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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 $105,900 (for tax year 2019).
401k and Reliant
Reliant employees are eligible for the 401k plan after one year of service. Employees will be auto-enrolled in the 401k plan at the quarterly enrollment date following their one year eligibility date. Reliant does offer an employer match. Reliant matches up to 5% of your eligible wages (salary and bonuses) in a contribution that comes from the MTD account (if you contribute at least that much through payroll deductions – i.e., a match). The source of the employer match is from funds raised to the MTD account that funds your ministry (so you have to raise the match). Reliant allows you to choose whether funds contributed from your paycheck are contributed “Pre-Tax” or Roth. Naturally the match is never post-tax, although there The match contribution will always be Pre-tax. There is a conversion process if you want your employer match converted to Roth funds. You can find more information at 401(k) Retirement Plan.
Who can I talk to for help with tax decisions?
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Reliant can not make recommendations about tax decisions, so it is the missionary's responsibility to seek that input from a financial advisor or tax specialist. Below is a tax specialist that other international missionaries with Reliant have consulted:
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What U.S. banks are recommended for international missionaries to use?
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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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