About Income

[jroc 0]

I just mailed my I-129f application on October 5 and they received on the 8th....starting to think about the proof of icome part of the process....

I am self employed and have been for over 20 years....I am a Real Estate Developer and Investor.....as all of you know it has been a couple of really rough years......

I made a pile of money up until tax year 2008 where all of my companies lost money....my 2003 - 2007 Tax returns show where I paid taxes in the 6 figure and above range every year......2008 shows a loss and because of income averaging I will get a refund.......2009 will show a loss as well......

I have burned through a pile of cash keeping mu business's operational.....

Most of my assets now are in Corporations that I am the sole Stockholder.....

I was divorced in 2007 and pay a rather large child support payment each month....however I put the money for that in a Trust....so I can show the money is there to pay it....

I guess my question is..."Will they look solely at my Tax Returns????"

It will probably be spring before this comes up....so I could extend my 2009 return to August as for it not to be an issue.....

Anyone have similar experience??

Anything I need to start doing now in advance...or thinking of???

Thank You,

jroc

[Chris_Жанна 11]

I just mailed my I-129f application on October 5 and they received on the 8th....starting to think about the proof of icome part of the process....

I am self employed and have been for over 20 years....I am a Real Estate Developer and Investor.....as all of you know it has been a couple of really rough years......

I made a pile of money up until tax year 2008 where all of my companies lost money....my 2003 - 2007 Tax returns show where I paid taxes in the 6 figure and above range every year......2008 shows a loss and because of income averaging I will get a refund.......2009 will show a loss as well......

I have burned through a pile of cash keeping mu business's operational.....

Most of my assets now are in Corporations that I am the sole Stockholder.....

I was divorced in 2007 and pay a rather large child support payment each month....however I put the money for that in a Trust....so I can show the money is there to pay it....

I guess my question is..."Will they look solely at my Tax Returns????"

It will probably be spring before this comes up....so I could extend my 2009 return to August as for it not to be an issue.....

Anyone have similar experience??

Anything I need to start doing now in advance...or thinking of???

Thank You,

jroc

$18,212.00 is to be at the 125% above the Fed. poverty line. And what the embassy will most likely be looking for on the I-134 document.

After your petition is approved. forwarded to the embassy and your fiancee has an interview the consul may or may not ask her to submit the I-134 form. If you go to the the "Example Forms" on this site they will show you what to do in a synopsis. You will have to also provide 1040's, 1099's, W-2's, recent pay stubs, deeds on properties, etc...

To my understanding (I may be wrong) If your child is a dependent or if you are sponsoring a fiances child you will have to also disclose that on the I-134 as well as being able to prove your income can support your child and fiancee and any other dependents.

If you cannot prove financial support you may want to consider a co-sponsor if the embassy you're dealing with allows this (Some do not).

Best of luck!

[jroc 0]

I just mailed my I-129f application on October 5 and they received on the 8th....starting to think about the proof of icome part of the process....

I am self employed and have been for over 20 years....I am a Real Estate Developer and Investor.....as all of you know it has been a couple of really rough years......

I made a pile of money up until tax year 2008 where all of my companies lost money....my 2003 - 2007 Tax returns show where I paid taxes in the 6 figure and above range every year......2008 shows a loss and because of income averaging I will get a refund.......2009 will show a loss as well......

I have burned through a pile of cash keeping mu business's operational.....

Most of my assets now are in Corporations that I am the sole Stockholder.....

I was divorced in 2007 and pay a rather large child support payment each month....however I put the money for that in a Trust....so I can show the money is there to pay it....

I guess my question is..."Will they look solely at my Tax Returns????"

It will probably be spring before this comes up....so I could extend my 2009 return to August as for it not to be an issue.....

Anyone have similar experience??

Anything I need to start doing now in advance...or thinking of???

Thank You,

jroc

$18,212.00 is to be at the 125% above the Fed. poverty line. And what the embassy will most likely be looking for on the I-134 document.

After your petition is approved. forwarded to the embassy and your fiancee has an interview the consul may or may not ask her to submit the I-134 form. If you go to the the "Example Forms" on this site they will show you what to do in a synopsis. You will have to also provide 1040's, 1099's, W-2's, recent pay stubs, deeds on properties, etc...

