What is the Minimum Income to Sponsor an Immigrant?

What are the Required Income Sources?

Financial resources that qualify for sponsorship by USCIS could include:

• Wages
• Salaries
• Retirement benefits
• Child support payments
• Alimony payments
• Dividends or earned interest earned

All forms of sponsorship income must be documented with an accurate and current tax return. USCIS accepts assets as proof of income if they can be converted to cash within one year without significant financial loss to their owner.

The net value of a car may be included but be subtracted from the outstanding auto loan balance. Furthermore, no transfer of assets overseas as this would constitute money laundering activity and should never take place;

Sponsors may count assets they own in the US in addition to income. However, only assets easily converted to cash without financial loss to themselves or family members should be included, such as Savings accounts, stocks and bonds, and real property minus outstanding auto loans or mortgages would qualify.

Factors Included in Assets Requirements

Asset requirements vary based on different factors, including:

• The type and size of an immigrant being sponsored, usually three times the difference between their annual income and the minimum income requirement, is enough for qualifying assets as proof.
• This standard does not represent an insurmountable obstacle; many couples applying through either the CR-1/IR-5 process or adjustment of status have enough assets to fulfill this criterion.

Sponsors may use their own income and any household member willing to sign an Affidavit of Support as additional financial support for their family green card applications. They must only use legally obtained income that will remain accessible after they obtain it.

In many cases, this requirement can be fulfilled through spouse income. They can even borrow money to fulfill it, provided it won’t put their finances at risk after receiving their green cards.

Sponsors (sponsors or co-sponsors) must meet minimum income requirements in order to petition. For most sponsors, this means achieving household income equal to or higher than 125% of the U.S. poverty level for their household size. However, military sponsors on active duty and petitioning their spouses must fulfill 100% of the requirements.

If the financial sponsor is a civilian, they must report their household income on IRS Form 1040, line 10. This should include:

• Their current salary and wages plus all taxable sources like dividends and interest
• The taxable portion of Social Security retirement and disability payments
• Nontaxable sources could include loans from a family member or charities.

What if the Income Source is Limited?

When an income source falls below minimum requirements, financial assets can be used as a replacement. These may include money in savings or investment accounts, property, and other valuables. Their combined value must at least equal five times what is lacking from the sponsor’s earnings.

Equally, other household members of a sponsor can contribute income towards meeting minimum income requirements. Find the difference between your minimum income requirement and your actual combined household income. These individuals must be related by birth or marriage and listed as dependents on his/her most recent tax return.

Sponsors working overseas often struggle to meet the minimum income requirements for sponsorship. However, in certain circumstances, this foreign income could count toward meeting them if the sponsor can demonstrate that they will continue working abroad until an immigrant receives approval for a visa or Green Card application.

Here are some questions that our readers have asked us:

Sponsoring an immigrant financially is a significant commitment that requires careful consideration of your income and assets. By signing Form I-864, sponsors accept legal responsibility until the immigrant becomes a U.S. citizen or meets other criteria. Therefore, it’s crucial to assess your financial situation thoroughly before proceeding with the sponsorship process.

At Colavecchio & Colavecchio Law Office, we specialize in Green Card applications, Citizenship processes, Adjustments of Status (I-485), Marriage Based Green Cards, and more.

Let our experienced team guide you through every step of your journey. Contact us today to start making your American dream a reality!