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    #1

    Annuity

    My client got a letter from his church that he preached there on and off for a year. They gave him $2825.00 by check and $3792.00 was annuity. So, where do I put that?
    Charity---Sch C----other income? Never had one before.
    SueBaby
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    #2
    Are you saying he got $2825.00 in cash and they contributed 3792.00 to an annuity?

    Did he get a W2? Did ge get a 1099?

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      #3
      Originally posted by veritas
      Are you saying he got $2825.00 in cash and they contributed 3792.00 to an annuity?

      Did he get a W2? Did ge get a 1099?
      No W2 nor 1099 for this. Just a letterhead from the church saying the 2,825 was by check and the 3,792 annuity.
      SueBaby

      Comment

        #4
        Originally posted by SueBaby
        No W2 nor 1099 for this. Just a letterhead from the church saying the 2,825 was by check and the 3,792 annuity.
        I have called the IRS 3 times and 3 different answers on this problem. The church gave them the money in an annuity and they have both 401-ks.My software does not give this annuity to them because of their 401-ks.
        The IRS said once to put it on Sch C then put it on other income and then ignore it. I didn't like any of the answers.
        Before I set fire to this paper in my trash can, what is the advice to do with it?? Ignoring it sounds good to me.

        Comment

          #5
          Originally posted by SueBaby
          My client got a letter from his church that he preached there on and off for a year. They gave him $2825.00 by check and $3792.00 was annuity. So, where do I put that?
          Charity---Sch C----other income? Never had one before.
          Put the $2825 on Sch C and claim his expenses including mileage. For Christ sake , he is a pastor. Do not ignore the income.

          The annuity goes on line 16a. If you are using Drake , go to screen 3 and put it on the line that says pension received with no 1099 issued
          Everybody should pay his income tax with a smile. I tried it, but they wanted cash

          Comment

            #6
            Originally posted by BRIAN
            Put the $2825 on Sch C and claim his expenses including mileage. For Christ sake , he is a pastor. Do not ignore the income.

            The annuity goes on line 16a. If you are using Drake , go to screen 3 and put it on the line that says pension received with no 1099 issued
            I wasn't ignoring the income. The annuity is what I didn't know what to do with.
            You're still sweet, although you did say for Christ sake. Thank you very much for a good nights sleep appreciate it.
            SueBaby

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            This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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