Negative Gross Adjusted Income on I-864

[SNAVegas 7]

I am a Retired US Citizen Sponsoring my wife & preparing the Affidavit of Support Form.

My Income total Income is $ 25,404. (combination of Social Security & a Pension Annuity from a private company) . I meet the income requirements for a household size of 2 

which is $ 21,550 for 2019. 

 

However, prior to my retirement i had Business & Investment losses from 2008-2009 ( Financial Crisis). So i have a NET OPERATING LOSS Carryforward  per IRS Regulations that is applied to any Taxable income i have each year.

After adjusting for this Credit my Total adjusted Gross Income each year shows as a negative (minus) number on my Tax Return. 

I don't want this to be confused as a LOSS number. 

I have  a Record of Account transcript from the IRS that shows that the Negative (Minus) number is a credit for my Taxes. 

So If i attach this IRS Record of Account in the Additional Information page of the i-864 form will that be the place to attach it with an explanation ? 

Has anyone else applied when they had a NOL ( Net Operating Loss Carryforward) ? 

Thanks for any helpful replies.

 

 

 

 

 

Edited September 3, 2020 by millefleur
Removed documents containing personal info

[SalishSea 17,833]

You will likely need a joint sponsor.

[SteveInBostonI130 3,454]

18 minutes ago, snahmed said:

I am a Retired US Citizen Sponsoring my wife & preparing the Affidavit of Support Form.

My Income total Income is $ 25,404. (combination of Social Security & a Pension Annuity from a private company) . I meet the income requirements for a household size of 2 

which is $ 21,550 for 2019. 

 

However, prior to my retirement i had Business & Investment losses from 2008-2009 ( Financial Crisis). So i have a NET OPERATING LOSS Carryforward  per IRS Regulations that is applied to any Taxable income i have each year.

After adjusting for this Credit my Total adjusted Gross Income each year shows as a negative (minus) number on my Tax Return. 

I don't want this to be confused as a LOSS number. 

I have  a Record of Account transcript from the IRS that shows that the Negative (Minus) number is a credit for my Taxes. 

So If i attach this IRS Record of Account in the Additional Information page of the i-864 form will that be the place to attach it with an explanation ? 

Has anyone else applied when they had a NOL ( Net Operating Loss Carryforward) ? 

Thanks for any helpful replies.

 

Hi,

 

Yours is a pretty unusual situation, so I am not sure how NVC or CO will evaluate your current income and previous years' tax returns.

 

One thing I noticed, however.  That is the wrong transcript.  They will need your Tax Return Transcript.  That transcript will show Total Income in addition to AGI.

 

Do you have sufficient assets?  The minimum is 3x the difference between the 125% poverty amount and your current income, which they could evaluate as 0.  But more is better in the eyes of immigration.

 

 

[SteveInBostonI130 3,454]

Also,

 

You may want to remove your tax account transcript from your post.  I know it doesn't show your entire SSN, name and address, but there is enough that someone with malicious intent can utilize.

 

[SalishSea 17,833]

OP - I assume you're on Medicare?  You will want to have a plan in place for your wife's health insurance, since she won't be eligible for Medicare.

[pushbrk 12,892]

Assuming this carryover minus will continue next year, your current income could also be considered negative.  You can make a case for qualifying and state your current income as you have.  Maybe it will fly.  It's going to be a judgment call.  I would submit a letter of explanation that this is a carryover loss, that only impacts your tax liability, not your financial stability.

[millefleur 5,046]

**Removed documents containing personal information; please be careful about what you post on this very public forum**

 

VJ Moderation

[SNAVegas 7]

1 hour ago, SteveInBostonI130 said:

 

Hi,

 

Yours is a pretty unusual situation, so I am not sure how NVC or CO will evaluate your current income and previous years' tax returns.

 

One thing I noticed, however.  That is the wrong transcript.  They will need your Tax Return Transcript.  That transcript will show Total Income in addition to AGI.

