What to Report on Schedule SE
(Lake Oswego, OR, USA)
I receive about 80% of my income as housing allowance, which isn't taxed by my church. The other 20% is taxed. Do I just report my housing allowance on schedule SE or do I also need to include the other income that has already been taxed for social security?
When it comes to actually claiming the exclusion for the housing allowance on your Schedule SE…it is limited to the lesser of:
1. The amount actually spent on eligible housing expenses.
2. The fair market rental value plus furnishings and utilities.
3. The amount officially designated in advance as housing allowance.
The rest of your income will be reported as wages.
Hope this helps.Church Accounting Package www.freechurchaccounting.com