For more than a century, federal law has granted qualified ministers preferred tax treatment for their housing costs. This can be worth thousands of dollars in tax savings for ministers living in their own homes, rented quarters, or those living in ministry-provided housing as well. Church and ministry boards should determine if their organization’s leaders are eligible as ministers for such a housing exclusion. If so, church and ministry boards can then ensure a portion of a qualified minister’s salary is properly designated as a housing allowance. Correctly established, it may also be used to cover incidental expenses such as maintenance, furnishings, and utilities. Finally, this tax benefit can continue into retirement as the Converge Retirement Plan also designates pension payments as housing allowance for employees who qualify as Ministers.
Join us for a free one-hour webinar hosted by Converge and GuideStone representatives. Learn the fundamentals of the Ministerial Housing Allowance and how it may be available to you in retirement through the Converge Retirement Plan.
Topic: Ministerial Housing Allowance Fundamentals.
Date: Tuesday, July 21st at 12:00 p.m. EST