To my understanding (I may be wrong) If your child is a dependent or if you are sponsoring a fiances child you will have to also disclose that on the I-134 as well as being able to prove your income can support your child and fiancee and any other dependents.

If you cannot prove financial support you may want to consider a co-sponsor if the embassy you're dealing with allows this (Some do not).

Best of luck!

I just wonder if they will "Income Average" the 3 years tax returns....2006 and 2007 will show huge income...2008 will show a loss...however my refund will be 3-4 times larger than the 125%.....because of the 3 year income averaging by the IRS.....

I have money in the bank....and my child support paid in advance into a TRUST for my kids...is this all taken into account or just look at a Tax Return???

[rebeccajo 14]

I just mailed my I-129f application on October 5 and they received on the 8th....starting to think about the proof of icome part of the process....

I am self employed and have been for over 20 years....I am a Real Estate Developer and Investor.....as all of you know it has been a couple of really rough years......

I made a pile of money up until tax year 2008 where all of my companies lost money....my 2003 - 2007 Tax returns show where I paid taxes in the 6 figure and above range every year......2008 shows a loss and because of income averaging I will get a refund.......2009 will show a loss as well......

I have burned through a pile of cash keeping mu business's operational.....

Most of my assets now are in Corporations that I am the sole Stockholder.....

I was divorced in 2007 and pay a rather large child support payment each month....however I put the money for that in a Trust....so I can show the money is there to pay it....

I guess my question is..."Will they look solely at my Tax Returns????"

It will probably be spring before this comes up....so I could extend my 2009 return to August as for it not to be an issue.....

Anyone have similar experience??

Anything I need to start doing now in advance...or thinking of???

Thank You,

jroc

$18,212.00 is to be at the 125% above the Fed. poverty line. And what the embassy will most likely be looking for on the I-134 document.

After your petition is approved. forwarded to the embassy and your fiancee has an interview the consul may or may not ask her to submit the I-134 form. If you go to the the "Example Forms" on this site they will show you what to do in a synopsis. You will have to also provide 1040's, 1099's, W-2's, recent pay stubs, deeds on properties, etc...

To my understanding (I may be wrong) If your child is a dependent or if you are sponsoring a fiances child you will have to also disclose that on the I-134 as well as being able to prove your income can support your child and fiancee and any other dependents.

If you cannot prove financial support you may want to consider a co-sponsor if the embassy you're dealing with allows this (Some do not).

Best of luck!

I just wonder if they will "Income Average" the 3 years tax returns....2006 and 2007 will show huge income...2008 will show a loss...however my refund will be 3-4 times larger than the 125%.....because of the 3 year income averaging by the IRS.....

I have money in the bank....and my child support paid in advance into a TRUST for my kids...is this all taken into account or just look at a Tax Return???

Moving to Consular Forums where the question is more appropriate.

Three years averaging is the method I am most aware of. Research your consulate for anecdotal evidence as to what they wish to see. If you have cash assets, document those.

[Gary and Alla 3,694]

I just mailed my I-129f application on October 5 and they received on the 8th....starting to think about the proof of icome part of the process....

I am self employed and have been for over 20 years....I am a Real Estate Developer and Investor.....as all of you know it has been a couple of really rough years......

I made a pile of money up until tax year 2008 where all of my companies lost money....my 2003 - 2007 Tax returns show where I paid taxes in the 6 figure and above range every year......2008 shows a loss and because of income averaging I will get a refund.......2009 will show a loss as well......

I have burned through a pile of cash keeping mu business's operational.....

Most of my assets now are in Corporations that I am the sole Stockholder.....

I was divorced in 2007 and pay a rather large child support payment each month....however I put the money for that in a Trust....so I can show the money is there to pay it....

I guess my question is..."Will they look solely at my Tax Returns????"

It will probably be spring before this comes up....so I could extend my 2009 return to August as for it not to be an issue.....

Anyone have similar experience??

Anything I need to start doing now in advance...or thinking of???

Thank You,

jroc

[Gary and Alla 3,694]

I just mailed my I-129f application on October 5 and they received on the 8th....starting to think about the proof of icome part of the process....

I am self employed and have been for over 20 years....I am a Real Estate Developer and Investor.....as all of you know it has been a couple of really rough years......

I made a pile of money up until tax year 2008 where all of my companies lost money....my 2003 - 2007 Tax returns show where I paid taxes in the 6 figure and above range every year......2008 shows a loss and because of income averaging I will get a refund.......2009 will show a loss as well......

