Filling I-864 (Self-employed) what should I do??? HELP!

[cali889 0]

I am filling the I-130, I-485, and I-864 for my wife this week. But I am really concerned about the I-864.

Since I am self-employed, what should I state as my income on the I-864? My net income (off Schedule C line 31) or my adjusted gross income (off 1040 line 37) ???

My income this year (2008) is above the poverty line...but last year's income is way below the p. line (business expenses too high). Is that a problem???

I heard that USCIS is only interested on the income for the year you filling. So 2008, not 2007. But I'm not sure...

My 2006 income is high, 2007 very low(does not meet poverty line), and 2008 is ok (meets poverty line). Is that ok?

Thanks

[payxibka 10,047]

I am filling the I-130, I-485, and I-864 for my wife this week. But I am really concerned about the I-864.

Since I am self-employed, what should I state as my income on the I-864? My net income (off Schedule C line 31) or my adjusted gross income (off 1040 line 37) ???

My income this year (2008) is above the poverty line...but last year's income is way below the p. line (business expenses too high). Is that a problem???

I heard that USCIS is only interested on the income for the year you filling. So 2008, not 2007. But I'm not sure...

My 2006 income is high, 2007 very low(does not meet poverty line), and 2008 is ok (meets poverty line). Is that ok?

Thanks

LINE 22 of the 1040......

That is why a self employed provides 3 years of history in the event one year was low

[Gary and Alla 3,694]

I am filling the I-130, I-485, and I-864 for my wife this week. But I am really concerned about the I-864.

Since I am self-employed, what should I state as my income on the I-864? My net income (off Schedule C line 31) or my adjusted gross income (off 1040 line 37) ???

My income this year (2008) is above the poverty line...but last year's income is way below the p. line (business expenses too high). Is that a problem???

I heard that USCIS is only interested on the income for the year you filling. So 2008, not 2007. But I'm not sure...

My 2006 income is high, 2007 very low(does not meet poverty line), and 2008 is ok (meets poverty line). Is that ok?

Thanks

Total income, line 22 from 1040. It may or may not be the same as your schedule C. Attach schedule C, 3 years ITR's and one year bank statements or bank letter attesting to deposits for the past year. If 2008 and "current" is OK, don't worry about it.

To calculate "current income" you need to calculate your current gross income, YTD (personal income, not business). In other words, if you closed out the year today, what would your line 22 be? Divide this by 4.5 months and multiply by 12 months for a reasonable and supportable statement of CURRENT income, or if you have P&L documents, use the "profit" divide by 4.5 months and multiply by 12. Attach documents to support this calculation (bank statements or P&L records)

[Gary and Alla 3,694]

I am filling the I-130, I-485, and I-864 for my wife this week. But I am really concerned about the I-864.

Since I am self-employed, what should I state as my income on the I-864? My net income (off Schedule C line 31) or my adjusted gross income (off 1040 line 37) ???

My income this year (2008) is above the poverty line...but last year's income is way below the p. line (business expenses too high). Is that a problem???

I heard that USCIS is only interested on the income for the year you filling. So 2008, not 2007. But I'm not sure...

My 2006 income is high, 2007 very low(does not meet poverty line), and 2008 is ok (meets poverty line). Is that ok?

Thanks

FWIW....

If they go that deeply into it, and I doubt it, they would use the poverty guidelines for the appropriate years, they do not require you made enough for the guidelines for 2009 in 2006, 2007, etc. If tweo of the last three years are Ok and current is OK, I would say you will have no problem.

[cali889 0]

I am filling the I-130, I-485, and I-864 for my wife this week. But I am really concerned about the I-864.

Since I am self-employed, what should I state as my income on the I-864? My net income (off Schedule C line 31) or my adjusted gross income (off 1040 line 37) ???

My income this year (2008) is above the poverty line...but last year's income is way below the p. line (business expenses too high). Is that a problem???

I heard that USCIS is only interested on the income for the year you filling. So 2008, not 2007. But I'm not sure...

My 2006 income is high, 2007 very low(does not meet poverty line), and 2008 is ok (meets poverty line). Is that ok?

Thanks

FWIW....

If they go that deeply into it, and I doubt it, they would use the poverty guidelines for the appropriate years, they do not require you made enough for the guidelines for 2009 in 2006, 2007, etc. If tweo of the last three years are Ok and current is OK, I would say you will have no problem.

Thank you so much for the info. I had no idea about the "current" income...

So I don't have to worry too much about the year 2007 being below poverty line....they only look at the most current year (2008)?

[Dakine 26]

I'm self employed and submitted the last 3 years of my IRS tax transcripts. One of the 3 years adjusted gross income was way below minimum but the most recent was about 5K over. Didn't have any problems.

[cali889 0]

I'm self employed and submitted the last 3 years of my IRS tax transcripts. One of the 3 years adjusted gross income was way below minimum but the most recent was about 5K over. Didn't have any problems.

Thank you for the info...or Mahalo