Total Value of All Assets must = 5x...

[giannidellavigne 0]

I am completing the I-864 and am stumped on question 29. Next to it is text that reads,

"The Total Value of all assets...must equal 5 times the difference between the poverty guidelines and the sponsor's household income."

I don't understand this question and I'm bad at math so since we're all family, here is my situation:

Approx Household income: 40K

Approx Total Assets: 25K

Poverty Guideline for 2 people @ 125%= $16,500 (according to I864P)

Do I qualify?

HELP!

[YuAndDan 153]

Use I-864EZ it doesn't ask about assets, just income. Simple. Your income is more than enough to qualify!

http://www.uscis.gov/graphics/formsfee/for...les/I-864EZ.pdf

Requies less documentation, copies of 1-3 years tax returns, (1040, W2s and any 1099) also but not required copies of past 6 months pay stubs, and/or letter from employer.

Edited September 3, 2006 by YuAndDan

[Clownies 2]

Yeah, your income i sufficient, in your case. You just have to meet the 125%, which you do.

The "5 times etc", is when you're using your assets only.

You're good to go!

[Teachers 12]

I am completing the I-864 and am stumped on question 29. Next to it is text that reads,

"The Total Value of all assets...must equal 5 times the difference between the poverty guidelines and the sponsor's household income."

I don't understand this question and I'm bad at math so since we're all family, here is my situation:

Approx Household income: 40K

Approx Total Assets: 25K

Poverty Guideline for 2 people @ 125%= $16,500 (according to I864P)

Do I qualify?

HELP!

You're fine. But suppose that your income was $15,000. Then you would be "short" of the required income by $1,500, calculated as ($16,500-$15,000). Since you would be $1,500 short, you would have to show $7,500 of assets ($1,500 x 5).

Tom

[KarenCee 3]

The 5x equation means this: If your income was, say, only 14,500K/yr. You would fall short 2K. Your assets would have to total 5 times the amount you are short, which would be 10K. At least that's the way I understand it. However, since your income alone is 40K you haven't anything to worry about. You don't have to list your assets at all.

[giannidellavigne 0]

The 5x equation means this: If your income was, say, only 14,500K/yr. You would fall short 2K. Your assets would have to total 5 times the amount you are short, which would be 10K. At least that's the way I understand it. However, since your income alone is 40K you haven't anything to worry about. You don't have to list your assets at all.

Thanks, everyone for the info. I really appreciate it..feel much better now..

J

[rebeccajo 14]

Are you using an old form? The new requirement is 3 times the deficit.

[Yodrak 7]

rebeccajo,

Yes, for spouses and children of USCs. It's still 5 years for most (and there's a category where 1x applies), so one has to read the form carefully to note the exception (something that some VJers are not inclined to do).

Yodrak

Are you using an old form? The new requirement is 3 times the deficit.

Clownies,

Or when using a combination of income and assets.

And, as rebeccajo notes, it's 3x for most VJers situations.

Yodral

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The "5 times etc", is when you're using your assets only.

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