I864 confusion with income

[WBFDO 19]

Greetings everyone,

I am trying to understand what income should I report on I864 , I receive 1099 from as independent contractor. I have being self employed since the end of 2016. I did file schedule C for 2016 and 2017. However, I am going to amend my 2017 since my CPA advised me to my get on salary to generate W2 from my company and also will receive profit from my company after deducting expenses, mileages, ect. I understand that I will have 2 incomes from W2 and business as well. 

 

*Which I864 should I file( I864, I864EZ) ?

*which income should I report (W2 income and business profit from K 1 form ) .

*If I try to amend my 2017 taxes, because income is below poverty line and owe taxes ( will be paid via installment plan) will it make me ineligible for sponsoring?

* if my income end up short a few grands, can I use any equity I have in my house even if I still owe and pay mortgage on it?

 

Well Informative input is appreciated immensely.

[debbiedoo 2,339]

use your tax transcripts which will include all sources of income.

 

If your income is not at 120% (needs to be 125% for AOS) then you need a joint sponsor.

 

No you can not use the equity in your primary residence. If you have other properties you can use those if it is something that could be liquidated within 1 year.

 

 

[WBFDO 19]

10 minutes ago, debbiedoo said:

use your tax transcripts which will include all sources of income.

 

If your income is not at 120% (needs to be 125% for AOS) then you need a joint sponsor.

 

No you can not use the equity in your primary residence. If you have other properties you can use those if it is something that could be liquidated within 1 year.

 

 

Yes. I understand that IRS transcripts will furnish that information but should I use AGI or total income in my case( combined income from W2 and business profit, I am self employed)

can you explain why can’t use the value of my primary residence as an asset. Per I864 instructions, I can use any assets but not cars. There is no specification on whether it is primary residence. I am not arguing just trying to understand.