

 

In your case, I will advise you find a joint sponsor who makes way more than the minimum requirement because your income is not enough to support your spouse by yourself...

[SteveInBostonI130 3,467]

3 hours ago, Babu Frik said:

This year won't matter right now since you don't file those taxes for a few months.

They want to see income above the poverty guidelines.

That is incorrect.

 

Current income always matters.   Previous year's tax return is partly to verify your current income and  partly to demonstrate a history of you earning that income.  But people, mostly newly graduated students, can and do show qualifying current income while their previous tax return showed non-qualifying or zero income.

 

 

3 hours ago, Boring Life said:

Hmm..What should i do?

 

 

State your current income.  Show pay stubs and, if you can, letters from your employers that detail your salary.  Line up a qualifying joint sponsor just in case.

 

[Babu Frik 1,162]

1 hour ago, SteveInBostonI130 said:

State your current income.  Show pay stubs and, if you can, letters from your employers that detail your salary.  Line up a qualifying joint sponsor just in case.

 

I'd go with this, just don't rule out the joint sponsor because you'll want to be ready if you need need.

[SalishSea 17,928]

18 hours ago, Boring Life said:

If your income is above poverty guidelines you dont need joint sponsor.

This is incorrect.  COs have total discretion on the public charge.