help with income situation

[beckysj80 1]

Ok...I am losing sleep over this so any suggestion would greatly help. I am currently in school full-time and working part-time. I have children too so my income is not sufficient for the sponsorship of my fiancee. I am graduating in 1 year or less and will be working full time then but I am planning to get him into the USA before then. I have other assests such as: property worth (free and clear of mortgage), retirement plan, cash on hand, life insurance etc. (total assets worth $300,000. So here are the questions burning in my head:

1. Should I not list my children as dependent since they live more than 50% with their dad?

2. Are my assets enough to compensate insufficient income?

3. How do I tweak my situation so that I can sponsor my financee? HELP ME!!!

[Jon York 156]

I think you're looking good actually.

1. You have to list them as dependents IF you list them as dependents on your tax return.

2. Your assets should be more than enough. If I remember correctly, they require that your assets be at least 5 times greater than the annual income requirement. So let's say you had no dependents, your income requirement would be roughly $19,000. And $300,000 is far more than 5 times greater than $19,000!

3. Let's see if others agree with what I've said. If so, then you won't have to tweak much at all!

[96accord 3]

I would list the children because they are still your dependents unless they are over 18. I am always concerned about the CO asking the question of you having children and why did you not list them. I just don't like the awkwardness of answering I don't list them on my taxes but I still support them. You are required to show 125% of poverty level income for your household. How many children+you+your fiance. You seem to have an income gap due to working part time only. If you have any adults living in the same household like your parents maybe. Their income can be used too. Otherwise the income gap can be filled with your liquid assets. So money in the bank, Cash Value in the life insurance, money in your retirement account (not so sure about home value....you may have to take equity out of the home and leave it in the bank) can fill the income gap but must be at least 5 times the gap. Example if 2 kids + you + fiance is household of 4 http://www.masslegalservices.org/content/federal-poverty-guidelines-2014 then $29,813 is the amount of income that you need. If your income is $12000 your gap is $17,813 X 5 = $89,065. You need to have a total of $89,065 as liquid asset. Sorry for being elementary. It sounds like you have enough assets (300K) to cover your income gap, no worries there even with adding the children.

[KayDeeCee 4,893]

You have to list your children because all minor children are your dependents, no matter where they live or who claims them on their taxes.

Provide proof of your current income, list your assets and provide proof of those too. You need an appraisal of the property and proof of no lien. Show proof of your cash with bank statements, and proof of other assets that can be easily liquified within a year.

[beckysj80 1]

thanks for all the responses...It seems like the more people I talk to, the more frightening I become. A guy that assist with immigration paperwork states that Laos does not use assets at all and that I would have to find a co-sponsor. This freak me out. I am getting mixed information and very lost in this process as to income and assets. Has anyone experience this situation with the US embassy in Laos and how it was handled? please help me

[KayDeeCee 4,893]

I have seen others on VJ that used a combination of income and assets for Laos. I have also seen people state that Laos does not like to accept co-sponsors for a K-1 visa. How short is your income? Do you have enough in savings for 3 times the amount you are short? If you have enough in assets, then I say go with the income plus assets being used to supplement the shortfall of your income amount.

Just document everything well to prove that the foreign fiance(e) will not become a public charge in the US. Also supply the information about being a student and that you will work full-time after you graduate.

Here is someone that needed to use a large amount of assets because their income was fairly low > http://www.visajourney.com/forums/topic/438596-sponsorship-income-amounts/

[96accord 3]

Every Consulate is different. People who are trying to make money of of you will try to scare you. Make sure to educate yourself, used the guides provided on VJ. KayDeeCee and I are giving you real advice. Although I am more familiar with the US Consulate in Laos as my wife went through there for her K1. Read the notes I gave theDeerpanteth on 04/14/14 regarding co-sponsorship for k1. Most Consulate will allow co-sponsorship for K1 visa; US Consulate in Laos happens to be an exception. They will not accept co-sponsorship for K1 (fiance)but will accept for married couple. However, as I've mentioned previously, if you have other adults like your parents or siblings living in your household you can use their income as well. I've seen it twice with 2 other Vj 'rs. US Consulate in Laos will accept and considers it same household income. They will also retirement asset such as 401k and IRA, Cash Value in life insurances, savings, and investments in mutual funds or stocks. What the guy you talked to may have been referring to is the equity in your home which seems to be your financial strentgth (all you need to do is take equity out and put it in your bank account). Based on what you've shared your $300K in asset is more than sufficient for the CO to determine that your fiance will not become a public liability. People who own homes outright in their names do not apply for wellfare or government assistance. There are laws that would disqualify you from obtaining government support. The I-134 is to determine if your fiance will become a public liability.

[96accord 3]

Can you clarify what your annual income is, how many dependents you have, and the value of your home. Is the home in your name? what are your approximate liquid asset (how much cash money is readily available to you say within 1 week). 401K, IRA, investments can be withdrawn easily. The equity in a house is not easily withdrawn and need time so that is not considered liquid. We need to have somewhat of a ball park figure to help you organize for your I-134 and help you handle the info needed. What other issues are you worried about? Are you making sure you have a trail of evidence of your bonafide relationship? Did you keep your hotel, lodging, food, shopping receipts to show you were in Laos? Do you have lots of pictures with your fiance to prove you've seen and been together? IItems such as proof of engagements will be needed too. Income is just one of the variables involved so make sure you don't miss out on anything.