RFE for I-864 for small business owner

[XeniaC 1]

Hello all!

We've got an RFE for I-864, they arу asking for more assets to show. 

 

If the petitioning sponsor or the joint sponsor is unable to meet the income requirements, they may qualify
based on the cash value of their significant assets. Assets must equal the stated difference between the
sponsor’s income and 125 percent of the federal poverty guideline for the sponsor’s household size.

Assets must equal the difference for applicants filing as orphans.
Assets must equal three times the difference for a spouse or child of a United States citizen.
Assets must equal five times the difference for all others.
Acceptable evidence of assets:

 

Bank statements covering the last 12 months (statements will be averaged over a 12 month period) or a
statement from an officer of the bank or other financial institution in which the sponsor has deposits, the
account balance averaged over a 12 month period, and current balance;
Evidence of ownership, value, and dates acquired of stocks, bonds, and certificates of deposit;
Evidence of ownership, value/equity, and dates acquired of other personal property;
Evidence of ownership, a recent licensed appraisal or county tax assessment, any mortgage/lien or lien
release of any real estate, and dates acquired

 

There is what our situation and questions

 

1. As a small business owner ( only for 2021), my husbands haven't filed his taxes yet for 2021. 

What kind of annual income we have to put for the last year (2021) and based on what proofs?  

(we put just random approximate amount so it probably didn't work) 

 

2. Can we use business account to show average 12 month statements? 

( we filed only for the last month business account+personal+stocks that didn't work even only in stocks was enough amount to cover the difference)

 

3. Should we file in addition info about the company that my husband owns as a proof for a business account? 

 ( we didn't send this info  -so probably we have to now?)

 

 

 

[K1visaHopeful 2,841]

5 hours ago, XeniaC said:

Hello all!

We've got an RFE for I-864, they arу asking for more assets to show. 

 

If the petitioning sponsor or the joint sponsor is unable to meet the income requirements, they may qualify
based on the cash value of their significant assets. Assets must equal the stated difference between the
sponsor’s income and 125 percent of the federal poverty guideline for the sponsor’s household size.

Assets must equal the difference for applicants filing as orphans.
Assets must equal three times the difference for a spouse or child of a United States citizen.
Assets must equal five times the difference for all others.
Acceptable evidence of assets:

 

Bank statements covering the last 12 months (statements will be averaged over a 12 month period) or a
statement from an officer of the bank or other financial institution in which the sponsor has deposits, the
account balance averaged over a 12 month period, and current balance;
Evidence of ownership, value, and dates acquired of stocks, bonds, and certificates of deposit;
Evidence of ownership, value/equity, and dates acquired of other personal property;
Evidence of ownership, a recent licensed appraisal or county tax assessment, any mortgage/lien or lien
release of any real estate, and dates acquired

 

There is what our situation and questions

 

1. As a small business owner ( only for 2021), my husbands haven't filed his taxes yet for 2021. 

What kind of annual income we have to put for the last year (2021) and based on what proofs?  

(we put just random approximate amount so it probably didn't work) 

Use 2020 taxes instead.

Self employed ppl rarely can prove income other than with taxes and since he hasn't filed 2021 yet, he's SOL.

 

 

5 hours ago, XeniaC said:

2. Can we use business account to show average 12 month statements? 

( we filed only for the last month business account+personal+stocks that didn't work even only in stocks was enough amount to cover the difference)

Personal individual accounts and personal individual assets.

 

5 hours ago, XeniaC said:

3. Should we file in addition info about the company that my husband owns as a proof for a business account? 

 ( we didn't send this info  -so probably we have to now?)

 

 

 

Not sure what you mean here.

[XeniaC 1]

18 hours ago, K1visaHopeful said:

Use 2020 taxes instead.

Self employed ppl rarely can prove income other than with taxes and since he hasn't filed 2021 yet, he's SOL.

 

 

Personal individual accounts and personal individual assets.

