Self-Employed Finances

[Orangesapples 1,954]

3 minutes ago, ETintheUS said:

We've been looking into this further and I'd like to clarify a question related to earnings. 

 

I currently earn around 50k, however as I'm self employed, my taxable income is actually around 12.5k. At the time I didn't realise this may effect the visa process. 

 

Is this too little? Will I need to adjust earnings and is there a time aspect related to this, eg. have to be earning over a certain amount for a certain period of time?

 

My parents stated they will sponsor us if required. 

 

I look forward to your replies!

 

Thanks in advance. 

 

Eugenia

I'm pretty sure immigration is looking at your gross income, not taxable income but maybe someone else can confirm. 

[NikLR 13,232]

@pushbrk can probably add the best insight.

[Lil bear 4,359]

1 hour ago, ETintheUS said:

We've been looking into this further and I'd like to clarify a question related to earnings. 

 

I currently earn around 50k, however as I'm self employed, my taxable income is actually around 12.5k. At the time I didn't realise this may effect the visa process. 

 

Is this too little? Will I need to adjust earnings and is there a time aspect related to this, eg. have to be earning over a certain amount for a certain period of time?

 

My parents stated they will sponsor us if required. 

 

I look forward to your replies!

 

Thanks in advance. 

 

Eugenia

Look at the instructions PDF for the I864 .. USCIS website ... buried in there is the information about  which line on your tax return they are looking for when you are self employed. 

[ETintheUS 2]

37 minutes ago, Lil bear said:

Look at the instructions PDF for the I864 .. USCIS website ... buried in there is the information about  which line on your tax return they are looking for when you are self employed. 

ok will have a look! thanks

[ETintheUS 2]

We are so grateful for all the help we have received in this community and we are hoping you can help us again!

 

We've been looking into this topic of finances further and would like to clarify a question related to earnings. 

 

As a self-employed US citizen, I currently earn around 60k annually, however as I'm self employed, my taxable income  in 2018 was actually around 12.5k. At the time I filed last year I didn't realize this may affect the visa process in 2020?

 

How much do I  actually need to earn pre/post taxable income, to sponsor my spouse for a Green Card in the US?

 

Is this too little? Will I need to adjust earnings for 2019 taxes and is there a time aspect related to this, eg. have to be earning over a certain amount for a certain period of time?

 

My parents stated they will help sponsor us if required. 

 

I look forward to your replies!

 

Thanks in advance. 

 

Eugenia

[pushbrk 13,207]

3 hours ago, Lil bear said:

Look at the instructions PDF for the I864 .. USCIS website ... buried in there is the information about  which line on your tax return they are looking for when you are self employed. 

Correct.  For 2018, it's line 6. For previous years, it's line 22.  Business revenue is not "income", in this context until after it appears on line 6 of a 1040.  A self employed person's income is the taxable income, AFTER deducting legitimate business expenses.  Revenue is not the same thing as "income".

 

Being self employed is  a double edged sword.  Nice deductions and less taxes, but less qualifying income when it comes to sponsoring an immigrant.  Some folks forget about some of their legitimate deductions when they file, then remember them and file an amended return after their spouse is in the USA.  Presumably, you could do that for your 2019 tax return, making IT your latest tax return from which "current income" is derived.

[ETintheUS 2]

20 minutes ago, pushbrk said:

Correct.  For 2018, it's line 6. For previous years, it's line 22.  Business revenue is not "income", in this context until after it appears on line 6 of a 1040.  A self employed person's income is the taxable income, AFTER deducting legitimate business expenses.  Revenue is not the same thing as "income".

 

Being self employed is  a double edged sword.  Nice deductions and less taxes, but less qualifying income when it comes to sponsoring an immigrant.  Some folks forget about some of their legitimate deductions when they file, then remember them and file an amended return after their spouse is in the USA.  Presumably, you could do that for your 2019 tax return, making IT your latest tax return from which "current income" is derived.

This is amazing, thank you for this concise response! How much should I be making on line 6? I am about to file my 2019 taxes and would love to know prior to filing. Also, will the only ask for 2019 taxes, or will they need a few years back?

[pushbrk 13,207]

Just now, ETintheUS said:

This is amazing, thank you for this concise response! How much should I be making on line 6? I am about to file my 2019 taxes and would love to know prior to filing. Also, will the only ask for 2019 taxes, or will they need a few years back?

