Sample Allowance Form For Pastors
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FAQ
For illustrative purposes, if a minister has an annual salary of $50,000 with a designated housing allowance of $28,000, the minister reports only $22,000 as his gross income for federal income tax purposes. The IRS then only taxes the minister on the reported $22,000, rather than the entire $50,000 salary.
The median housing allowance for full-time solo pastors breaks down as follows by church income: $250,000 or less per year: $18,000. $251,000 to $500,000 per year: $25,000.
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)
Generally, those expenses include rent, mortgage interest, utilities, and other expenses directly relating to providing a home. The amount excluded can't be more than reasonable compensation for the minister's services. If you own your home, you may still claim deductions for mortgage interest and real property taxes.
If your pastor owns a home, have the church designate a portion of the pastor's 2023 compensation as a housing allowance. This action should be taken in December of 2022 so that it will be effective for all of 2023. Housing allowances cannot be designated retroactively. Tip.
