I-864 form

[sidou 0]

401k as asset? Form I-864

I’m filing I-864. I recently lost my job 2 months ago, but thank God i still have 401k, some cash, and stocks. Right now I’m driving Lyft. So can check self-employed and estimate annual income of Lyft? For example, in internet’s search an estimate annual income for ride share is about $38k. And can I include 401k as cash? Or where to include my 401k from my previous job?

Also, how many passport pages should include with I-864 package? 

Thanks. Your help is appreciated.

[geowrian 22,337]

An individual can include their income from Lyft. However, showing sufficient evidence of how much you currently earn is an issue here...for self-employment they tend to want to see this income reflected in tax returns. You can also show your deposits from Lyft, but I'm skeptical if they would accept this by itself.

What a typical Lyft driver earns has no bearing on your actual income...you need to show your current income, not what somebody else is expected to make.

 

You can include an IRA in your assets for the I-864. However, they will consider the cash value of all assets. For a 401(k), this would typically be post-tax and after an early withdrawal penalty (if applicable). The same concept will apply for stocks (post-tax value).

Assets must be at 3x the necessary income level/gap for a spouse.

 

NVC may or may not have an issue with the information you provide. NVC tends to not look closely at assets especially IMO. The CO makes the final call on the public charge concern based on the totality of the circumstances.

 

The biographical page should be sufficient. Although if you are the petitioner, then they should already have proof that you are a USC or LPR or else the I-130 could not have been approved. Evidence of being a USC or LPR is normally provided by a joint sponsor.

[sidou 0]

Thanks Geowrian. But I’m still confuse what to enter as an income. Should I enter how much I earned with Lyft last year and this year after I lost my job? For example, if I earned $3000, should I include that as an annual income or leave it blank? Or should I check unemployed then? 

I forgot to mention that after my lost job I had to file for disability from workers comp because I already filed for that. Should write letter exaplaning my situation and my earning from disability or no need to?

Thanks

[Ryan H 3,812]

Moved from Progress Reports to Process & Procedures.

[pushbrk 12,898]

9 hours ago, sidou said:

Thanks Geowrian. But I’m still confuse what to enter as an income. Should I enter how much I earned with Lyft last year and this year after I lost my job? For example, if I earned $3000, should I include that as an annual income or leave it blank? Or should I check unemployed then? 

I forgot to mention that after my lost job I had to file for disability from workers comp because I already filed for that. Should write letter exaplaning my situation and my earning from disability or no need to?

Thanks

Your current income is your current income.  Last year is last year.  Don't confuse them.  The questions about the past are in the tax section of the form.  Don't confuse business revenue (What Lyft pays you) with "income".  Self employment income is not "income" until it shows on a tax return.  If you show a profit on schedule C for last year then that profit IS your current self employment income.  You do not project self employment income into the future like you do employment income. 

 

You'll need to make up for the income shortfall with liquid assets exceeding 3 times the shortfall.  Stating your 401k values correctly is appropriate but beware they will discount them to what they would be if you paid the tax and penalties.

 

Time to become an A-Student of the I-864 instructions.  Read carefully (all) interpret literally and act accordingly.

[sidou 0]

Thanks Ryan. I have an income from my previous job which is $47. In matter fact, I worked for same company for 12 years. Should I include my income with my previous company? Because I didn’t work with Lyft much since I had my full-time job with my previous company. 

Thanks

[geowrian 22,337]

1 hour ago, pushbrk said:

Don't confuse business revenue (What Lyft pays you) with "income".  Self employment income is not "income" until it shows on a tax return.  If you show a profit on schedule C for last year then that profit IS your current self employment income.  You do not project self employment income into the future like you do employment income.

Dang...I've never heard this concept explained so simply. Very well said! And thank you...I think I'll be able to better relay this in the future now.

 

57 minutes ago, sidou said:

I have an income from my previous job which is $47. In matter fact, I worked for same company for 12 years. Should I include my income with my previous company? Because I didn’t work with Lyft much since I had my full-time job with my previous company. 

Thanks

If you no longer are employed by a company, then your current income from that source is $0.

Edited April 7, 2018 by geowrian

[sidou 0]

Thanks geowrian

[pushbrk 12,898]

2 hours ago, geowrian said:

Dang...I've never heard this concept explained so simply. Very well said! And thank you...I think I'll be able to better relay this in the future now.

 

If you no longer are employed by a company, then your current income from that source is $0.

Correct, so he is self employed and his profit on the schedule C that carries over as a positive number on the 1040 is his current income.