Income Question

[liley99]

Okay so I have a question regarding the income as a sponsor. What happens if you are given a lump sun of money as a gift every year from a family member and really don't have anything to show for it, since it is not reported on your tax return? I don't know what is going to happen for 2007 since we had a low gain on our business for 2007?

Also if they are approved do they ask for another tax return say 2007, since he submitted 2006 at the interview.

Thanks!

[liley99]

bump!:bounce:

[JMRJ]

No, it will not be considered. Your income tax information is used to assess your earning capability in order to meet the poverty guideline. You may use it as an asset to supplement your income if:

*The amount is 3 times the difference of your income threshold and your total household income.

Example for a household size of 4:
125 percent of 2006 Poverty Guideline $25,000
Sponsor's income $19,500
Difference $5,500
Multiply by 3 x 3
Minimum Required Net Value of Assets $16,500

*You can show evidence that you own the income;
Bank statements covering the last 12 months, or a statement from an officer of the bank or other financial institution in which you have the deposits, including deposit/withdrawal history for the last 12 months, and current balance.

Your last Q, you are more than likely to submit tax information of the most recent tax year. You are expected to be done filing the tax year 2007 by April 15th (or 17th?). So, if your husband 's waiver will be approved after this date, you must submit your 2007 federal tax return.

Still, if you don't meet the poverty guideline, your safest bet is to get a co-sponsor.