I have burned through a pile of cash keeping mu business's operational.....

Most of my assets now are in Corporations that I am the sole Stockholder.....

I was divorced in 2007 and pay a rather large child support payment each month....however I put the money for that in a Trust....so I can show the money is there to pay it....

I guess my question is..."Will they look solely at my Tax Returns????"

It will probably be spring before this comes up....so I could extend my 2009 return to August as for it not to be an issue.....

Anyone have similar experience??

Anything I need to start doing now in advance...or thinking of???

Thank You,

jroc

Sorry, my bad, did not mean to double post

Somewhat confused here. You say you are self employed but that you have a coporation and most of your assets are in this corporation. Why (HOW)are you self employed? I WAS self employed and then incorprated, now I am an employee (of my own corproation) and get a w-2 for my salary PLUS other income from "capital gains" and bonuses. whatever, if you have a corporation, make this easy on yourself and give yourself a salary and send yourself a w-2.

This is a subjective decision for the consulates so present anything you think makes YOU look good. If income is sufficient you do no tneed assets, so do no tworry about that. They will not give you credit for "coporate assests" even if you are the only stockholder. By protecting these assets in a separate entity you also protect them from the government and they cannot seize them to meet your obligation if your fiancee becomes a public charge. Never make the mistake that the government wished to help you or your fiancee, they could not care less about you or your fiancee and will step over your prozen homeless bodies to get at your assets to collect their welfare money back.

They will count only PERSONAL income. If you write off business costs and expenses in order to reduce personal income and therefore self employment tax, you shot yourself in the foot and need a co-sponsor.

That said, CURRENT income will always trump last year or the year before. If 2006 and 2007 were great years, 2008 bad...2009 was OK and you current situation (meaning the DAY you fill out the I-134) is good. Then I would give the current situation and three years tax returns.

[Gary and Alla 3,694]

I just mailed my I-129f application on October 5 and they received on the 8th....starting to think about the proof of icome part of the process....

I am self employed and have been for over 20 years....I am a Real Estate Developer and Investor.....as all of you know it has been a couple of really rough years......

I made a pile of money up until tax year 2008 where all of my companies lost money....my 2003 - 2007 Tax returns show where I paid taxes in the 6 figure and above range every year......2008 shows a loss and because of income averaging I will get a refund.......2009 will show a loss as well......

I have burned through a pile of cash keeping mu business's operational.....

Most of my assets now are in Corporations that I am the sole Stockholder.....

I was divorced in 2007 and pay a rather large child support payment each month....however I put the money for that in a Trust....so I can show the money is there to pay it....

I guess my question is..."Will they look solely at my Tax Returns????"

It will probably be spring before this comes up....so I could extend my 2009 return to August as for it not to be an issue.....

Anyone have similar experience??

Anything I need to start doing now in advance...or thinking of???

Thank You,

jroc

$18,212.00 is to be at the 125% above the Fed. poverty line. And what the embassy will most likely be looking for on the I-134 document.

After your petition is approved. forwarded to the embassy and your fiancee has an interview the consul may or may not ask her to submit the I-134 form. If you go to the the "Example Forms" on this site they will show you what to do in a synopsis. You will have to also provide 1040's, 1099's, W-2's, recent pay stubs, deeds on properties, etc...

To my understanding (I may be wrong) If your child is a dependent or if you are sponsoring a fiances child you will have to also disclose that on the I-134 as well as being able to prove your income can support your child and fiancee and any other dependents.

If you cannot prove financial support you may want to consider a co-sponsor if the embassy you're dealing with allows this (Some do not).

Best of luck!

I just wonder if they will "Income Average" the 3 years tax returns....2006 and 2007 will show huge income...2008 will show a loss...however my refund will be 3-4 times larger than the 125%.....because of the 3 year income averaging by the IRS.....

I have money in the bank....and my child support paid in advance into a TRUST for my kids...is this all taken into account or just look at a Tax Return???

Your kids, how many ever there are, are counted in your family size. Divorce does not relieve you of their dependency. It is specifically stated that the depdmdence status of children for the IRS purpose is not related to the visa process. Your family size will be you, your fiancee and any children under age 18 fro which you pay child support and are unemanicipated. Period. It will not matter that child support is paid in advance (or even at all).

