K1 - income requirement question

[Leotheo 0]

Hello there!

 

I'm a soon-to-be applicant of the K1 visa, however, I have a crucial question regarding the income requirement.

 

For the past 5 years, I've been in Brazil, and had decided to reside there at the time due to my relationship. In those 5 years I did not file any taxes in the U.S. For all my income was strictly derived from work in Brazil.

 

I flew back to the U.S in July, and have been working with a steady income since pretty much day 1. However, I still haven't been able to make the 20k minimum that is required for filing. Albeit, if you were to take into consideration my steady income throughout a full year i`m well over said minimum requirement (125% above poverty rate).

 

Sadly, I don`t have anyone that could sponsor me.

 

Would I have to wait a full year to be able to safely apply. Or I can apply now, and once i`m requred to fill out the income forms I just get a card from my employer stating that i`m a permanent employee in their company. 

 

Disclaimer: I currently work a Full-time and a Part-time job. Both steady income!

 

Thank you for helping me. I WILL BE FOREVER IN yOUR DEBT!!!

[Crazy Cat 42,645]

3 minutes ago, Leotheo said:

In those 5 years I did not file any taxes in the U.S. For all my income was strictly derived from work in Brazil.

You do know that income is subject to US income taxes reporting, right?

[Dutchster 1,107]

You will have to file taxes for at least the past three years.

Do it ASAP. because they want to see your tax returns.

[Crazy Cat 42,645]

Just now, Dutchster said:

You will have to file taxes for at least the past three years.

Do it ASAP. because they want to see your tax returns.

Thank you.  That's how I should have worded my comment.....My apologies. 

[KULtoATL 1,551]

First, file your past taxes.

 

Second, you don't need to wait one full year in order to file. If you multiply your current income by 12 and the current expected annual income meets the poverty guideline for your household size, you're good to go. Just make sure to provide your foreign beneficiary with your pay stubs to prove the steady stream of income comes the visa interview time. You'll have plenty of time since NOA2 is taking 4 months or more currently. 

 

All the best

[Leotheo 0]

45 minutes ago, missileman said:

You do know that income is subject to US income taxes reporting, right?

 

41 minutes ago, Dutchster said:

You will have to file taxes for at least the past three years.

Do it ASAP. because they want to see your tax returns.

I did file these taxes, but I filed these taxes under Brazillian jurisdiction. I have double nationality. So all the papers that I used there were brazillian and not american. Just to facilitate my life there for the sake of less burocracy. I'm not 100% sure if even though I was filling under BR government, I'd also have to file for the U.S government. 

[Leotheo 0]

36 minutes ago, KULtoATL said:

First, file your past taxes.

 

Second, you don't need to wait one full year in order to file. If you multiply your current income by 12 and the current expected annual income meets the poverty guideline for your household size, you're good to go. Just make sure to provide your foreign beneficiary with your pay stubs to prove the steady stream of income comes the visa interview time. You'll have plenty of time since NOA2 is taking 4 months or more currently. 

 

All the best

THANK YOU!!!!!!!!!!!!!!!!!!! I`m ready to do this!!! Thank you so much!

[AnaidAaron 42]

1 hour ago, KULtoATL said:

Second, you don't need to wait one full year in order to file. If you multiply your current income by 12 and the current expected annual income meets the poverty guideline for your household size, you're good to go. Just make sure to provide your foreign beneficiary with your pay stubs to prove the steady stream of income comes the visa interview time. You'll have plenty of time since NOA2 is taking 4 months or more currently. 

 

This is correct, you don't need to wait a full year as long as your steady income for the next year surpasses the requirements. 

 

Also, if your income was derived from activities done in Brazil for a company legally established there, and you did pay taxes in that country, you don't need to re-file taxes in the US. Citizenship/Nationality and fiscal residency are two completely different things, so for tax purposes, all those years you were a Brazilian fiscal resident, you can't be charged for taxes in a country where you weren't making any income. I think pay stubs and a letter of your employer showing the nature of your employment will suffice. 

Edited October 13, 2017 by AnaidAaron

[Crazy Cat 42,645]

11 minutes ago, AnaidAaron said:

you don't need to re-file taxes in the US. 

I think you are wrong.  You are still required to report(file) world-wide income......paying a tax on that income is a different matter.

