I-864, income levels and submitting evidence of assets

[Paul M 0]

We are trying to determine whether we need need to submit evidence of assets in addition to the projected income when filing the I-864 for AOS.

From 2005 through 2007 my wife/sponsor was self-employed in the US and easily met the minimum income levels. In 2008 however she was a student in the UK and though she has some income, other losses she sustained meant that the income on the tax return was 0. This year her projected income will also meet the guidelines (again as self employed), though we have only recently arrived in the US and she is not currently working (2/3 of the projected income is from rental income she already has, but its not sufficient to meet the guidelines on its own). She has enough assets to cover the poverty guidelines if needs be.

So given the projected income do we need to submit evidence of the assets in these circumstances? Is it wise to submit them anyway, even though they projected income is sufficient, given the zero income last year and potential uncertainty due to retuning to the US after being away?

[YuAndDan 153]

In this case one or two things can be done.

• List assets greater than or equal to 3 times income.
• Use a joint sponsor

[Nik+Heather 121]

A lot of this sort of thing seems to depend on the discretion of the person reviewing your case. From what I have read regarding self employment, PAST income is what they go by, not projected income, and if, at any time in the past 3 years, you haven't met that requirement, it doesn't work out.

I can't remember now, but it seems to me that last month there was a restaurant owner who had good income all except the previous year, and they didn't like that.

If she has assets to cover things, I think you should use them, even if you think it may be unnecessary.

[Gary and Alla 3,694]

We are trying to determine whether we need need to submit evidence of assets in addition to the projected income when filing the I-864 for AOS.

From 2005 through 2007 my wife/sponsor was self-employed in the US and easily met the minimum income levels. In 2008 however she was a student in the UK and though she has some income, other losses she sustained meant that the income on the tax return was 0. This year her projected income will also meet the guidelines (again as self employed), though we have only recently arrived in the US and she is not currently working (2/3 of the projected income is from rental income she already has, but its not sufficient to meet the guidelines on its own). She has enough assets to cover the poverty guidelines if needs be.

So given the projected income do we need to submit evidence of the assets in these circumstances? Is it wise to submit them anyway, even though they projected income is sufficient, given the zero income last year and potential uncertainty due to retuning to the US after being away?

CURRENT income is the most important factor. Attach a bank letter or copies of bank statements as proof of current income. Sounds like you would benefit from attaching 3 years tax returns.

If you are uncomfortable with the result, then include asset information.

[Gary and Alla 3,694]

A lot of this sort of thing seems to depend on the discretion of the person reviewing your case. From what I have read regarding self employment, PAST income is what they go by, not projected income, and if, at any time in the past 3 years, you haven't met that requirement, it doesn't work out.

I can't remember now, but it seems to me that last month there was a restaurant owner who had good income all except the previous year, and they didn't like that.

If she has assets to cover things, I think you should use them, even if you think it may be unnecessary.

That was not my experience. At the time of AOS my documented CURRENT income was sufficient by a wide margin. My 2007/1040 income was sufficient by a narrow margin (self employed) and my 2006 and 2005 income (tax returns not submitted but statement of earnings listed) was NOT sufficient by a wide margin (self employed) I had no problems or questions regarding income. Any statement of "current income" is projected, you do not say it is projected, but it is. In your case, take current year-to-date income, divide by the number of months and multiply by 12. In the case of an employed person, state your current annual salary. If you were making $20,000 per year and got a new job last month paying $40,000 per year, your "current" annual salary is $40,000.

Submit copies of bank statements or a bank letter to support your statement of current income. They cannot require you to meet 2009 guidelines with 2006 or 2007 income. The past tax returns show basically you have a history of employment/income.

Again, if you are borderline or uncomfortable with the result, list the assets, why not? You will need documetation such as property appraisals and copies of mortgage papers etc. for a house. You cannot just say "My house is worth $3 trillion and I have a $200,000 mortgage" This is why many people avoid the whole asset thing. For investments you need to attach copies of statements. Retirement investments may not be considered, it is up to them, depends on if the funds are available within one year. If you use something such as a 401K statement, be sure to attach any regulations regarding early withdrawl or they may choose not to consider them. Many such plans have stiff penalties for early withdrawl (up to 40%) PLUS tax penalties and these will be considered against the face value. If you do not show what the penalties are, what the net value is to you currently, they may RFE you for them or just disregard the asset as they cannot determine the liquidated value. On the other hand, it is a subjective decision and they may just look at everything and say "Good enough". It is the problem with a subjective "call" by an adjudicator.

[Paul M 0]

Thanks for the advice everyone.