Made enough this year but now unemployed

[Penguin_ie 5,993]

in the event of being unemployed, will total net worth (ie. home equity, stocks, savings, 401K, assets etc.) be considered without the need of a co-sponsor?

Yes-ish - any assets need to be easily liquidated within one year without undue hardship to the sponsor. Savings are fine, equity in a primary home, especially if there is a mortgage, will probably not be considered, but a secondary/ rental home may be; you'd need a recent appraisal. Stocks are volatile but yes, may also be considered, as would a second car.

[dalatian 4]

Yes-ish - any assets need to be easily liquidated within one year without undue hardship to the sponsor. Savings are fine, equity in a primary home, especially if there is a mortgage, will probably not be considered, but a secondary/ rental home may be; you'd need a recent appraisal. Stocks are volatile but yes, may also be considered, as would a second car.

is there a set cutoff point for this (ie. 1000% above poverty line, 500K vs 1M in savings etc.)? thanks.

[L+T 71]

is there a set cutoff point for this (ie. 1000% above poverty line, 500K vs 1M in savings etc.)? thanks.

What Cash Value of Assets is Needed?

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% 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 guideline and actual household income.

[aaron2020 11,651]

is there a set cutoff point for this (ie. 1000% above poverty line, 500K vs 1M in savings etc.)? thanks.

You need 3x the difference between the 125% poverty level and your income.

For example; the 125% poverty line is $20,000. You make $15,000. The difference is $5,000. So you would need 3 x $5000 or $15,000 in assets to met the poverty line.

Generally, the assets you can use are easy liquid investments such as bonds and stocks, cash, savings, a second car, etc. You cannot use assets that you need or that would create a hardship; your primary residence because you need a place to live, your primary car because you need something to drive, your retirement accounts if a withdrawal would result in a penalty because you need to save for your old age, etc.

[pushbrk 12,824]

in the event of being unemployed, will total net worth (ie. home equity, stocks, savings, 401K, assets etc.) be considered without the need of a co-sponsor?

No but the liquid part of your net worth can be used. I know this is a K1 using an I-134 but the same guidelines are used as you'll find in the I-864 instructions. I suggest you study the part of the I-864 instructions that addresses assets and explains what THEY mean by liquid. Think "stocks and savings" not home equity and 401k but you can certainly state and document any and all assets.

[jarta 24]

so if you are not using employment for your affidavit of support, are stocks good assets to use to meet the 125% poverty line?

[pushbrk 12,824]

so if you are not using employment for your affidavit of support, are stocks good assets to use to meet the 125% poverty line?

Yes, but you'll need $3 in liquid assets to make up for $1 in income shortfall, at MINIMUM. Minimum is not a good thing but it's better than being under the minimum.

[aaron2020 11,651]

so if you are not using employment for your affidavit of support, are stocks good assets to use to meet the 125% poverty line?

Stock is pretty much equivalent to cash despite the fact that stocks can quickly go up or down in value. You can sell a stock on any weekday, and the funds are pretty much available within 3 days. That's pretty liquid.

The same apply to bonds.

[jarta 24]

Yes, but you'll need $3 in liquid assets to make up for $1 in income shortfall, at MINIMUM. Minimum is not a good thing but it's better than being under the minimum.

okay. so basically for a house hold of 2, one should have stocks of MINIMUM value of about $60,000, right?

Stock is pretty much equivalent to cash despite the fact that stocks can quickly go up or down in value. You can sell a stock on any weekday, and the funds are pretty much available within 3 days. That's pretty liquid.

The same apply to bonds.

thanks...good to know.

[pushbrk 12,824]

okay. so basically for a house hold of 2, one should have stocks of MINIMUM value of about $60,000, right?

That's right.

[SOTY 0]

I think the confusion was that for me, if one makes at or over the %125 poverty line annual requirement within a year, one has already satisfied that requirement.

Meaning one has already made at or over the %125 annual poverty line 'minimum' in the 1st quarter of the year.

In this case one could simply work the remainder of the year receiving no more pay and still meet the requirement.

Now it only comes down to if one has a job or not, regardless if one has met the %125 poverty line minimum.

The +$18,912 was derived from income this year, not last year. To me, that income and applies towards this year and meets the annual requirement.

One could have 2 other jobs within the course of the year and both of them combined may not yield the minimum of $18,912. However since the first job yielded over the $18,912, should it be discounted and not be eligible to go towards the annual income amount minimum %125 annual poverty line?

Other than the above, is anyone able to comment on what I posted previously about the EXAMPLE provided and the COSPONSER questions?

Thanks for your help!

Edited April 1, 2012 by SOTY

[pushbrk 12,824]

I think the confusion was that for me, if one makes at or over the %125 poverty line annual requirement within a year, one has already satisfied that requirement.

Meaning one has already made at or over the %125 annual poverty line 'minimum' in the 1st quarter of the year.

In this case one could simply work the remainder of the year receiving no more pay and still meet the requirement.

Now it only comes down to if one has a job or not, regardless if one has met the %125 poverty line minimum.

The +$18,912 was derived from income this year, not last year. To me, that income and applies towards this year and meets the annual requirement.

One could have 2 other jobs within the course of the year and both of them combined may not yield the minimum of $18,912. However since the first job yielded over the $18,912, should it be discounted and not be eligible to go towards the annual income amount minimum %125 annual poverty line?

Other than the above, is anyone able to comment on what I posted previously about the EXAMPLE provided and the COSPONSER questions?

Thanks for your help!

You must think IS or DOES not was or has. See the bold above.

The qualified cosponsor provides the same affidavit and documentation the primary sponsor (you) provides. However, for the self employed, "current income" comes from line 22 of the 2011 tax return.

Please stop debating what you think "should be". It is what it is. This ain't my first rodeo. Take it to the bank.

Edited April 1, 2012 by pushbrk

[Mike Z 8]

Other than the above, is anyone able to comment on what I posted previously about the EXAMPLE provided and the COSPONSER questions?

friendly question: have you read the I-864 form and the guide to filling it out?

people here are happy to help but you are the one that has to fill it out eventually. there is actually quite a bit of information there as well....

the best approach to take is: if you would be the USCIS officer, and you had discretion to make the decision, would you do it?

so your hypothetical scenario about having earning $18,000 and then having two jobs is understandable but you are taking the wrong perspective. you think all you need to do is reach the 125%. you need to show that, with present earning power, you will not be a burden to the government.

the 125% is, in that way, a guidance to determine this.

co-sponsor details depend if you are living with them or not. (and different forms).

- yes, you increase the amount of people your sponsor has to cover (+1). they use the same 125% logic as for you.

- $50,000 in assets sounds right in your example. if this is abroad thats possible but adds to hassle of proof with exchange rates etc.

i am wondering if there are additional requirements for current income for self-employed as they cant show last 6 months payslips/ letter from employer (this is what is required of employed sponsors) - can others comment?

[pushbrk 12,824]

i am wondering if there are additional requirements for current income for self-employed as they cant show last 6 months payslips/ letter from employer (this is what is required of employed sponsors) - can others comment?

I already have. The self employed state their "current income" as the amount on line 22 of the 2011 tax return. It isn't "income" until it shows up on that line of a 1040.

[visabulletin861 2]

they need a proof of continuous income ,find a joint sponsor .