 

From Irs.gov:

 

"

If you are a U.S. citizen or resident, you must report income from all sources within and outside of the U.S. The rules for filing income tax returns are generally the same whether you’re living in the U.S. or abroad. Here are seven tips from the IRS that U.S. taxpayers with foreign income should know:

1. Report Worldwide Income.  By law, U.S. citizens and resident aliens must report their worldwide income. This includes income from foreign trusts, and foreign bank and securities accounts."

Edited October 13, 2017 by missileman

[AnaidAaron 42]

3 minutes ago, missileman said:

I think you are wrong.  You are still required to report(file) world-wide income......paying a tax on that income is a different matter.

I might, since I have never lived in the US I haven't filed for taxes over there. But I am an accountant and I do taxes for a living and one thing is for sure, you can only be a fiscal resident in one country at a time. He was away in Brazil for 5 years, which tells me he had no fiscal obligations in the US, he was legally a fiscal resident in other country. 

I think what you're saying would apply if a US Resident were making income both in the US and somewhere else in the world, then he has an obligation to report them. It's the same for most countries.  

 

Whatever's the case, maybe it would be better for him to just ask an american Accountant who could tell for sure. 

[Crazy Cat 42,645]

Just now, AnaidAaron said:

I might, since I have never lived in the US I haven't filed for taxes over there. But I am an accountant and I do taxes for a living and one thing is for sure, you can only be a fiscal resident in one country at a time. He was away in Brazil for 5 years, which tells me he had no fiscal obligations in the US, he was legally a fiscal resident in other country. 

I think what you're saying would apply if a US Resident were making income both in the US and somewhere else in the world, then he has an obligation to report them. It's the same for most countries.  

 

Whatever's the case, maybe it would be better for him to just ask an american Accountant who could tell for sure. 

An American citizen or LPR must report all world-wide income...

No, it doesn't matter where a citizen resides.......or whether they have income from US ...a citizen is fiscally obligated to report income.

[Crazy Cat 42,645]

Again, from IRS.gov:

 

"If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gifttax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.Jan 13, 2017"

[Suss&Camm 2,213]

As @missileman says you are required to report world-wide income. 

 

Also you are not applying for a K1 visa. You are petitioning your fiancée with the i129f petition. You will not be an applicant. You will be the petitioner your fiancée will be the beneficiary of the petition and later the applicant of the K1 visa at the US embassy. Sorry - I was just confused at first when reading your post so just thought I'd clarify the nomenclature.

Edited October 14, 2017 by Suss&Camm

[Jorge V 195]

8 hours ago, AnaidAaron said:

I might, since I have never lived in the US I haven't filed for taxes over there. But I am an accountant and I do taxes for a living and one thing is for sure, you can only be a fiscal resident in one country at a time. He was away in Brazil for 5 years, which tells me he had no fiscal obligations in the US, he was legally a fiscal resident in other country. 

I think what you're saying would apply if a US Resident were making income both in the US and somewhere else in the world, then he has an obligation to report them. It's the same for most countries.  

 

Whatever's the case, maybe it would be better for him to just ask an american Accountant who could tell for sure. 

What @missileman says is correct. The US is one of two (maybe three?) countries that taxes its citizens on worldwide income. It doesn't matter if you haven't lived in the US for 50 years, you are still responsible for filing taxes each year on any income you have, even when working for non US companies. You can deduct the first $100k or so from your taxes and you generally get a credit for any taxes paid to your country of residence, but you are still required to file. If your tax bill for the US is lower than your home country, then you won't owe, but if the opposite is true, then you'll owe the difference.

[Suss&Camm 2,213]

2 minutes ago, Jorge Valdivia said:

What @missileman says is correct. The US is one of two (maybe three?) countries that taxes its citizens on worldwide income. It doesn't matter if you haven't lived in the US for 50 years, you are still responsible for filing taxes each year on any income you have, even when working for non US companies. You can deduct the first $100k or so from your taxes and you generally get a credit for any taxes paid to your country of residence, but you are still required to file. If your tax bill for the US is lower than your home country, then you won't owe, but if the opposite is true, then you'll owe the difference.

It's not really a deduction, it's an exclusion, but since the OP had no US income at the time and didn't live in the US, the result will be the same.