AOS for Self employment and W-2 income

[TLC 11]

Hello fellow VJers,

 

I just received my NOA2 and am prepping for the AOS. I am sponsoring my husband who is an Italian national. I understand my income for the last 3 years must be 125% of the poverty level for each year. I have several income sources from W-2s and 1099s (independent contractor) and, while my gross income for 2014, 2015, and 2016 has easily surpassed the income threshold, according to Line 12 on my 1040s, my "business income" shows as a loss due to deductions and expenses which brings my total income, Line 22, down below the minimum income needed for the AOS. I have not filed my 2016 taxes yet.

 

Here are my questions:  I just read the following:

 

• If you cannot meet the minimum income requirements using your earned income, you have various options:

  • You may add the cash value of your assets. This includes money in savings accounts, stocks, bonds, and property. To find the amount of assets required to qualify, subtract your household income from the minimum income requirement (125% of the poverty level for your family size). You must prove the cash value of your assets is worth five times this difference (the amount left over).
• Exceptions:
  • If the person being sponsored is a spouse, or son/daughter (who is 18 years or older) of a U.S. citizen: The least cash value of assets must be three times the difference between the sponsor’s household income and 125% of the federal poverty guideline for the household.

(From this website: https://www.immigrationlasvegas.com/affidavit-support-i864/)

 

1) Am I correct that Line 22 on the 1040 is the line they use to verify your total income?

2) My husband (now we) owns a home in Italy. Am I correct in understanding we can use the value of the house as additional assets? What about our savings/retirement accounts?

3) Would these assets only be used for our 2016/2017 income? Or could they be applied to my income for 2014 & 2015 as well (meaning, if the value of our current assets are at least 3 times the difference for 2014 & 2015, are we fine)?

4) Or, in order to show that I have met the minimum income requirements for 2014 & 2015, is the only solution to file amended returns?

 

Thanks in advance for your help! This hitch kind of blindsided me.

 

 

[TLC 11]

That was the missing piece to the puzzle. Thanks for your help!