Parsonage

[jackofall]

maybe thats the Svara of the CPA that says not to report, you are in essence making this election (although you didn't .. so it's a moot point)

You can but you need to get approved first. Was wondering if anyone tried/why not.

[Dawie]

You can but you need to get approved first. Was wondering if anyone tried/why not.

you have to sign under perjury that you are  conscientiously opposed and that you wont collect SS benefits
What will they live on when they retire

[EJB]

you have to sign under perjury that you are  conscientiously opposed and that you wont collect SS benefits
What will they live on when they retire

What if you conscientiously change your mind?

[Dawie]

What if you conscientiously change your mind?

the election is irrevocable
see this for a discussion http://enrichmentjournal.ag.org/200001/099_social_security.cfm

[Yehuda25]

You can but you need to get approved first. Was wondering if anyone tried/why not.

reviving an old but very relevant topic...

I'm wondering why all rabbeim that receive parsonage dont file for the 4361 exemption.

[Yehuda25]

the election is irrevocable
see this for a discussion http://enrichmentjournal.ag.org/200001/099_social_security.cfm

wrong.

You can do it once by filing a form 2031.

[Yehuda25]

reviving an old but very relevant topic...

I'm wondering why all rabbeim that receive parsonage dont file for the 4361 exemption.

anyone?

[mord1]

anyone?

maybe because you have to certify that you are against insurance? " I certify that I am conscientiously opposed to, or because of my religious principles I am opposed to, the acceptance (for services I perform as a minister, member of a religious order not under a vow of poverty, or Christian Science practitioner) of any public insurance that makes payments in the event of death, disability, old age, or retirement; or that makes payments toward the cost of, or provides services for, medical care. (Public insurance includes insurance systems established by the Social Security Act.)

[Yehuda25]

maybe because you have to certify that you are against insurance? " I certify that I am conscientiously opposed to, or because of my religious principles I am opposed to, the acceptance (for services I perform as a minister, member of a religious order not under a vow of poverty, or Christian Science practitioner) of any public insurance that makes payments in the event of death, disability, old age, or retirement; or that makes payments toward the cost of, or provides services for, medical care. (Public insurance includes insurance systems established by the Social Security Act.)

I certify that I am conscientiously opposed to not preparing myself for the future and needing to rely on someone else to purport to do so.  Not sure whats so controversial about that.

I would agree the second part "or because of my religious principles" ... Is a lot more murky.

[ADG]

is the rule with Parsonage the more the better? Or should one want to meet a threshold in declared income, if so based on what?

[whYME]

is the rule with Parsonage the more the better? Or should one want to meet a threshold in declared income, if so based on what?

I imagine that depends on the particular situation.

there's a limit to how much parsonage can be claimed. It has to be either the actual housing costs or the market rate for that area, whichever is lower.

[whYME]

There's a limit to how much parsonage can be claimed. It has to be either the actual housing costs or the market rate for that area, whichever is lower.

Source:

See Attached.
Its from the Agudah.
I hope this helps someone.

[ADG]

I am asking more about the percent of income then the actual number. should I claim 90% if I could?

[yitzgar]

I am asking more about the percent of income then the actual number. should I claim 90% if I could?

Why not claim all if you can?

[mord1]

I am asking more about the percent of income then the actual number. should I claim 90% if I could?

depends where you want your AGI to end up, if you want a lower AGI, for lets say obamacare purposes then you probably would want more parsonage, if you wanted a higher AGI for wtv reason (cant think of 1 this second), then you would want less parsonage

[yitzgar]

depends where you want your AGI to end up, if you want a lower AGI, for lets say obamacare purposes then you probably would want more parsonage, if you wanted a higher AGI for wtv reason (cant think of 1 this second), then you would want less parsonage

Most people would want a lower agi for the simple reason of paying less income tax

[gozalim]

if it's low enough, some may want higher for purpose of EITC

on another note, many mosdos are not comfortable giving more than 50% of total pay as parsonage

[Dawie]

if it's low enough, some may want higher for purpose of EITC

on another note, many mosdos are not comfortable giving more than 50% of total pay as parsonage

Parsonage is counted as income only for the purpose of phasing out the EIC
it cannot help you meet the income target

[yitzgar]

if it's low enough, some may want higher for purpose of EITC

on another note, many mosdos are not comfortable giving more than 50% of total pay as parsonage

Because it's too high a percentage of income, or because the total amount is too high for parsonage?

[whYME]

I am asking more about the percent of income then the actual number. should I claim 90% if I could?

Why not claim all if you can?

my gut feeling tells me that claiming 90-100% of your income as parsonage makes you more likely to be audited.