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The designation may be adjusted over time as appropriate, but only with regard to subsequent payments. This is usually referenced in the employment agreement or in minutes of a Board resolution. The amount of the minister's housing allowance must be designated by the governing board of the congregation in advance.
Other words for housing allowance professional#
The fair market rental value of a residence can often be estimated by a professional real estate agent or broker in the community.
Other words for housing allowance plus#
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Our Housing Allowance Calculation Form (PDF) is available to help ministers who own or rent a home determine an appropriate amount to claim. Under the same provisions, retired ministers may also claim a housing allowance exclusion for that portion of income received from a denominationally sponsored qualified retirement plan (such as the UU Organizations Retirement Plan) or from a Rabbi Trust established by a religious organization. The IRS provisions state that "Services performed by a minister in the exercise of his or her ministry include the ministration of sacerdotal functions and the conduct of religious worship, and the control, conduct, and maintenance of religious organizations.under the authority of a religious body constituting a church or church denomination." In other words, a minister who has entered preliminary fellowship may begin taking the housing allowance prior to ordination (and should be treated as a minister for other tax purposes).
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In 2018, the UUA received an opinion from an attorney with expertise on church regulatory issues that either fellowshipping or ordination satisfies this "ordained, commissioned, or licensed" requirement within the UUA. Who Is Eligible?Īccording to the IRS, the housing allowance exclusion is available to "ordained, commissioned, or licensed ministers of a church with respect to services performed in the exercise of ministry." There is no housing allowance exclusion for Social Security/Medicare tax, however the amount received as housing allowance must be included by the minister on Schedule SE (Self-Employment Tax). This exclusion applies to federal income taxes and state income taxes in most states. UU ministers who are fellowshipped and/or ordained are treated as ministers for tax purposes, making them eligible for the housing allowance exclusion. For most active and retired ministers, it is their most important tax benefit. The Ministerial Housing Allowance enables ministers to exclude some of their salary from certain taxes.