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?
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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 =)