This Week's LessonWeek of March 3
This week we turn our attention to Housing Allowances for Retired Ministers. Start by completing the following quiz. Then review the Executive Summary for the key points on this topic, or read the Weekly Lesson for a complete discussion of this topic.
A denominational pension plan offers a retirement program for thousands of ministers, many of whom are retired. Can the denomination designate a portion of the retirement benefits it pays to retired ministers as a "housing allowance"? If so, what are the tax consequences of doing so?
Instructions Click on the correct answer for each of the following questions.
Denominational pension plans can designate housing allowances for retired ministers if certain conditions are satisfied. This is a significant tax benefit, and is one of the main advantages of denominational pension plans. In this week's lesson, we address housing allowances for retired ministers.