I retired the first week in January of 2023. The church took up a love offering and sent me a check for $27,800 which was collected from the members of the church.
This was a great blessing due to the fact that my denominational lifetime annuity and my social security disability does not start until June of 2023.
I am 62 years old. The church said that they were told by their accountant to put everything on a 1099 since none of these funds were for work, but that it was a gift from the members of the church.
How is this going to impact me when I fill out my taxes once the 2023 tax year closes?
Join in and write your own page! It's easy to do. How? Simply click here to return to Love Offerings.
If you want to DIY your payroll, I highly recommend you look at using Gusto! It is very user friendly and their support is awesome! Plus they know how to set up and maintain payrolls for churches and nonprofit organizations.
Note: I am a "partner" of Gusto, but as I have told you before ... I never recommend anything that we or our clients have not tried and love =)