They "just" look at the tax return and proof of current income, they do not in anay way consider debts, liabilities, credit record, etc. It is entirely possible the $10.65 per hour clerk at Target with a $300 per month car payment and $10,000 in credit card debt will get approved and you will not.

They CAN averag if they want, they do not have to. I would never count on it. Manilla generally accepts co-sponsors for K-1 visas if it is a family member. I would plan on making your 2009 tax return look real good and paying the asscociated taxes in order to make this a slam dunk. Also, from this point forward make sure you DEPOSIT all your income in your personal account. Bank deposits can be a valuable check and balance for self employed people...though I still don't understand why you are self employed if you have a corporation. I mean, you CAN be, of course, but why? The only reason I can think of is to maintain the tax advantage of writing off personal expenses as business expenses and saving your self a ton in tax money while reducing your income. (and endangering your chance to sponsor an immigrant)

[jroc 0]

I just mailed my I-129f application on October 5 and they received on the 8th....starting to think about the proof of icome part of the process....

I am self employed and have been for over 20 years....I am a Real Estate Developer and Investor.....as all of you know it has been a couple of really rough years......

I made a pile of money up until tax year 2008 where all of my companies lost money....my 2003 - 2007 Tax returns show where I paid taxes in the 6 figure and above range every year......2008 shows a loss and because of income averaging I will get a refund.......2009 will show a loss as well......

I have burned through a pile of cash keeping mu business's operational.....

Most of my assets now are in Corporations that I am the sole Stockholder.....

I was divorced in 2007 and pay a rather large child support payment each month....however I put the money for that in a Trust....so I can show the money is there to pay it....

I guess my question is..."Will they look solely at my Tax Returns????"

It will probably be spring before this comes up....so I could extend my 2009 return to August as for it not to be an issue.....

Anyone have similar experience??

Anything I need to start doing now in advance...or thinking of???

Thank You,

jroc

$18,212.00 is to be at the 125% above the Fed. poverty line. And what the embassy will most likely be looking for on the I-134 document.

After your petition is approved. forwarded to the embassy and your fiancee has an interview the consul may or may not ask her to submit the I-134 form. If you go to the the "Example Forms" on this site they will show you what to do in a synopsis. You will have to also provide 1040's, 1099's, W-2's, recent pay stubs, deeds on properties, etc...

To my understanding (I may be wrong) If your child is a dependent or if you are sponsoring a fiances child you will have to also disclose that on the I-134 as well as being able to prove your income can support your child and fiancee and any other dependents.

If you cannot prove financial support you may want to consider a co-sponsor if the embassy you're dealing with allows this (Some do not).

Best of luck!

I just wonder if they will "Income Average" the 3 years tax returns....2006 and 2007 will show huge income...2008 will show a loss...however my refund will be 3-4 times larger than the 125%.....because of the 3 year income averaging by the IRS.....

I have money in the bank....and my child support paid in advance into a TRUST for my kids...is this all taken into account or just look at a Tax Return???

Your kids, how many ever there are, are counted in your family size. Divorce does not relieve you of their dependency. It is specifically stated that the depdmdence status of children for the IRS purpose is not related to the visa process. Your family size will be you, your fiancee and any children under age 18 fro which you pay child support and are unemanicipated. Period. It will not matter that child support is paid in advance (or even at all).

They "just" look at the tax return and proof of current income, they do not in anay way consider debts, liabilities, credit record, etc. It is entirely possible the $10.65 per hour clerk at Target with a $300 per month car payment and $10,000 in credit card debt will get approved and you will not.

They CAN averag if they want, they do not have to. I would never count on it. Manilla generally accepts co-sponsors for K-1 visas if it is a family member. I would plan on making your 2009 tax return look real good and paying the asscociated taxes in order to make this a slam dunk. Also, from this point forward make sure you DEPOSIT all your income in your personal account. Bank deposits can be a valuable check and balance for self employed people...though I still don't understand why you are self employed if you have a corporation. I mean, you CAN be, of course, but why? The only reason I can think of is to maintain the tax advantage of writing off personal expenses as business expenses and saving your self a ton in tax money while reducing your income. (and endangering your chance to sponsor an immigrant)

Maybe I didn't make myself very clear......I have many many LLC Partnerships....they are like an S-Corp...income and losses are pass thru to me personally......therefore just like in good years I had huge gains...in bad years I have losses.....there is no way I can make it look any different as most have partners in them....the corporation has been in existence for 3 years...I have never taken a salary from it....but I could in 2o10 start taking one....and have check stubs....that would be my current year by the time the visa is processed......

