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Clergy living in manse. Where can I enter the FMV for Social Security purposes without a corresponding 0 in actual expenses and have Income Tax incurred on difference?
I do not have a Housing Allowance or Manse/Parsonage Allowance or corresponding expenses. Every time I enter this in TurboTax, I am forced to enter a corresponding expense ($0) and then incur Income Tax on the difference.
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Clergy living in manse. Where can I enter the FMV for Social Security purposes without a corresponding 0 in actual expenses and have Income Tax incurred on difference?
Enter the same number for the fair market value of your parsonage and your expenses. (This is correct, not a trick. The wording of the program is aimed more toward a parsonage allowance that a parsonage.)
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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Clergy living in manse. Where can I enter the FMV for Social Security purposes without a corresponding 0 in actual expenses and have Income Tax incurred on difference?
Enter the same number for the fair market value of your parsonage and your expenses. (This is correct, not a trick. The wording of the program is aimed more toward a parsonage allowance that a parsonage.)
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*