Questions about income requirement?

[PokuPoku 24]

I'm a little confused; Is there an income requirement during the k-1 visa process? I've seen mentions of it but its kinda hard for me to understand exactly. I'm right now finishing up the i-129f form so I can bring my fiancee and her daughter to America from Malaysia. Me and her are both self-employed. She is probably best described as living in poverty.

For me.. its very complicated. Last year, my "total income" was technically only $14.5k. But, I also own a house (currently worth $150k) and have a stock account currently worth $47,000. I also have a few thousand in my checking account. I have no debts, aside from ~$50k house mortgage. So I am "income poor" but "asset rich" I guess.

Is that bad, or doesn't matter?

Edited July 22, 2023 by PokuPoku

[SalishSea 17,928]

2 hours ago, PokuPoku said:

I'm a little confused; Is there an income requirement during the k-1 visa process? I've seen mentions of it but its kinda hard for me to understand exactly. I'm right now finishing up the i-129f form so I can bring my fiancee and her daughter to America from Malaysia. Me and her are both self-employed. She is probably best described as living in poverty.

For me.. its very complicated. Last year, my "total income" was technically only $14.5k. But, I also own a house (currently worth $150k) and have a stock account currently worth $47,000. I also have a few thousand in my checking account. I have no debts, aside from ~$50k house mortgage. So I am "income poor" but "asset rich" I guess.

Is that bad, or doesn't matter?

Sounds like you will need a joint sponsor.

[SteveInBostonI130 3,467]

No income requirement for now.

 

After the I-129F is approved and sent to the embassy, you will need to fill out an I-134, affidavit of support.

 

You have a year to 1.5 years to get your income sorted (better job, pay raise, etc).  If not, then you will need a co-sponsor.

 

 

[Boiler 45,670]

Joint Sponsor

 

How 3 will live on 15k is another matter 

[EmilyW 1,452]

Yes, it matters.

 

 

Given that you put "total income" in inverted commas, and used the word "technically", I'm guessing you may have been trying to minimize your income (for whatever reason - no judgement).  If so, you're now in a conundrum.  You can't possibly sponsor two other people on that "total income".  

 

So, either get a joint sponsor, or be upfront about your "total income".  

 

Edited July 22, 2023 by EmilyW

[Redro 4,611]

9 hours ago, PokuPoku said:

I'm a little confused; Is there an income requirement during the k-1 visa process? I've seen mentions of it but its kinda hard for me to understand exactly. I'm right now finishing up the i-129f form so I can bring my fiancee and her daughter to America from Malaysia. Me and her are both self-employed. She is probably best described as living in poverty.

For me.. its very complicated. Last year, my "total income" was technically only $14.5k. But, I also own a house (currently worth $150k) and have a stock account currently worth $47,000. I also have a few thousand in my checking account. I have no debts, aside from ~$50k house mortgage. So I am "income poor" but "asset rich" I guess.

Is that bad, or doesn't matter?

As you are self employed you might need to change the way you do taxes so you make more on paper...  or you should pursue a W2 job as income is calculated by paystubs not taxes from the previous year. 

The financial requirements for I-129F are not as high as the financial requirements for adjustment of status.

But, to be safe I would make sure you meet the requirements for the I864 when you complete the I134.

If you were to submit the affidavit of support right now you would need to be making $31,075 a year or have at least $93,225 in savings. - this amount will increase by the time your partner's K1 petition is approved and she attends her interview. 

If you are unable to increase the amount you make on paper- you need to find a joint sponsor to sponsor both your fiance and her child. 

 

[carmel34 3,639]

11 hours ago, PokuPoku said:

I also own a house (currently worth $150k) and have a stock account currently worth $47,000. I also have a few thousand in my checking account. I have no debts, aside from ~$50k house mortgage.

Using assets to replace or supplement income is tricky and depends on the consulate and officer conducting the interview.  They tend to prefer current income vs assets.  If assets are used, they should be liquid (i.e., cash savings).  If you were to sell the house and net $100K, where would you live?  If you sell the stocks and move the cash to your bank account, how long would that money support you and the intending immigrant?  This is why officers prefer sufficient current income.  I suggest that in the year or more until the I-134 is needed, and beyond that for the I-864, that you find a regular W2 job or find a qualified joint sponsor.

[PokuPoku 24]

Thank you for the replies. Being self employed, I write off as many expenses as I can, which makes my income appear lower than a regularly employed person. I also have low expenses since my monthly house payments are only $550.

 

How does the joint sponsor work?

[Redro 4,611]

34 minutes ago, PokuPoku said:

Thank you for the replies. Being self employed, I write off as many expenses as I can, which makes my income appear lower than a regularly employed person. I also have low expenses since my monthly house payments are only $550.

