what is included in a pastor's housing allowance
A minister living in a parsonage qualifies for a housing allowance to the extent of his own out-of-pocket costs. The ministers church or other qualified organization must designate the housing.
Example Of Pastors W 2 Form
The ministers housing allowance is perhaps the best tax benefit among pastors.
. 10 Housing Allowance For Pastors Tips. The ministers housing allowance is an exclusion from income permitted by Section 107 of the Internal Revenue Code. The payments officially designated as a housing allowance must be used in the year received.
Benefits are given by the Church they are not controlled by the pastor. If your salary is 37500 and the housing allowance is 2500 for a total compensation. This resolution basically states that until a minister can submit a housing allowance request for the balance of the year each paycheck issued to the minister will be X eg.
Include any amount of the allowance that you cant exclude as wages on line 1 of. The IRS allows a ministers housing expenses to be. In other words housing.
Here are two article1 article 2 that explain it for you. This Ver nuestro sitio en Español. The amount paid by the church would go in box 14 housing allowance on the W2 as it is taxable for social security.
However it is also one of the most misunderstood. While up to 100 percent of compensation can be designated as a housing allowance the amount that can be excluded from gross income will not necessarily be the same. The payments officially designated as a housing allowance must be used in the year received.
The pastors Housing Allowance is confusing to pastors church members and many times to tax preparers too. Ministers housing expenses are not subject to federal income tax or state tax. This housing allowance is not a deduction.
A Clergy W-2 from a church should show Salary in box 1 and the housing allowance in box 14. Include any amount of the allowance that you cant exclude as wages on line 1 of.
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