I 864 Questions on Annual Income

[Maty 0]

What is the best amount to write on the sponsor's annual income? The amount reflecting on the Annual Net income for 2007 or an estimate based on his Empoloyment Letter? His Employment letter states his Horly rate and not the annual rate.

PLS Help.. Thanks a lot in Advance.

[Mononoke28 135]

Use annual rate, since they'll also be looking at copies of his tax returns which show his annual salary. What you can do is multiply his hourly rate by 8 hours, then by 5 (days of the week) and then by 52 (total weeks in one year). This should give you his hourly rate.

Diana

[richo 0]

Hi we based it on his employment letter..not on his fed tax return...I dont know if its the best but its what we did

[Maty 0]

So, it would be better for me to make an estimate using the hourly rate as what is written on his letter of employment? For example..hourly rate is 11.69 * 8 hours *12 months?

Rather than indicate his 2007 Annual Net income?

Hi we based it on his employment letter..not on his fed tax return...I dont know if its the best but its what we did

Well, the problem is his employment letter states only his hourly rate and not his annual rate. Will it be safe to make an estimate base don the hourly rate..like hourly rate time 8 hours time 22 days time 12 months?

[sweetpiano 0]

Put down an estimate of the current (i.e. 2008) annual income based on the employment letter. Multiply the hourly rate by 8 (hours/day) times 250 working days in 2008 (that is, 52 weeks x 5 days/week - 10 holidays). That's assuming your husband works full time (8 h/day), if not then multiply by the actual # of hours he is contracted to work per day.

You will have a chance to put down his 2007 income in question 25 of the I-864. Note, in both questions 24 and 25, do not write Net income, but Gross.

[Eric-Pris 1,606]

You would put in the annual incomes for 2007, 2006, and 2005, all of which you should have income tax returns for, so there's no need to estimate his current salary.

They aren't asking for his salary this year (2008). They want the 3 most recent tax years.

From Form I-864: My total income (adjusted gross income on IRS Form 1040EZ) as reported on my Federal tax returns for the most recent three years was:

Edited August 6, 2008 by kid brooklyn

[sweetpiano 0]

I beg to differ: Question 24 and Question 25 are two different things. Q.24 asks for current annual income, while Q.25 asks for last three tax years (i.e. 2007, 2006, 2005). See comments below.

They aren't asking for his salary this year (2008). Yes, they are: in Question 24. They want the 3 most recent tax years. That's correct: in Question 25

[Eric-Pris 1,606]

Btw, you should use annual gross income (before taxes), NOT net income. The number we're supposed to use is called total income on the income tax form 1040.

From form 1040 line 22, 1040A line 15, and 1040EZ line 4.

[richo 0]

You would put in the annual incomes for 2007, 2006, and 2005, all of which you should have income tax returns for, so there's no need to estimate his current salary.

They aren't asking for his salary this year (2008). They want the 3 most recent tax years.

From Form I-864: My total income (adjusted gross income on IRS Form 1040EZ) as reported on my Federal tax returns for the most recent three years was:

This is what we did with my husband's I-864 too. We didnt compute the 2008 income we put his 2007 annual income on line 24. But we did proved current 6 months pay stubs from his company (january-june 2008) and it has a total amount in there too. thats all

[Eric-Pris 1,606]

Sorry, I was looking at the next question. My bad.

[sweetpiano 0]

Right, what I'm saying is that question 24 (which asks for current annual income) is a logical continuation of the previous 2 questions: Q.22 asks for the sponsor's current place of employment and Q.23 asks for the current income from that current employment and in line a) of Q.24 you list what you put in Q.23 - which is income from current employment in the current year.

[siyaram 0]

Btw, you should use annual gross income (before taxes), NOT net income. The number we're supposed to use is called total income on the income tax form 1040.

From form 1040 line 22, 1040A line 15, and 1040EZ line 4.

Please be aware that the form actually asks for ADJUSTED gross income and not annual income. This would be line 37 on Form 1040 or "Adjusted Gross Income" on IRS Tax Transcript.

Good luck.