Affadavit of support if self employed.

[JustinJo 0]

Hi Guys,

I'm hoping someone out there will be able to help because now I'm really paniking!!

I have my interview 2 weeks tomorrow and am now not sure if our evidence of support is sufficient.

My fiance is self employed, I have his most recent tax return, 12 months bank statements, letter from his bank, and info regarding his assets.

His gross income on his tax return is above the 125% poverty level, but now I keep reading that they look at something else for self employed people (Line 22?)and I don't know what the required level for that is. Please help if you can!!!

[Boiler 46,000]

Have you considered self sponsoring?

[Nich-Nick 3,354]

His gross income on his tax return is above the 125% poverty level, but now I keep reading that they look at something else for self employed people (Line 22?)and I don't know what the required level for that is. Please help if you can!!!

The level required is the level required. It won't change. Line 22 on the 1040 tax form is "total income." That figure comes from adding up various things like--

Wages (if employed by somebody)

Investment income (interest, dividends, capital gains)

Alimony received

Business Income or loss (comes from Schedule C where self-employed show their profit or loss)

Pensions

Rental Property income

They will want to see if his "total income" meets the 125% of the poverty level. If he showed a business loss, then his income won't look so good. And many business people show a loss because you start with the business income, but then you get to take off for this, that, and the other. So while they may be making good money from the business, for tax purposes they get to take off for expenses, vehicles and all kinds of stuff so the final "income" figure looks low, and thus they pay less tax. Not saying your fiance has a business profit or loss, just kinda explaining the income tax angle of trying to lower your tax bill legally by showing a loss or the smallest gain possible some years.

[JustinJo 0]

Have you considered self sponsoring?

I have but wasn't sure of the amount reqiured to do this. I can't seem to find much info.

The level required is the level required. It won't change. Line 22 on the 1040 tax form is "total income." That figure comes from adding up various things like--

Wages (if employed by somebody)

Investment income (interest, dividends, capital gains)

Alimony received

Business Income or loss (comes from Schedule C where self-employed show their profit or loss)

Pensions

Rental Property income

They will want to see if his "total income" meets the 125% of the poverty level. If he showed a business loss, then his income won't look so good. And many business people show a loss because you start with the business income, but then you get to take off for this, that, and the other. So while they may be making good money from the business, for tax purposes they get to take off for expenses, vehicles and all kinds of stuff so the final "income" figure looks low, and thus they pay less tax. Not saying your fiance has a business profit or loss, just kinda explaining the income tax angle of trying to lower your tax bill legally by showing a loss or the smallest gain possible some years.

Thank you so much, your answer really helped.

We are getting a co-sponser to be on the safe side.