I have 2 kids....my child support is quite large....I started a Trust at the time of the divorce in 2007.....I have large money in the Trust and it pays my Child Support and money left over for Private School etc....I am the TRUSTEE..of the Trust......

The reality is my 2008 return will show losses and a large refund....I paid big big money in 2006 and 2007.....if they average and I could have pay stubs that might be the answer......

I could have a letter form my CPA explaining the averaging and how the LLC's and partnerships work????

Is thsi more clear on my situation?

[Gary and Alla 3,694]

I just mailed my I-129f application on October 5 and they received on the 8th....starting to think about the proof of icome part of the process....

I am self employed and have been for over 20 years....I am a Real Estate Developer and Investor.....as all of you know it has been a couple of really rough years......

I made a pile of money up until tax year 2008 where all of my companies lost money....my 2003 - 2007 Tax returns show where I paid taxes in the 6 figure and above range every year......2008 shows a loss and because of income averaging I will get a refund.......2009 will show a loss as well......

I have burned through a pile of cash keeping mu business's operational.....

Most of my assets now are in Corporations that I am the sole Stockholder.....

I was divorced in 2007 and pay a rather large child support payment each month....however I put the money for that in a Trust....so I can show the money is there to pay it....

I guess my question is..."Will they look solely at my Tax Returns????"

It will probably be spring before this comes up....so I could extend my 2009 return to August as for it not to be an issue.....

Anyone have similar experience??

Anything I need to start doing now in advance...or thinking of???

Thank You,

jroc

$18,212.00 is to be at the 125% above the Fed. poverty line. And what the embassy will most likely be looking for on the I-134 document.

After your petition is approved. forwarded to the embassy and your fiancee has an interview the consul may or may not ask her to submit the I-134 form. If you go to the the "Example Forms" on this site they will show you what to do in a synopsis. You will have to also provide 1040's, 1099's, W-2's, recent pay stubs, deeds on properties, etc...

To my understanding (I may be wrong) If your child is a dependent or if you are sponsoring a fiances child you will have to also disclose that on the I-134 as well as being able to prove your income can support your child and fiancee and any other dependents.

If you cannot prove financial support you may want to consider a co-sponsor if the embassy you're dealing with allows this (Some do not).

Best of luck!

I just wonder if they will "Income Average" the 3 years tax returns....2006 and 2007 will show huge income...2008 will show a loss...however my refund will be 3-4 times larger than the 125%.....because of the 3 year income averaging by the IRS.....

I have money in the bank....and my child support paid in advance into a TRUST for my kids...is this all taken into account or just look at a Tax Return???

Your kids, how many ever there are, are counted in your family size. Divorce does not relieve you of their dependency. It is specifically stated that the depdmdence status of children for the IRS purpose is not related to the visa process. Your family size will be you, your fiancee and any children under age 18 fro which you pay child support and are unemanicipated. Period. It will not matter that child support is paid in advance (or even at all).

They "just" look at the tax return and proof of current income, they do not in anay way consider debts, liabilities, credit record, etc. It is entirely possible the $10.65 per hour clerk at Target with a $300 per month car payment and $10,000 in credit card debt will get approved and you will not.

They CAN averag if they want, they do not have to. I would never count on it. Manilla generally accepts co-sponsors for K-1 visas if it is a family member. I would plan on making your 2009 tax return look real good and paying the asscociated taxes in order to make this a slam dunk. Also, from this point forward make sure you DEPOSIT all your income in your personal account. Bank deposits can be a valuable check and balance for self employed people...though I still don't understand why you are self employed if you have a corporation. I mean, you CAN be, of course, but why? The only reason I can think of is to maintain the tax advantage of writing off personal expenses as business expenses and saving your self a ton in tax money while reducing your income. (and endangering your chance to sponsor an immigrant)

Maybe I didn't make myself very clear......I have many many LLC Partnerships....they are like an S-Corp...income and losses are pass thru to me personally......therefore just like in good years I had huge gains...in bad years I have losses.....there is no way I can make it look any different as most have partners in them....the corporation has been in existence for 3 years...I have never taken a salary from it....but I could in 2o10 start taking one....and have check stubs....that would be my current year by the time the visa is processed......