 

How does the joint sponsor work?

Generally a great thing to write off expenses but terrible for immigration. 
Monthly expenses don’t really mean anything. They want to see proof of income…and it should exceed the amount I mentioned above (household of 3 unless you have children- then it is more). 
Joint sponsor- you will need someone to agree to complete the I864 for your future spouse and for her daughter. You still complete the affidavit of support but they complete one, too. they will have to make enough to support their household +1. 
Google I864p for amounts and i864 to look at the responsibilities of the sponsor. 

[Lemonslice 4,886]

I can't figure out if you sent your petition yet?

 

Self-employed sponsors' income is calculated from the last tax year, so you might want to read the instructions very carefully, and discuss with your accountant.

 

Depending on where your are in the process, 2023 tax return might be just right to show your income at the interview/adjust status (read the i-864 instructions for that).

Edited July 22, 2023 by Lemonslice

[WaterLeaf 201]

Example of the link that goes to the form: https://www.uscis.gov/i-864

It is to be known that the joint sponsor need to know up front that they'll be responsible for you (they need to read the whole form and instructions too to see what's going on) if you screwed up or use government assistance, but I'm not aware of how often this happened.

[PokuPoku 24]

8 hours ago, Redro said:

Joint sponsor- you will need someone to agree to complete the I864 for your future spouse and for her daughter. You still complete the affidavit of support but they complete one, too. they will have to make enough to support their household +1. 
Google I864p for amounts and i864 to look at the responsibilities of the sponsor.

11 minutes ago, WaterLeaf said:

Example of the link that goes to the form: https://www.uscis.gov/i-864

It is to be known that the joint sponsor need to know up front that they'll be responsible for you (they need to read the whole form and instructions too to see what's going on) if you screwed up or use government assistance, but I'm not aware of how often this happened.

thanks, I read over some of it. I'm fairly certain I have people who will help us with that part. I feel a little better now.

 

8 hours ago, Lemonslice said:

I can't figure out if you sent your petition yet?

I've only just started. I'm sending out the first form on monday.

[PokuPoku 24]

I read this https://citizenpath.com/faq/use-assets-i-864/

Quote

Required Cash Value of Assets

The total net value of assets, less liens and liabilities against them, must equal five times the difference between the sponsor’s income and 125 percent of the poverty level for the household size.

Sponsors of spouses and children of U.S. citizens must only prove assets valued at three times the difference between the poverty guidelines and actual household income.

Sponsors of orphans who will acquire citizenship after admission to the United States must only prove assets equal to the difference between the poverty guidelines and actual household income.

For example, a sponsor has an income of $20,000. However, the necessary minimum income for his household size is $30,000. There is a shortfall of $10,000. He or she may use assets to make up this difference. If sponsoring a spouse, the assets must value at least $30,000 (3 times the shortfall). For most other intending immigrants, the assets must value $50,000 (5 times the shortfall).

So as long as I boost my income a little bit (it'll definitely be higher this year, 2022 was an unusually bad year), I should be able to make up the ~$10,000 difference with my ~$50k in cash and stock assets, right?

[Boiler 45,670]

I know what the theory is, I know what the wording says, I also know what happened to me with bothe the I 134 and I 864.

 

There is a degree of subjectivity and it seems local practice that does not always match the wording.

 

One famous YT Lawyer insists that your 3 years taxes needs to meet the requirements, I have seen many people pass without meeting that, perhaps he had a case where they insisted so that is his baseline?

 

Down the other end I have seen cases I was sure would fail and had no issue.

 

Plus the logic makes no sense to me, if you need to show you can support using assets at 3x the amount for what could be an indefinite period? How does that work? Mind you if you just meet the requirements and have to pay that over what are you supposed to live on?

 

In your case I would like to have a Joint Sponsor lined up, if that is not possible go for it and keep your fingers crossed.

 

[PokuPoku 24]

4 minutes ago, Boiler said:

Plus the logic makes no sense to me, if you need to show you can support using assets at 3x the amount for what could be an indefinite period? How does that work? Mind you if you just meet the requirements and have to pay that over what are you supposed to live on?

income alone is just a bad measure, imo. There is a biiiiiiig difference between having to pay $2,700 for an average 1 BR apartment in los angeles vs paying a $550 mortgage in Alabama. And as soon as my fiancee is allowed to work, she'll be working too, so its not like I need to support her and her daughter alone for the rest of my life.

8 minutes ago, Boiler said:

One famous YT Lawyer insists that your 3 years taxes needs to meet the requirements

My previous year was a lot better, $41k lol

Thats interesting to know its not a hard rule. I'll definitely be looking to increase my income now. I didn't have too much motivation before, but now I do.