 

Not sure what you mean here.

Thank you for your response!

 

I mean to show the business account and proof of the ownership of the company of my husband.

 

I couldn't find so far a clear reference that the business account statements can not be shown as assets...

Where I can see it please?

 

 

[Family 4,025]

29 minutes ago, XeniaC said:

mean to show the business account and proof of the ownership of the company of my husband.

 

I couldn't find so far a clear reference that the business account statements can not be shown as assets...

Where I can see it please?

 

Since you previously stated your Stocks Statement was MORE than 3 times the required..there is a bit of clarification you can do this time around . Do new I-864 

 

Estimate  your current income below the threshold indicate you are using  ASSETS ( stocks , bank  accounts,  BUT don’t rely on Business Account Balance because it’s usually an operating account  and you go on another merry go round)….so IF you can show THREE times ( household of 2 would show $18,310x3= $54,930 in stocks , personal accounts and equity of real estate if available) then you are good to go. 

On last page of I-864 you write in clarification: 2020 Taxes and copy of 2021 extension to file. Current income is an estimate as our tax preparer has not completed return . Self employed bus owner ( copy of DBA, bus license if any , bank statement …or skip sending this part) USING assets to qualify as follows: and spell out above formula.

 

 

[XeniaC 1]

2 hours ago, Family said:

Since you previously stated your Stocks Statement was MORE than 3 times the required..there is a bit of clarification you can do this time around . Do new I-864 

 

Estimate  your current income below the threshold indicate you are using  ASSETS ( stocks , bank  accounts,  BUT don’t rely on Business Account Balance because it’s usually an operating account  and you go on another merry go round)….so IF you can show THREE times ( household of 2 would show $18,310x3= $54,930 in stocks , personal accounts and equity of real estate if available) then you are good to go. 

On last page of I-864 you write in clarification: 2020 Taxes and copy of 2021 extension to file. Current income is an estimate as our tax preparer has not completed return . Self employed bus owner ( copy of DBA, bus license if any , bank statement …or skip sending this part) USING assets to qualify as follows: and spell out above formula.

 

 

Sorry, Is it reply to my post?

 

I'm confused-)

I didn't mentioned stocks 3 tomes more etc.

 

and if it's for me, where did this TREE TIMES $54930 amount come from...?

 

 

[K1visaHopeful 2,841]

3 hours ago, XeniaC said:

 

I mean to show the business account and proof of the ownership of the company of my husband.

 

I couldn't find so far a clear reference that the business account statements can not be shown as assets...

Where I can see it please?

 

 

No where to show you.

You just can't use it as it's not personal $.

 

7 minutes ago, XeniaC said:

 

and if it's for me, where did this TREE TIMES $54930 amount come from...?

 

 

The I864 Assets instructions. 

[XeniaC 1]

4 minutes ago, K1visaHopeful said:

No where to show you.

You just can't use it as it's not personal $.

 

The I864 Assets instructions. 

Hmm...

 

This is what I read in instructions:

 

Page 10

Example of How to Use Assets: If you are petitioning for a parent and the poverty line for your household size is $22,062 and your current income is $18,062, the difference between your current income and the poverty line is $4,000. In order for assets to help you qualify, the combination of your assets, plus the assets of any household member who is signing Form I-864A, plus any available assets of the sponsored immigrant, would have to equal five times this difference (5 x $4,000). In this case, you would meet the income requirements if the net value of the assets equaled at least $20,000.

[K1visaHopeful 2,841]

13 minutes ago, XeniaC said:

Hmm...

 

This is what I read in instructions:

 

Page 10

Example of How to Use Assets: If you are petitioning for a parent and the poverty line for your household size is $22,062 and your current income is $18,062, the difference between your current income and the poverty line is $4,000. In order for assets to help you qualify, the combination of your assets, plus the assets of any household member who is signing Form I-864A, plus any available assets of the sponsored immigrant, would have to equal five times this difference (5 x $4,000). In this case, you would meet the income requirements if the net value of the assets equaled at least $20,000.

