How can I exclude 35% of wages as a Chaplain and declare it as a housing allowance? The W2 states $100K do I only input $65K? Where do I record the excluded $35K wages?
How can I exclude 35% of wages as a Chaplain and declare it as a housing allowance? The W2 states $100K do I only input $65K? Where do I record the excluded $35K wages?
The church needs to declare it as a Housing Allowance, not you. *IF* they do that, it won't be on the W-2 (except probably for Box 14).
Also be aware that if (1) the actual housing expenses *OR* (2) the Fair Rental Value is LESS than the designated amount, that excess amount is added to wages on Line 7 of Form 1040.
The church needs to declare it as a Housing Allowance, not you. *IF* they do that, it won't be on the W-2 (except probably for Box 14).
Also be aware that if (1) the actual housing expenses *OR* (2) the Fair Rental Value is LESS than the designated amount, that excess amount is added to wages on Line 7 of Form 1040.
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