Line #23 on the I-864...?

[ridejewel 0]

Are we suppose to enter or hourly wage that we are currently earning onto this line, or the annual income that what we might earn with our job if we work it for a year, or the past year's income? I just started a job after being unemployed for the last 6 months, maybe I should just enter the hourly wage that I earn along with an employment letter? Please help.

I just noticed that it's Current Induvidual Annual Income...

[YuAndDan 153]

The line says "My current individual annual income is:" this is not hourly wage, it is yearly income, put the gross amount before taxes there. This should be stipulated in the letter from your employer.

Edited March 17, 2007 by YuAndDan

[ridejewel 0]

So, forget about my gross income from 2006, just write in my prospective income for 2007, right?

[rebeccajo 14]

Use Line 22 from your most recently filed 1040.

Unless you are building a case for higher expected income in 2007. The instructions for line 23 of the I864 will give you further clarification.

Edited March 18, 2007 by rebeccajo

[ridejewel 0]

They really were not that clear. See, my deal is that my jobs are so off and on that they can't be labeled as permanent. I have 12 w-2's in February. That's the reason I'm asking this question: Should I just state my 2006 income and leave it at that, or state my current income? My current income is higher than my last job in 2006, by the way.

[KansasDragon 1]

They really were not that clear. See, my deal is that my jobs are so off and on that they can't be labeled as permanent. I have 12 w-2's in February. That's the reason I'm asking this question: Should I just state my 2006 income and leave it at that, or state my current income? My current income is higher than my last job in 2006, by the way.

If your 2006 Income put you above the poverty level. Then I would only state the 2006 Income. Otherwise you're just going to make a simple issue, harder.

Edited March 18, 2007 by KansasDragon

[rebeccajo 14]

They really were not that clear. See, my deal is that my jobs are so off and on that they can't be labeled as permanent. I have 12 w-2's in February. That's the reason I'm asking this question: Should I just state my 2006 income and leave it at that, or state my current income? My current income is higher than my last job in 2006, by the way.

Sounds like you are in construction or the trades?

If so lots of W2's are not uncommon.

Do you feel some need to prove your income is consistent? If so you could send your last 3 years taxes and use the average. The instructions (further on I believe) speak briefly about this type of scenario.

[pnd629 0]

I put my expected income for this year--2007.

I also sent in a copy of a paystub because this year's income will be higher than last year's. (I'm a teacher and we signed a new contract this year, so we got a raise.)

[KarenCee 3]

I put my expected income for this year--2007.

I also sent in a copy of a paystub because this year's income will be higher than last year's. (I'm a teacher and we signed a new contract this year, so we got a raise.)

We did too (teacher here as well), but I had my employer write a letter stating what my income was through August and what it would be from September onward.

[Yodrak 7]

rebeccajo,

Past income as reported on tax returns is item 25 of the I-864.

Ridejewel is asking about item 23, current income.

Yodrak

Use Line 22 from your most recently filed 1040.

Unless you are building a case for higher expected income in 2007. The instructions for line 23 of the I864 will give you further clarification.

[Yodrak 7]

ridejewel,

Wrong. Your prospective income for 2007 could be more or less than your current income on an annualized basis depending on whether or not you receive a pay adjustment during the year and if you've already received it or you have yet to receive it.

Write in your current income on an annualized basis. Look at your most recent pay statement calculate what your annual income would be if you received that same pay for each pay period of the year. Do not include any overtime unless the overtime is constant and 'guaranteed' all year long.

As YuAndDan wrote in his post, this should be the same number that your employer says is your annual salary in the employment letter they gave you.

Yodrak

So, forget about my gross income from 2006, just write in my prospective income for 2007, right?

[rebeccajo 14]

Oops. My bad.

Mea culpa.

rebeccajo,

Past income as reported on tax returns is item 25 of the I-864.

Ridejewel is asking about item 23, current income.

Yodrak

Use Line 22 from your most recently filed 1040.

Unless you are building a case for higher expected income in 2007. The instructions for line 23 of the I864 will give you further clarification.

[ridejewel 0]

I know that there is a difference between being on a salary income and on an hourly income. So, say my employer pays me 20 dollars an hour: I should simply calculate 20 times 40 times 4 times 12, to get what my annual income will be after a year then write that number down on line #23. Then make sure that my employer also writes those numbers down on the employment letter. Does that sound right? Thanks a lot everyone for the info.

[rebeccajo 14]

ridejewel - For mortgage loans, to annualize an hourly wage, it's usually calculated like so:

$20 per hour x 40 hours x 52 weeks.

Should work the same way for all other financial applications.

Edited March 20, 2007 by rebeccajo

[Yodrak 7]

ridejewel,

You've told us what the 20 is. What are the 40, the 4, and the 12? I suspect that you are making an error, but maybe not......

Yodrak

I know that there is a difference between being on a salary income and on an hourly income. So, say my employer pays me 20 dollars an hour: I should simply calculate 20 times 40 times 4 times 12, to get what my annual income will be after a year then write that number down on line #23. Then make sure that my employer also writes those numbers down on the employment letter. Does that sound right? Thanks a lot everyone for the info.