Category Archives: Retirement Distributions

Would a Webinar Help?

We are receiving so many questions about tax issues and the Affordable Care Act, as well as a variety of other issues such as the ministerial housing allowance, we are discussing the benefit of having a webinar where our President, … Continue reading

Posted in 02 - February 2015, Health Care, Informational Manuals, Internal Revenue Service, Ministers, Pay Roll Taxes, Retirement Contributions, Retirement Distributions, Tax Information | Leave a comment

No Self-Employment Tax on Retirement Income from Benefits Board

At tax time, the Benefits Board gets a lot of questions about the IRS Form 1099-Rs that are sent to participants in January showing the amount of the participant’s distributions for the previous year. The most common question regards whether … Continue reading

Posted in 02 - February 2015, Chaplains/Evangelists, Informational Manuals, Internal Revenue Service, Ministers, Retirees, Retirement Distributions, Tax Information | Leave a comment

Paying Taxes on Amounts Withdrawn Early from Pension Funds

Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn. The answer is simply yes. You must include as a part of your income … Continue reading

Posted in 02 - February 2015, Form 1099, Informational Manuals, Internal Revenue Service, Retirement Distributions, Tax Information, Withdrawals | Leave a comment

Board Grants Year-End “Bonus” to Participants

In the recent meeting of the Board of Directors of the Church of God Benefits Board, the entity charged with managing the Ministers’ Retirement Plan, action was taken to grant a special year-end interest allocation to all participants in the Trustees’ Fund. … Continue reading

Posted in 12 - December 2014, Investments, Retirees, Retirement Contributions, Retirement Distributions, Stock Market, Withdrawals | Leave a comment

Hardship Withdrawals

Accessing the funds in your Ministers’ Retirement Plan account prior to age 59½ is made extremely difficult by the Internal Revenue Service rules. Simply stated, the IRS says you cannot access your funds unless you have an “immediate and heavy” … Continue reading

Posted in 08 - August 2014, Retirement Distributions, Withdrawals | Leave a comment

No Self-Employment Tax on MRP Retirement Income

At tax time, the Benefits Board gets a lot of questions about the IRS Form 1099-Rs that are sent to participants in January showing the amount of the participant’s distributions for the previous year. The most common question regards whether … Continue reading

Posted in Pay Roll Taxes, Retirement Distributions, Social Security | Leave a comment

Paying Taxes on Amounts Withdrawn Early from Pension Funds

Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn. The answer is simply yes. You must include as a part of your income … Continue reading

Posted in Internal Revenue Service, Retirement Distributions, Tax Information | Leave a comment