I-134: Co-sponsor is retired and files jointly

[Lynkali 163]

While I wait for our NOA2, I'm planning out what we'll need for the I-134. I've long known that I might need a co-sponsor, because my income is marginal -- 2011 was $17K, 2012 will be $42K but I don't have W2 until January, and it appears that my 2013 will only be $17K again since I've gone back to part-time involuntarily. (My employment letter states only my hourly ($57/hr) wages, because my hours vary so dramatically much, they cannot predict my annual salary.) Since we probably won't submit this until after the new year, the 2013 would be the 'current' income, I guess.

I do, however, have over $200K in liquid assets (investment and mutual fund bank accounts, no withdrawal penalties), so I'm really hoping that I can qualify based on my assets to make up the income shortfall.

Since there's some doubt about using assets at all, though, my dad is more than willing to be our co-sponsor, so we'll prepare his forms and have them on hand if they are needed. But I have some questions I don't see answered in the forums so far:

My dad is retired and gets a very hefty pension, plus dividend earnings -- even the pension alone is WAY over the poverty guidelines. That income is his alone, but he files taxes jointly with my mom, who also earns a very tiny extra pension in addition. So:

1) What forms does my dad need to prove his retirement income? We have ordered tax return transcripts, have his recent full returns (2011, 2010 if needed) as well as his 1099R and, if necessary, bank statements showing the monthly deposits. But there is no "letter of employment" because he's not employed, just retired with a pension. I assume the 1099R is the W2 equivalent. Is the 1099R plus tax returns sufficient? Should we include bank statements showing those deposits?

2) My parents file their taxes jointly. The income we are claiming for the I-134 is solely my dad's (checks come to him in his name) and is far in excess of the poverty guidelines, but on the IRS tax returns, my mom's much smaller pension is also included. Is there anything my mom has to sign or do regarding the I-134, since they file joint tax returns?

3) Any input on MY chances of qualifying based on assets? As I said, we'll have my dad as a backup for sure, but it seems to me that even at my lowest income ($17K) that $200K in the bank should be enough for the CO to approve it?

4) Will the process when we adjust status and file the I-864 be approximately the same guidelines and forms required? Anything I should be preparing for on that front?

[KayDeeCee 4,893]

You don't need a co-sponsor. if I am reading this right, your current income is $42k a year and you use the employment letter plus recent pay stubs to prove that. Even if you are not making that much at present, you have more than enough assets to make up the shortcoming. Assets are used at 3 times the amount you are short on income. So, if you had a household size of only you and your fiance(e), then you only need $18,912 in income a year. If you only make $17k a year, then you are only short by $2k and would need a bare minimum of $6k in assets. The $200k is more than enough to cover that. Show documented proof of your assets along with your I-134, recent tax transcript, letter from employer and recent pay stubs.

The guidelines used by the consulates for a K-1 with an I-134 are generally the same guidelines used for the I-864. The I-134 instructions are vague, so it can be useful to read the I-864 instructions to know what is needed for the I-134 and I-864. One of the main differences is that with the I-864 for AOS, it is a legally binding contract and the I-134 is not.

Edited November 25, 2012 by Jay-Kay