by Mathew
(New Jersey)
I have changed denominations. In my previous denomination, we were under a vow of poverty and thus did not pay into Social Security. In my new denomination, I am not under this vow and would like to pay into Social Security.
How do I change my 4361 status? Is this possible?
1Comments
Opting Back into Social Security
VVickey
You can file an IRS Form 2031 to opt back in again; however, be aware that you could be liable for not only this year self-employment taxes, but for the three previous years as well.
See this article from Crown Financial Ministries: Social Security tax for ministers (second paragraph)
My best advice is to consult a knowledgeable tax professional first.
See this article from Crown Financial Ministries: Social Security tax for ministers (second paragraph)
My best advice is to consult a knowledgeable tax professional first.