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Good News About SECA Tax Payments & Roth 403(b) ContributionsWhen the Roth403(b) option became available early last year, it was unclear whether those with Ministerial status still had to pay SECA tax on those contributions or not. Well, we now have clarity and it is Good News. Ministers and Missionaries as voluntary contributors to Roth 403(b) retirement plans are not required to pay SECA tax on those contributions as the contributions are considered after-tax for both State and Federal tax purposes.
Who Qualifies: Those with ministerial status (licensed, commissioned or ordained) who choose to contribute to their ministry's Roth 403(b) retirement plan. This includes overseas missionaries who have ministerial status either directly through their missionary organization or through their local church or licensing organization. Result of Qualifying:
This information is important for all Christian Ministry Organizations who have those with ministerial status on staff and have implemented a Roth 403(b) plan for all staff. Be aware, many vendors do not yet have this option available. Contact Envoy Financial for assistance in implementing a plan for your ministry if you do not have one. Also, it is important to advise your payroll department or provider of this information after you have implemented the proper paperwork to implement a Roth 403(b) plan.
For more information and assistance implementing a Roth 403(b) retirement plan for your ministry, contact us at (888) 879-1376, ext. 209 or by email. Envoy Financial |
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