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What if my actual housing expenses are higher than my designated amount? How do I enter that?
I have a designated amount for housing/parsonage allowance on my W2 however the actual expenses were higher. How do I enter that on Turbo Tax? Do I enter the designated W2 amount in the "Housing Allowance" box and the actual higher amount in the "Qualifying Expenses" box?
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What if my actual housing expenses are higher than my designated amount? How do I enter that?
You don’t get a deduction if your actual expenses are
higher than your parsonage allowance. On that screen, enter the lowest of these
amounts:
- Your qualified housing expenses
- The fair rental value of your
housing expenses plus utilities, or
- Your housing or parsonage allowance
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