I have a question in regards to this.
The W2 I received from my church lists only my housing exclusion in box 14. I'm seeing conflicting reports about whether to include FMV in this box. I've tried in both ways, and so far the taxes I owe are the same.
I am currently only putting a smaller housing exclusion (used for utilities and the like) in box 14. Then, in the later section that says "tell us about your clergy housing" I am including both the FMV of my parsonage and the housing exclusion amount from box 14. In the second box for qualifying expenses I have the same amount listed, because I used all of my housing exclusion properly. Then in the next page, I am selecting "Pay self-employment tax on my wages and housing allowance"
is this correct?
It looks like I am going to owe quite a bit. I did not make quarterly payments this year, which I assume is the reason why. (Last year I didn't end up owing because I only worked for the church part of the year).