Clearly, you have neither taken a close look the I-864 or its instructions.  Doing so, will be critical to your ultimate success.  Income requirements are on the I-864p and vary based on household size.  You'll be supplying information from three tax returns, but are only required to include a copy of the latest.

[SalishSea 18,225]

19 minutes ago, ETintheUS said:

How much should I be making on line 6?

Whatever your actual income was, I would think?

[LizaJane 13]

44 minutes ago, ETintheUS said:

This is amazing, thank you for this concise response! How much should I be making on line 6? I am about to file my 2019 taxes and would love to know prior to filing. Also, will the only ask for 2019 taxes, or will they need a few years back?

I believe you're trying to figure out the minimum amount you need to make to meet the sponsorship income requirements, which is 125% of the federal poverty level for your household size, immigrant included. 

[LizaJane 13]

1 hour ago, ETintheUS said:

We are so grateful for all the help we have received in this community and we are hoping you can help us again!

 

We've been looking into this topic of finances further and would like to clarify a question related to earnings. 

 

As a self-employed US citizen, I currently earn around 60k annually, however as I'm self employed, my taxable income  in 2018 was actually around 12.5k. At the time I filed last year I didn't realize this may affect the visa process in 2020?

 

How much do I  actually need to earn pre/post taxable income, to sponsor my spouse for a Green Card in the US?

 

Is this too little? Will I need to adjust earnings for 2019 taxes and is there a time aspect related to this, eg. have to be earning over a certain amount for a certain period of time?

 

My parents stated they will help sponsor us if required. 

 

I look forward to your replies!

 

Thanks in advance. 

 

Eugenia

You need to earn and/or have assets of at least 125% of the federal poverty level for you household size, the immigrant included. So you count one for yourself,  one for the immigrant you're sponsoring and more if you have kids etc that are dependents on your tax forms. If it's just you and your soon to be spouse, the FPL is currently just over $20k-$21k a year for a household of two.

Edited February 4, 2020 by LizaJane

[Lil bear 4,359]

56 minutes ago, ETintheUS said:

This is amazing, thank you for this concise response! How much should I be making on line 6? I am about to file my 2019 taxes and would love to know prior to filing. Also, will the only ask for 2019 taxes, or will they need a few years back?

Read the instructions !! 😁

[Lil bear 4,359]

1 hour ago, ETintheUS said:

We are so grateful for all the help we have received in this community and we are hoping you can help us again!

 

We've been looking into this topic of finances further and would like to clarify a question related to earnings. 

 

As a self-employed US citizen, I currently earn around 60k annually, however as I'm self employed, my taxable income  in 2018 was actually around 12.5k. At the time I filed last year I didn't realize this may affect the visa process in 2020?

 

How much do I  actually need to earn pre/post taxable income, to sponsor my spouse for a Green Card in the US?

 

Is this too little? Will I need to adjust earnings for 2019 taxes and is there a time aspect related to this, eg. have to be earning over a certain amount for a certain period of time?

 

My parents stated they will help sponsor us if required. 

 

I look forward to your replies!

 

Thanks in advance. 

 

Eugenia

Please don’t ask the same question in more than one thread . 😁

[ETintheUS 2]

40 minutes ago, Lil bear said:

Please don’t ask the same question in more than one thread . 😁

I don't know how to delete a thread? I did not mean to post twice. Can you refer me to how to delete?

[ETintheUS 2]

50 minutes ago, LizaJane said:

You need to earn and/or have assets of at least 125% of the federal poverty level for you household size, the immigrant included. So you count one for yourself,  one for the immigrant you're sponsoring and more if you have kids etc that are dependents on your tax forms. If it's just you and your soon to be spouse, the FPL is currently just over $20k-$21k a year for a household of two.

 

50 minutes ago, LizaJane said:

You need to earn and/or have assets of at least 125% of the federal poverty level for you household size, the immigrant included. So you count one for yourself,  one for the immigrant you're sponsoring and more if you have kids etc that are dependents on your tax forms. If it's just you and your soon to be spouse, the FPL is currently just over $20k-$21k a year for a household of two.

Thank you! This is helpful! We read up on things but couldn't seem to figure it out exactly. I appreciate your help!