k1 use asset for i-134 financial

[Roy1213 0]

can petitioner use asset to prove financial for i-134?petitioner is self employed but can't work for 2 years now, didnt fill tax return, thank you in advance

[IWander 589]

5 minutes ago, Roy1213 said:

can petitioner use asset to prove financial for i-134?petitioner is self employed but can't work for 2 years now, didnt fill tax return, thank you in advance

A careful read of the instructions would indicate the ability to provide evidence of income OR financial resources 

[Boiler 45,482]

Best to file taxes.

[happyscrub 32]

If they got a ton of stocks and cash.

[mole 0]

On 1/21/2024 at 11:35 PM, happyscrub said:

If they got a ton of stocks and cash.

do you means if petitioner have lot of cash they wont ask for tax return?

[Boiler 45,482]

52 minutes ago, mole said:

do you means if petitioner have lot of cash they wont ask for tax return?

No

[happyscrub 32]

5 hours ago, Boiler said:

No

I was under them impression that  cash and assets can be used in lieu of a tax return. I'm sure say a millionaire who hasn't worked in years wouldn't need to show tax return

 

Income isn't a requirement. Only proof to support it. Income is just a form of proof to support

[happyscrub 32]

6 hours ago, mole said:

do you means if petitioner have lot of cash they wont ask for tax return?

 

In the I-134 declaration of support instructions, it tells you what evidence to submit. It uses the words "as appropriate", meaning you only use evidence that support your financial claims. If your sponsor is wealthy enough without income, theoretically they don't need to show a tax return. But they will have to show cash / assets of 3 or 5 times higher from what I've read on the internet (I don't remember seeing a government document point to this).

[Boiler 45,482]

8 hours ago, happyscrub said:

I was under them impression that  cash and assets can be used in lieu of a tax return. I'm sure say a millionaire who hasn't worked in years wouldn't need to show tax return

 

Income isn't a requirement. Only proof to support it. Income is just a form of proof to support

Yes they would, how are they getting their Million not subject to tax?

[happyscrub 32]

1 hour ago, Boiler said:

Yes they would, how are they getting their Million not subject to tax?

Retired. Assets. Longterm stocks. I myself bought stocks in 2022 that I haven't touched at all in 2023. They wouldn't be relected in a 2023 tax return

[OldUser 6,639]

1 hour ago, happyscrub said:

Retired. Assets. Longterm stocks. I myself bought stocks in 2022 that I haven't touched at all in 2023. They wouldn't be relected in a 2023 tax return

So where did the funds come from to buy the stocks? There should have been some taxable event, be it income or proceeds of selling other stocks? Unless all of it is in Roth IRA and you're over 59 and 1/2?

 

Joint sponsor may be recommended, but also USCIS will be interested in your taxes as main sponsor, regardless. That's how the government indirectly forces people to file taxes. If you need to file $0 return, you always can. Else you'll have to write a statement why you didn't have to file taxes.

Edited January 25 by OldUser