I have 2 kids....my child support is quite large....I started a Trust at the time of the divorce in 2007.....I have large money in the Trust and it pays my Child Support and money left over for Private School etc....I am the TRUSTEE..of the Trust......

The reality is my 2008 return will show losses and a large refund....I paid big big money in 2006 and 2007.....if they average and I could have pay stubs that might be the answer......

I could have a letter form my CPA explaining the averaging and how the LLC's and partnerships work????

Is thsi more clear on my situation?

Sure. You can set it up however you like. As for your income the consulate will consider line 22 of your personal income tax return, PLUS any documented tax exempt income (see below) They do not have any interest in your corporate holdings. UNLESS there is some asset value. Assets can be used 3 to 1 to offset income deficits. $30,000 in assets equals $10,000 in income for the purpose of the Affidavit.

It is entirely up to the consulate if you qualify or not. If this guy that does not know you looks at what you present and does not think it meets the requirements, no visa will be issued. Again, present income rules. If you can change your employment status in 2010 and have check stubs to present it would be much better and easier for you to prove. Your I-134 would state you are currently employed, you would have check stubs and even an employment letter if you want to write yourself one. Smooth sailing.

Unfortunately the tax situation for self employed people does not favor them in this process. Certainly it can be done, I did, but it is much more complicated and difficult to "prove" income. You do not even have to be an employee of ALL your holdings. You just have to have enough income to prove you meet the guidelines. Only SOME of my income is from my own employment, the rest is from self employment and other sources. I only claimed my "employment" income which was more than enough. There is no need to do more than meet the guidelines and not all income or assets needs to be claimed. Most people leave the asset information blank.

the amount you pay in child support is not important for the consulate. What is important is the children will count in your family size. Speaking in terms of the consulate interest, the income you receive to be able to pay the child support is YOUR income. the fact that you have the obligation of child support is not an issue for them. Child support IS supporting the family and that is what they look for. For example, if you pay $3000 per month child support, that ALONE is more than enough to qualify you for a family of 5, even 6 (I have to check exactly) You need to have an income of $36,000 per year to pay $3000 per month child support...that is plenty. They do not CARE that all of it goes to child support (or a mortgage or a car payment or credit card payments) That is INCOME to you which is put into a trust, you just need to document it, I am sure your CPA can somehow. You need to be able to show you have this income which I presume is not included on line 22 as your CPA found a way to avoid paying tax on otherwise non-deductible child support. Good for him, I am all for keeping as much of my earned money as I can. It does not matter if you paid tax on it. There are many forms of tax exempt income...child support for one! They COUNT as income. Tax sheltered write offs, such as this, contributions to IRAs, HSAs, FSAs etc are ALL income and count in addition to what shows on line 22.

[jroc 0]

I just mailed my I-129f application on October 5 and they received on the 8th....starting to think about the proof of icome part of the process....

I am self employed and have been for over 20 years....I am a Real Estate Developer and Investor.....as all of you know it has been a couple of really rough years......

I made a pile of money up until tax year 2008 where all of my companies lost money....my 2003 - 2007 Tax returns show where I paid taxes in the 6 figure and above range every year......2008 shows a loss and because of income averaging I will get a refund.......2009 will show a loss as well......

I have burned through a pile of cash keeping mu business's operational.....

Most of my assets now are in Corporations that I am the sole Stockholder.....

I was divorced in 2007 and pay a rather large child support payment each month....however I put the money for that in a Trust....so I can show the money is there to pay it....

I guess my question is..."Will they look solely at my Tax Returns????"

It will probably be spring before this comes up....so I could extend my 2009 return to August as for it not to be an issue.....

Anyone have similar experience??

Anything I need to start doing now in advance...or thinking of???

Thank You,

jroc

$18,212.00 is to be at the 125% above the Fed. poverty line. And what the embassy will most likely be looking for on the I-134 document.

After your petition is approved. forwarded to the embassy and your fiancee has an interview the consul may or may not ask her to submit the I-134 form. If you go to the the "Example Forms" on this site they will show you what to do in a synopsis. You will have to also provide 1040's, 1099's, W-2's, recent pay stubs, deeds on properties, etc...