 

Do you have sufficient assets?  The minimum is 3x the difference between the 125% poverty amount and your current income, which they could evaluate as 0.  But more is better in the eyes of immigration.

 

 

Thank you !! Yes  this is not the correct Transcript for NVC submission but I posted it to show how AGI shows up on my Tax Return Transcript.. The Tax Return Transcripts that will be submitted will show all the details including my Social Security Benefits & the 1099 for my Income from my Pension. As proof of Income I have the Social Benefits Letter & the Annuity Benifits Letter from the Private Company. Additionally, the IRS also provides a Wage & Income Transcript for each year with that information.  I do have sufficient liquid cash in savings/checking plus an IRA with Cash + Stocks available as well. 

[SNAVegas 7]

1 hour ago, SteveInBostonI130 said:

Also,

 

You may want to remove your tax account transcript from your post.  I know it doesn't show your entire SSN, name and address, but there is enough that someone with malicious intent can utilize.

 

Thank you again ... I do not see an option to remove an attachement. Can you provide me info on how to do that ? 

[SNAVegas 7]

1 hour ago, Jorgedig said:

OP - I assume you're on Medicare?  You will want to have a plan in place for your wife's health insurance, since she won't be eligible for Medicare.

Thank you & yes we plan on getting her her own private Insurance.

[SNAVegas 7]

1 hour ago, pushbrk said:

Assuming this carryover minus will continue next year, your current income could also be considered negative.  You can make a case for qualifying and state your current income as you have.  Maybe it will fly.  It's going to be a judgment call.  I would submit a letter of explanation that this is a carryover loss, that only impacts your tax liability, not your financial stability.

Thank you kindly..I can contact my CPA who has been preparing my Tax Returns for  Decades & have him write a letter of explanation regarding my situation.  ( have others submitted letters from a CPA to explain their situations)

Social Security Benefits & Pensions do qualify as sources of Income to Sponsor your spouse for a visa ??  I have the SS Benefits Statement & also the Pension Benefits Letter. 

 

Edited September 3, 2020 by snahmed
add thank you

[SNAVegas 7]

1 hour ago, millefleur said:

**Removed documents containing personal information; please be careful about what you post on this very public forum**

 

VJ Moderation

I just want to confirm if you removed my attachments that might have had personal information ? 

[SNAVegas 7]

2 hours ago, snahmed said:

I am a Retired US Citizen Sponsoring my wife & preparing the Affidavit of Support Form.

My Income total Income is $ 25,404. (combination of Social Security & a Pension Annuity from a private company) . I meet the income requirements for a household size of 2 

which is $ 21,550 for 2019. 

 

However, prior to my retirement i had Business & Investment losses from 2008-2009 ( Financial Crisis). So i have a NET OPERATING LOSS Carryforward  per IRS Regulations that is applied to any Taxable income i have each year.

After adjusting for this Credit my Total adjusted Gross Income each year shows as a negative (minus) number on my Tax Return. 

I don't want this to be confused as a LOSS number. 

I have  a Record of Account transcript from the IRS that shows that the Negative (Minus) number is a credit for my Taxes. 

So If i attach this IRS Record of Account in the Additional Information page of the i-864 form will that be the place to attach it with an explanation ? 

Has anyone else applied when they had a NOL ( Net Operating Loss Carryforward) ? 

Thanks for any helpful replies.

 

 

 

 

 

Ok thank you for removing the attachments ..

6 minutes ago, snahmed said:

I just want to confirm if you removed my attachments that might have had personal information ? 

Thanks the attachments have been removed !!! 

[millefleur 5,046]

19 minutes ago, snahmed said:

I just want to confirm if you removed my attachments that might have had personal information ? 

Yes, Gobal Mods can remove attachments and edit posts to remove personal info. Hit the "Report" button if you ever see anything else that needs to be removed for personal info.

[SNAVegas 7]

1 minute ago, millefleur said:

Yes, Gobal Mods can remove attachments and edit posts to remove personal info. Hit the "Report" button if you ever see anything else that needs to be removed for personal info.

Thank you !!1