Hello everyone, I wanted to ask if anyone has experience or suggestions for my situation. I want to make sure I have all my ducks in a row before I start the process in a few months.
History:
So I had been employed with the same company for almost 8 years, ending this past February due to the company being acquired and most employees being laid off. I immediately started at my new company (i mean old job last day was on a Friday, and I started new job on the following Monday) as a contractor. This continued for 6 months until this past August, when I converted to a full-time salaried employee. My work is in the same field as its been the past 8 years. I know money from 1099's are viewed as self-employment income, but the prior 2 years of tax returns will show me as a w-2 employee, since this was only a short stint until my new company approved the new headcount for me to come on board permanently.
What issues/concerns will I face during UW, and what extra documentation might I need?
As a secondary question, my new job has a fairly large jump in salary compared to my old company. So my tax returns will obviously show much lower income, but am I correct that they will use my recent pay stubs to calculate my current salary and what I will qualify for? Thank you all in advance for your advice!