One paragraph up.

 

"Item Number 10. Total Value of Assets. In order to qualify based on the value of your assets, the total value of your assets must equal at least five times the difference between your total household income and the current Federal Poverty Guidelines for your household size. However, if you are a U.S. citizen and you are sponsoring your spouse or child age 18 years of age or older, the total value of your assets must only be equal to at least three times the difference.

29 minutes ago, XeniaC said:

 

and if it's for me, where did this TREE TIMES $54930 amount come from...?

 

 

It's not three times $54930.

Three times the difference between your income and since you can't prove self employed CURRENT income your income is zero, the poster is explaining that you will have to use assets and your assets will need to be three times the financial poverty guidelines for your household size according to the I864P (you'll have to look that up).

Edited April 2, 2022 by K1visaHopeful

[Redro 4,611]

15 minutes ago, XeniaC said:

Hmm...

 

This is what I read in instructions:

 

Page 10

Example of How to Use Assets: If you are petitioning for a parent and the poverty line for your household size is $22,062 and your current income is $18,062, the difference between your current income and the poverty line is $4,000. In order for assets to help you qualify, the combination of your assets, plus the assets of any household member who is signing Form I-864A, plus any available assets of the sponsored immigrant, would have to equal five times this difference (5 x $4,000). In this case, you would meet the income requirements if the net value of the assets equaled at least $20,000.

It is 5 times for LPRs sponsoring their family members but 3 times for USCs. 

Your partner needs to make at least $22,887. (https://www.uscis.gov/i-864p)

So at least $68, 661 in assets. 

 

It would probably be easier if you obtained a joint sponsor for the I-864. 

 

 

 

Edited April 2, 2022 by Kor2USA

[XeniaC 1]

4 minutes ago, K1visaHopeful said:

One paragraph up.

 

"Item Number 10. Total Value of Assets. In order to qualify based on the value of your assets, the total value of your assets must equal at least five times the difference between your total household income and the current Federal Poverty Guidelines for your household size. However, if you are a U.S. citizen and you are sponsoring your spouse or child age 18 years of age or older, the total value of your assets must only be equal to at least three times the difference.

It's not three times $54930.

Three times the difference between your income and since you can't prove self employed CURRENT income your income is zero, the poster is explaining that you will have to use assets and your assets will need to be three times the financial poverty guidelines for your household size according to the I864P (you'll have to look that up).

Yes this is clear-) Thank you))

 

Member called Family was saying about something very confusing though 

 

 

[XeniaC 1]

16 minutes ago, K1visaHopeful said:

One paragraph up.

 

"Item Number 10. Total Value of Assets. In order to qualify based on the value of your assets, the total value of your assets must equal at least five times the difference between your total household income and the current Federal Poverty Guidelines for your household size. However, if you are a U.S. citizen and you are sponsoring your spouse or child age 18 years of age or older, the total value of your assets must only be equal to at least three times the difference.

It's not three times $54930.

Three times the difference between your income and since you can't prove self employed CURRENT income your income is zero, the poster is explaining that you will have to use assets and your assets will need to be three times the financial poverty guidelines for your household size according to the I864P (you'll have to look that up).

Wait, you said before we can use 2020 taxes instead to show the income, why it became zero now?

 

[K1visaHopeful 2,841]

5 minutes ago, XeniaC said:

Wait, you said before we can use 2020 taxes instead to show the income, why it became zero now?

 

You never responded if you were able/willing to do that.

 

I was commenting on the other commentor's comment as you were confused.

I was not adding anything to my comment at all. 

[XeniaC 1]

5 minutes ago, K1visaHopeful said:

You never responded if you were able/willing to do that.

 

I was commenting on the other commentor's comment as you were confused.

I was not adding anything to my comment at all. 

ah ok-)

 

yes we are able to do that

 

thank you))