Sample Allowance Form For Clergy
Description
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FAQ
To determine your housing allowance, you should calculate both your anticipated expenses and the fair market rental value of your home. Then request the lesser amount.
How to Determine Housing Allowance The total housing allowance designated by their church (or GuideStone® for retirees) Actual housing expenses (including mortgage payments, utilities, insurance, improvements, furnishings, etc.) The fair rental value of the home (furnished, plus utilities)
The designated housing allowance may be reflected on Form W-2 in Box 14 with the notation, ?Housing Allowance.? Though not required, this reporting method is suggested by Publication 517. Or, a church can report the designated housing allowance to a minister by providing a statement separate from Form W-2.
Meanwhile, the median housing allowance for full-time senior pastors breaks down as follows by church income: $250,000 or less per year: $20,000. $251,000 to $500,000 per year: $24,000. $501,000 to $750,000 per year: $27,500.
The housing allowance is sometimes called a ?parsonage allowance? for clergy who are provided with a parsonage and a ?rental allowance? for clergy who rent their home. Example: A church pays its pastor an annual salary of $35,000. In addition, she is provided the rent-free use of a furnished home owned by the church.
