403 B Plan Housing Allowance Upon retirement the IRS allows credentialed ministers of all established church denominations to declare a housing allowance on distributions from their 403 b retirement accounts That means the portion of your distributions used for housing expenses is excludable from gross income for income tax purposes
The EPC offers a 403 b 9 Defined Contribution Retirement Plan to eligible employees and ministers A unique feature of a 403 b 9 Church Plan is that ordained ministers may allocate a portion of their retirement plan withdrawals to cover housing expenses on a tax exempt basis The Committee on Ministerial Care has designated that the Housing Allowance for the Orthodox Presbyterian Church 403 b Retirement Plan be set at 2 300 per month or 27 600 annually for the calendar year 2022 and beyond The 2021 Housing Allowance was 1 950 per month or 23 400 annually 4
403 B Plan Housing Allowance
403 B Plan Housing Allowance
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We sponsor a 403 b plan that provides employer contributions to these ministers Can our plan s definition of compensation include housing allowance even though it is not taxable income to the minister Housing allowance is not just limited to your working years under Revenue Ruling 75 72 retired ministers may claim it on retirement income received from a denominational pension board such as GuideStone In retirement the maximum amount that can be claimed as a housing allowance from your 403 b is the lesser of Your actual housing expenses or
The basic allowance for housing paid to a member of a reserve component described in subparagraph A of paragraph 6 of section 403 g of title 37 United States Code as added by subsection a who on January 2 2013 is being paid basic allowance for housing at a rate that is based on a housing area other than the member s permanent duty The Housing Allowance exclusion is a feature specific to church sponsored 403 b plans only Therefore the only retirement distributions that are eligible to be designated as a Housing Allowance are those paid through church sponsored 403 b plan
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Further when an ordained licensed or commissioned person retires a portion of their 403 b 9 retirement plan distribution can be received as housing allowance providing additional tax savings in retirement The Minister s Housing Allowance is one of the greatest tax benefits available to ordained licensed or commissioned ministers and If you answered yes to ALL FIVE questions you may qualify to receive a retired minister s housing allowance from the IRS Please contact one of our Senior Benefits Specialists at 1 800 986 6222 for additional information The IRS defines official retirement as willful termination of employment with no intent to seek a new job after
Retirement Plans Looks like you got an answer to this one on the Church Plans message board from my former partner Danny Miller who definitely knows what he is talking about in this area http benefitslink boards index php showtopic 2050 Yes a portion of distributions from a retirement plan including the mentioned 403 b or 401 k plan used by the retired clergy for housing allowances will be tax free under these circumstances only to the extent it is supported on the minister s tax return as representing post retirement housing costs IRS Publication 517 provides details
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https://www.agfinancial.org/resources/article/housing-allowance-what-every-retired-minister-should-know
Upon retirement the IRS allows credentialed ministers of all established church denominations to declare a housing allowance on distributions from their 403 b retirement accounts That means the portion of your distributions used for housing expenses is excludable from gross income for income tax purposes
https://epc.org/benefits2023/ministerhousingexpenseexemption/
The EPC offers a 403 b 9 Defined Contribution Retirement Plan to eligible employees and ministers A unique feature of a 403 b 9 Church Plan is that ordained ministers may allocate a portion of their retirement plan withdrawals to cover housing expenses on a tax exempt basis
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403 B Plan Housing Allowance - The basic allowance for housing paid to a member of a reserve component described in subparagraph A of paragraph 6 of section 403 g of title 37 United States Code as added by subsection a who on January 2 2013 is being paid basic allowance for housing at a rate that is based on a housing area other than the member s permanent duty
