Amount you owe tax transcript 2024

[S2N 556]

24 minutes ago, W199 said:

As everyone said, its a normal tax transcript.  My tax transcript has a much larger amount owed that I paid after filing. But I didn't have any penalty.   Therefore, the only thing of noteworthy is that it implies his taxes due were not more than the previous year, probably less, hence maybe his income shrank from the previous year, so his income was even higher in the previous years,  and that he needs to get a better accountant or learn how to estimate his taxes better.  None of this would be an issue with the consulate.

 

Note, the above is just speculation based on the tax laws of when a penality applies. I could be totally wrong regarding his unique tax situation since business taxes can be complex.

On the accountant/estimate point: I have a friend who does HNW individual taxes. One of his clients intentionally underpays estimates as a tax strategy because he gets a better rate of return than the underpayment penalty by not giving the IRS the money until 4/15. Paying the penalty is part of the client’s strategy.

 

All that to say, there are a virtually infinite number of reasons OP’s sponsor might owe taxes as of 4/15. None of them are relevant to immigration.

Edited yesterday at 01:10 AM by S2N

[Word 1]

1 hour ago, pushbrk said:

Just assume they won't ask you.  Consular Officers also file US Tax returns.  They know this is not something to worry about.  If they ask, give the answer you already have from multiple people here.  "That's how much he wrote the check for when he filed the return."

Thank u so so much

[W199 522]

13 hours ago, S2N said:

On the accountant/estimate point: I have a friend who does HNW individual taxes. One of his clients intentionally underpays estimates as a tax strategy because he gets a better rate of return than the underpayment penalty by not giving the IRS the money until 4/15. Paying the penalty is part of the client’s strategy.

 

All that to say, there are a virtually infinite number of reasons OP’s sponsor might owe taxes as of 4/15. None of them are relevant to immigration.

I basically use that strategy on steroids.  I know I won't owe any tax penalty because my income and taxes keep increasing significantly (thanks to AI and from the tech boom from the pandemic.. lol)  from the previous year. Due to the increase,  the tax penalty is waived (tax paid this year is more than 110% of previous year). Therefore, I end up with a huge amount that I owe, which collects interest and capital gains until I pay it on 4/15. No need to pay it down over the tax year and get a refund when I get this interest free loan. 

 

But that was also my subtle point, but admittedly which no consular officer will  have the savvy to realize.  Because the tax penalty was not waived it implies it is *likely* because his income in the previous year was the same or even higher than the current year. Hence, the income this year was not a one-off with a low income the previous year.  This speculation lends strength to the joint sponsor rather than adding skepticism to it  Though, probably they will mistakenly think the opposite just from the sight of "penalty" .... In anycase, to be clear, this was all a tangent and won't affect immigration either way.  

 

[Word 1]

29 minutes ago, W199 said:

I basically use that strategy on steroids.  I know I won't owe any tax penalty because my income and taxes keep increasing significantly (thanks to AI and from the tech boom from the pandemic.. lol)  from the previous year. Due to the increase,  the tax penalty is waived (tax paid this year is more than 110% of previous year). Therefore, I end up with a huge amount that I owe, which collects interest and capital gains until I pay it on 4/15. No need to pay it down over the tax year and get a refund when I get this interest free loan. 

 

But that was also my subtle point, but admittedly which no consular officer will  have the savvy to realize.  Because the tax penalty was not waived it implies it is *likely* because his income in the previous year was the same or even higher than the current year. Hence, the income this year was not a one-off with a low income the previous year.  This speculation lends strength to the joint sponsor rather than adding skepticism to it  Though, probably they will mistakenly think the opposite just from the sight of "penalty" .... In anycase, to be clear, this was all a tangent and won't affect immigration either way.  

 

Wow goood answer what do u think i need to say to the consulate? My joint sponsor is truck driver

[S2N 556]

33 minutes ago, Word said:

Wow goood answer what do u think i need to say to the consulate? My joint sponsor is truck driver

Nothing unless asked. Like we’ve all been saying, this is really common.

[OldUser 10,822]

1 hour ago, W199 said:

 Therefore, I end up with a huge amount that I owe, which collects interest and capital gains until I pay it on 4/15. No need to pay it down over the tax year and get a refund when I get this interest free loan. 

 

But that was also my subtle point, but admittedly which no consular officer will  have the savvy to realize. 

Even if they realize it, do you geniunely think a federal employee is going to reward such method?

[W199 522]

1 hour ago, Word said:

Wow goood answer what do u think i need to say to the consulate? My joint sponsor is truck driver

They are not going to ask you to explain your joint sponsor's tax transcript to them. 

[Word 1]

1 minute ago, W199 said:

They are not going to ask you to explain your joint sponsor's tax transcript to them. 

Omg thank u so much i hope its just bcs i worry about that 24.000$ he owe but thank u again❤️

[pushbrk 14,045]

3 hours ago, Word said:

Omg thank u so much i hope its just bcs i worry about that 24.000$ he owe but thank u again❤️

If you are still worried, you are not paying attention.

[Word 1]

18 minutes ago, pushbrk said:

If you are still worried, you are not paying attention.

No I am better now bcs ur answer thank u so much sir