Question about Assets. (Split)

[bondy88 6]

On 10/4/2021 at 5:25 PM, pushbrk said:

Wondering why she doesn't mention it as joint property instead of he only owns half. If it is, then the property is only listed once at its full value, not twice as half for each of them.  OP needs to clarify the ownership.

 

Rereading explains she thought she couldn't use her half.  Carry on.

 I have a question about asset requirements for Affidavit of support and would appreciate your  input. I recently got an NVC email stating they got my approved i130 for my wife from USCIS and that they are ready for me to upload Affidavit of Support and IV application. On my 2020 taxes, I have an adjusted gross income of $11669 from Unemployment and some Business activity which is clearly not enough. How much assets do I need for a household of two that is me and wife? Is it $21775 ( 125 poverty guideline for 48 states household of 2) minus $11669 (my AGI for 2020) times 3= $30318? I have right around 32k in my checking and savings account. Would that be sufficient enough?

[pushbrk 13,139]

1 hour ago, bondy88 said:

 I have a question about asset requirements for Affidavit of support and would appreciate your  input. I recently got an NVC email stating they got my approved i130 for my wife from USCIS and that they are ready for me to upload Affidavit of Support and IV application. On my 2020 taxes, I have an adjusted gross income of $11669 from Unemployment and some Business activity which is clearly not enough. How much assets do I need for a household of two that is me and wife? Is it $21775 ( 125 poverty guideline for 48 states household of 2) minus $11669 (my AGI for 2020) times 3= $30318? I have right around 32k in my checking and savings account. Would that be sufficient enough?

You need a minimum of 3 times the income shortfall in liquid assets.  However, unless you are self employed, your CURRENT INCOME does not come from a tax return.  Please clarify the source/nature of your "current income".

 

Your AGI and Total Income numbers may well be the same but the number you use is the one called total income.  AGI applies only if using the 1040EZ, which clearly you did not.

Edited October 6, 2021 by pushbrk

[Unlockable 7,315]

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[bondy88 6]

11 hours ago, pushbrk said:

You need a minimum of 3 times the income shortfall in liquid assets.  However, unless you are self employed, your CURRENT INCOME does not come from a tax return.  Please clarify the source/nature of your "current income".

 

Your AGI and Total Income numbers may well be the same but the number you use is the one called total income.  AGI applies only if using the 1040EZ, which clearly you did not.

I have schedules C as self employed for previous years as well as 2020. Income on Schedule C dropped in 2020 due to lockdowns. Do i go by the figures on schedule C or AGI? 

[pushbrk 13,139]

1 hour ago, bondy88 said:

I have schedules C as self employed for previous years as well as 2020. Income on Schedule C dropped in 2020 due to lockdowns. Do i go by the figures on schedule C or AGI? 

You use the "Total Income" line from the 1040.  I just told you AGI only applies when using 1040EZ.  If you are self employed, the total income line for 2020....IS...your current income.