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Many who live outside of the U.S. for more than a year qualify for the Foreign Earned Income Exclusion; this greatly reduces the amount of tax that needs to be paid for many people. You may qualify. In 2018, an eligible foreign worker can exclude up to $103$105,900 of income from federal income taxes. Read about the Foreign Earned Income Exclusion and speak with your tax advisor for more details. Be sure to submit an accurate W-4 form to Reliant to avoid having too much federal income taxes withheld from each paycheck and receiving a large income tax refund when living on a needs-based salary.
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For many international staff who qualify for the Foreign Earned Income Exclusion, the parsonage does not typically lower their tax liability since the Foreign Earned Income Exclusion exempts them from paying federal income taxes on any earned income under $103$105,900 (for tax year 2018).
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Missionaries are free to use any bank they'd like! In the event that a missionary is looking for bank recommendations, below are banks Reliant has heard of that market toward international missionaries.
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