To my understanding (I may be wrong) If your child is a dependent or if you are sponsoring a fiances child you will have to also disclose that on the I-134 as well as being able to prove your income can support your child and fiancee and any other dependents.

If you cannot prove financial support you may want to consider a co-sponsor if the embassy you're dealing with allows this (Some do not).

Best of luck!

I just wonder if they will "Income Average" the 3 years tax returns....2006 and 2007 will show huge income...2008 will show a loss...however my refund will be 3-4 times larger than the 125%.....because of the 3 year income averaging by the IRS.....

I have money in the bank....and my child support paid in advance into a TRUST for my kids...is this all taken into account or just look at a Tax Return???

Your kids, how many ever there are, are counted in your family size. Divorce does not relieve you of their dependency. It is specifically stated that the depdmdence status of children for the IRS purpose is not related to the visa process. Your family size will be you, your fiancee and any children under age 18 fro which you pay child support and are unemanicipated. Period. It will not matter that child support is paid in advance (or even at all).

They "just" look at the tax return and proof of current income, they do not in anay way consider debts, liabilities, credit record, etc. It is entirely possible the $10.65 per hour clerk at Target with a $300 per month car payment and $10,000 in credit card debt will get approved and you will not.

They CAN averag if they want, they do not have to. I would never count on it. Manilla generally accepts co-sponsors for K-1 visas if it is a family member. I would plan on making your 2009 tax return look real good and paying the asscociated taxes in order to make this a slam dunk. Also, from this point forward make sure you DEPOSIT all your income in your personal account. Bank deposits can be a valuable check and balance for self employed people...though I still don't understand why you are self employed if you have a corporation. I mean, you CAN be, of course, but why? The only reason I can think of is to maintain the tax advantage of writing off personal expenses as business expenses and saving your self a ton in tax money while reducing your income. (and endangering your chance to sponsor an immigrant)

Maybe I didn't make myself very clear......I have many many LLC Partnerships....they are like an S-Corp...income and losses are pass thru to me personally......therefore just like in good years I had huge gains...in bad years I have losses.....there is no way I can make it look any different as most have partners in them....the corporation has been in existence for 3 years...I have never taken a salary from it....but I could in 2o10 start taking one....and have check stubs....that would be my current year by the time the visa is processed......

I have 2 kids....my child support is quite large....I started a Trust at the time of the divorce in 2007.....I have large money in the Trust and it pays my Child Support and money left over for Private School etc....I am the TRUSTEE..of the Trust......

The reality is my 2008 return will show losses and a large refund....I paid big big money in 2006 and 2007.....if they average and I could have pay stubs that might be the answer......

I could have a letter form my CPA explaining the averaging and how the LLC's and partnerships work????

Is thsi more clear on my situation?

Sure. You can set it up however you like. As for your income the consulate will consider line 22 of your personal income tax return, PLUS any documented tax exempt income (see below) They do not have any interest in your corporate holdings. UNLESS there is some asset value. Assets can be used 3 to 1 to offset income deficits. $30,000 in assets equals $10,000 in income for the purpose of the Affidavit.

It is entirely up to the consulate if you qualify or not. If this guy that does not know you looks at what you present and does not think it meets the requirements, no visa will be issued. Again, present income rules. If you can change your employment status in 2010 and have check stubs to present it would be much better and easier for you to prove. Your I-134 would state you are currently employed, you would have check stubs and even an employment letter if you want to write yourself one. Smooth sailing.

Unfortunately the tax situation for self employed people does not favor them in this process. Certainly it can be done, I did, but it is much more complicated and difficult to "prove" income. You do not even have to be an employee of ALL your holdings. You just have to have enough income to prove you meet the guidelines. Only SOME of my income is from my own employment, the rest is from self employment and other sources. I only claimed my "employment" income which was more than enough. There is no need to do more than meet the guidelines and not all income or assets needs to be claimed. Most people leave the asset information blank.

