I am well aware of what the “ministers housing allowance“ is…
But we have also been informed, and utilize something called a “deferred housing allowance“ that is set aside for the pastor until he retires.
This money is kept in the custody or control of the church the entire time, is therefore not counted as income of the pastor, and at the time of retirement, is able to function as a deferred housing allowance from which they can receive retirement payments, as agreed upon by their board.
We first learned about this from an organization called STARTCHURCH… Are you familiar with it?
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Housing Allowance for Retired Ministers
VVickey
"The IRS has ruled that retired ministers are eligible for a housing allowance exclusion if a portion of a retired minister’s pension income from a denominational pension fund is designated as a housing allowance by the pension board or the designation is approved by the former church/ employer; the retired minister has severed his relationship with the local church and relies on the church pension fund for his pension; and the pension paid to the retired minister compensates him for past services to the denomination or to local churches of the denomination." excerpt for Guidestone's tax guide
What you are referring to is a great benefit for ministers IF set up correctly. There are a lot of T(s) to cross and I(s) to dot!
Guidestone is a great resource for that information!
https://www.guidestoneretirement.org/FormsandFAQs/FAQs/Housing-Allowance
What you are referring to is a great benefit for ministers IF set up correctly. There are a lot of T(s) to cross and I(s) to dot!
Guidestone is a great resource for that information!
https://www.guidestoneretirement.org/FormsandFAQs/FAQs/Housing-Allowance