05-31-2004, 06:49 PM
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 Best way to handle minister's housing allowance? My husband is a pastor. A fixed amount of his paycheck is designated as Housing Allowance and is exempt from income tax. At the end of the tax year, any amount of this allowance that was not actually spent on housing expenses must be added to taxable income. Any suggestions about the best way to handle this in MS Money 04? Specifically: How should I enter the housing allowance in the paycheck entry info? On the "Before taxes" tab? Should I set it up as a asset account, then charge amounts I spend against it? |
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#-1
05-31-2004, 06:14 PM
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| Re: Best way to handle minister's housing allowance? I'd probably do what you suggest with one modification. At the end of the year, if there is unspent allowance, put in a paycheck with a negative transfer to the asset account on the before tax tab and add a corresponding amount of income on the wages tab. "DEH" <debh149[at]yahoo.com_nospam> wrote in message news:_f2dnfjbm-l97Sbd4p2dnA[at]gbronline.com... - quote - > My husband is a pastor. A fixed amount of his paycheck is designated as > Housing Allowance and is exempt from income tax. At the end of the tax > year, any amount of this allowance that was not actually spent on > housing expenses must be added to taxable income. Any suggestions about > the best way to handle this in MS Money 04? > Specifically: > How should I enter the housing allowance in the paycheck entry info? On > the "Before taxes" tab? > Should I set it up as a asset account, then charge amounts I spend > against it? |
| Tags |
| allowance, handle, housing, minister |
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