the amount you pay in child support is not important for the consulate. What is important is the children will count in your family size. Speaking in terms of the consulate interest, the income you receive to be able to pay the child support is YOUR income. the fact that you have the obligation of child support is not an issue for them. Child support IS supporting the family and that is what they look for. For example, if you pay $3000 per month child support, that ALONE is more than enough to qualify you for a family of 5, even 6 (I have to check exactly) You need to have an income of $36,000 per year to pay $3000 per month child support...that is plenty. They do not CARE that all of it goes to child support (or a mortgage or a car payment or credit card payments) That is INCOME to you which is put into a trust, you just need to document it, I am sure your CPA can somehow. You need to be able to show you have this income which I presume is not included on line 22 as your CPA found a way to avoid paying tax on otherwise non-deductible child support. Good for him, I am all for keeping as much of my earned money as I can. It does not matter if you paid tax on it. There are many forms of tax exempt income...child support for one! They COUNT as income. Tax sheltered write offs, such as this, contributions to IRAs, HSAs, FSAs etc are ALL income and count in addition to what shows on line 22.

Thank You for the good advice....I will definitely start drawing a salary in 2010.....and I will also have some 10-99s for real estate commissions as well...I think with your advice I see how to structure this to prove my income....it can be quite complicated but your good advice will help me to make some changes to prepare...Thank You...

[GregwedsAngel 0]

Sure. You can set it up however you like. As for your income the consulate will consider line 22 of your personal income tax return, PLUS any documented tax exempt income (see below) They do not have any interest in your corporate holdings. UNLESS there is some asset value. Assets can be used 3 to 1 to offset income deficits. $30,000 in assets equals $10,000 in income for the purpose of the Affidavit.

It is entirely up to the consulate if you qualify or not. If this guy that does not know you looks at what you present and does not think it meets the requirements, no visa will be issued. Again, present income rules. If you can change your employment status in 2010 and have check stubs to present it would be much better and easier for you to prove. Your I-134 would state you are currently employed, you would have check stubs and even an employment letter if you want to write yourself one. Smooth sailing.

Unfortunately the tax situation for self employed people does not favor them in this process. Certainly it can be done, I did, but it is much more complicated and difficult to "prove" income. You do not even have to be an employee of ALL your holdings. You just have to have enough income to prove you meet the guidelines. Only SOME of my income is from my own employment, the rest is from self employment and other sources. I only claimed my "employment" income which was more than enough. There is no need to do more than meet the guidelines and not all income or assets needs to be claimed. Most people leave the asset information blank.

the amount you pay in child support is not important for the consulate. What is important is the children will count in your family size. Speaking in terms of the consulate interest, the income you receive to be able to pay the child support is YOUR income. the fact that you have the obligation of child support is not an issue for them. Child support IS supporting the family and that is what they look for. For example, if you pay $3000 per month child support, that ALONE is more than enough to qualify you for a family of 5, even 6 (I have to check exactly) You need to have an income of $36,000 per year to pay $3000 per month child support...that is plenty. They do not CARE that all of it goes to child support (or a mortgage or a car payment or credit card payments) That is INCOME to you which is put into a trust, you just need to document it, I am sure your CPA can somehow. You need to be able to show you have this income which I presume is not included on line 22 as your CPA found a way to avoid paying tax on otherwise non-deductible child support. Good for him, I am all for keeping as much of my earned money as I can. It does not matter if you paid tax on it. There are many forms of tax exempt income...child support for one! They COUNT as income. Tax sheltered write offs, such as this, contributions to IRAs, HSAs, FSAs etc are ALL income and count in addition to what shows on line 22.

Gary here's a scenario:

$20 per hour

2 girls (lives with mother)

Pays child support to each girl

Good? Bad?

[Gary and Alla 3,694]

Way too many quotes being pasted here! Yikes

OK, $20 per hour is a bit over $40,000 per year gross (assumes full time job) So that's great. You are good for a family of 6 or more.

Child support makes no difference, they go by GROSS income. Living with your mother makes no difference. IF your mother is claimed as a dependant then she counts in your family size, if not, she does not. The child support you pay is counted in YOUR income but the children also count in your family size.

Your family size is YOU, the two children, your fiancee (4) so far you are good to go. Add your mother if necessary, I don't know, and any children your fiancee has. Check the guidelines but I think $40,000 per year will cover you up to about 6 or 7 for a family size.

For the OP, if you are diverting child support directly to a trust for tax purposes (I don't blame you if you do) then get a statement to go with your 1040 to show this tax exempt income, your CPA should be able to do that. Also any other tax exempt income can be shown this way. As long as it is documented, it counts.