Calculating “current individual annual income”

[Mrsjackson 300]

Hi all,

 

Sorry if this is a daft question but I’m trying to be very thorough. My husband is self employed. For the I 864, I am trying to ascertain his “current individual annual income” which I understand to be a different number than what was on his 2017 tax return. So for 2018, we have copies of all his bank statements so far this year. Should I just tally up all the deposits into his account so far? He has already made (or deposited) over $100,000. Of course this number does not account for business expenses and everything that will be gone over at next years taxes (obviously he has many expenses and does not actually come home with the entire $180ish grand that he will likely deposit into that account over the course of a year). He is the sole owner of the business and retains all profit. Would it be acceptable to put $100,000+ here? Any advice much appreciated. 

[geowrian 22,338]

For a self-employed individual, his current income is based on his tax returns. They will not count anything from 2018....that is revenue (not income) until 2018 taxes are filed.

 

Edited August 15, 2018 by geowrian

[Mrsjackson 300]

7 minutes ago, geowrian said:

For a self-employed individual, his current income is based on his tax returns. They will not count anything from 2018....that is revenue (not income) until 2018 taxes are filed.

 

Understood, thank you. He has made a great deal more this year than last year. He just skimmed the poverty line last year (large household - he has children from a previous relationship). Would it be useful to include his 2018 bank statements highlighting what he’s currently making? Or would they just completely disregard it? 

[geowrian 22,338]

2 minutes ago, Mrsjackson said:

Understood, thank you. He has made a great deal more this year than last year. He just skimmed the poverty line last year (large household - he has children from a previous relationship). Would it be useful to include his 2018 bank statements highlighting what he’s currently making? Or would they just completely disregard it? 

The bank statements would be good to include as assets, which can supplement his borderline income last year. I don't believe they will consider it for income, but the IO does make the call based on the totality of the circumstances so it shouldn't hurt to include them.