Tax Transcripts Show 0.00

[mateo 0]

I was wondering if there is anyone else in my situation. I worked overseas from 10/2000 through 05/2007. I was completely paid in the foreign currency and filed my tax returns as exempt with the 2555 form. I am wondering what the NVC will say when I submit the support documnet.

[Roserick 0]

I was wondering if there is anyone else in my situation. I worked overseas from 10/2000 through 05/2007. I was completely paid in the foreign currency and filed my tax returns as exempt with the 2555 form. I am wondering what the NVC will say when I submit the support documnet.

You better submit some W2 to support does transcripts.. Or better start looking for an sponsor..

[Nutty 2]

I am unsure of what the 2555 form is. However, if you filed as "exempt" for the years in question, simply submit a letter for each year in question stating:

Dear IRS:

For year XXXX I filed as tax exempt because I was working and living overseas and exempt (Form 2555). Attach one for each year transcript you have to submit.

As for being a current financial sponsor. You only need to show you are currently employed in a permanent (not contracted or temporary assignment) job, making the minimum poverty requirement (gross, not net) for the number of people in your household (you, your spouse and any dependents you may have).

[trailmix 77]

The 2555 is used for the foreign income exemption.

First thing is the numbers you put on the I-864 is your foreign income converted to U.S. dollars.

For mine they also sent me an RFE (request for information) to send my Canadian tax returns for the last 3 years, to support those numbers.

The figure you use is your gross income, so for 2006 for example, use line 21 instead of line 22 (from the 1040).

That said, your foreign income cannot be used in terms of meeting the poverty guidelines, you may already know that but thought I would throw it in anyway

Edited November 21, 2007 by trailmix

[Jigi 0]

Hi,

I think trail is right, you would have to do that. i think your bank statement will also proove as source of your foreign based income.

Jigi

[TinTin and Samby 11]

I am unsure of what the 2555 form is. However, if you filed as "exempt" for the years in question, simply submit a letter for each year in question stating:

Dear IRS:

For year XXXX I filed as tax exempt because I was working and living overseas and exempt (Form 2555). Attach one for each year transcript you have to submit.

As for being a current financial sponsor. You only need to show you are currently employed in a permanent (not contracted or temporary assignment) job, making the minimum poverty requirement (gross, not net) for the number of people in your household (you, your spouse and any dependents you may have).

This is not accurate. There is no requirement to be 'currently employed in a permanant job'. The requirement is to have more than the stated minimum income levels for your family size and residence location. Any income is acceptable: retirment, annuity, interest, self employment, etc. Not just wage income.

[TinTin and Samby 11]

I am unsure of what the 2555 form is. However, if you filed as "exempt" for the years in question, simply submit a letter for each year in question stating:

Dear IRS:

For year XXXX I filed as tax exempt because I was working and living overseas and exempt (Form 2555). Attach one for each year transcript you have to submit.

As for being a current financial sponsor. You only need to show you are currently employed in a permanent (not contracted or temporary assignment) job, making the minimum poverty requirement (gross, not net) for the number of people in your household (you, your spouse and any dependents you may have).

This is not accurate. There is no requirement to be 'currently employed in a permanant job'. The requirement is to have more than the stated minimum income levels for your family size and residence location. Any income is acceptable: retirment, annuity, interest, self employment, etc. Not just wage income.

[mateo 0]

Thanks all. I am sending off for my 1040 and 2555 to show that I filed and was earning foreign income in 2006. Can assets be used in lieu of income? I have sufficent assets to prove support.

[djturbo 0]

Thanks all. I am sending off for my 1040 and 2555 to show that I filed and was earning foreign income in 2006. Can assets be used in lieu of income? I have sufficent assets to prove support.

[rjp44 1]

Thanks all. I am sending off for my 1040 and 2555 to show that I filed and was earning foreign income in 2006. Can assets be used in lieu of income? I have sufficent assets to prove support.

Yes, in the instructions it will tell you what assets can be used to help meet the requirement. You can download a form ahead of time and fill it out to see where you stand and if you would need an additional sponsor.

[ChinaDavid 0]

Thanks all. I am sending off for my 1040 and 2555 to show that I filed and was earning foreign income in 2006. Can assets be used in lieu of income? I have sufficent assets to prove support.

Yes, in the instructions it will tell you what assets can be used to help meet the requirement. You can download a form ahead of time and fill it out to see where you stand and if you would need an additional sponsor.

My 1040's for the past 3 years showed virtually no income in 2006 and small losses in 2005 and 2004. You certainly can use assets. I did. Depending on the Consulate or the visa (K3 or CR1) you will need to file either the I-134 or the I-864 Affidavits of Support. If using assets because income is not sufficient, they subtract the 2006 income from the required assets (3X the Poverty level for your family size for a spouse's visa, 5X for supporting others) and apply that figure as the required assets. These assets must be cash or cash equivalents (savings, CD's, stocks, etc.) or any other asset that can be converted to cash within one year without any financial burden to you or your family.

A question I have, and would like to hear any first-hand experience, is if one can use retirement accounts that require a 10% penalty for early withdrawal and the concomittant tax liabilities. Does anyone know if the penalty fee and tax liability is considedered a "financial burden"? I don't need to use my retirement funds, but that question popped into my head as I filled out both the I-134 and the I-864 forms.