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Charles C

Tax Papers - k1 vs. W-2

By Charles C in K-1 Fiance(e) Visa Process & Procedures

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Charles C   0

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Filed: AOS (pnd) Country: Honduras
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In my business I do not get a W-2... I get a K-1. Since our business is a partnership, we do not get W-2 forms. However, our distributions from the partnership are shown on a K-1 (the tax form, not the visa forms). Will the K-1 substitute as income evidence in lieu of a W-2? In addition, in 2010 our business reported a loss, so this loss flowed through to my 1040. Will this affect my ability to meet the 125% test? We do not and will not be a public charge, but our business tax structure does not follow the typical "1040, W-2" format. Will the embassy personnel understand all of this? Our accounting firm will prepare a letter of employment and statement of my income, but I am concerned about how all of this will be viewed as part of the means testing for the visa. Any help would be appreciated. Even better - someone with experience as a business owner in this situation would be very helpful!

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