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Member Resources for 2020 Taxes

Member Resources for 2020 Taxes

The following is important information about tax resources and forms for the 2020 tax year.

1099 Forms were postmarked by Jan. 29, 2021:

  • Benefit Accumulation Account (BAA) holders will receive Form 1099-INT.
  • IRA and/or Tax-Deferred Retirement Account (TDRA) holders who took a distribution in 2020 will receive Form 1099-R.
  • Pension recipients will receive Form 1099-R.

Housing Allowance (for members who are retired ministers receiving benefits for the Pension Plan and/or reoccurring withdrawals (monthly) from a TDRA, or an annuity, as well as those on disability).

  • Box 1 will indicate your full distribution.
  • Box 2 will be blank.
  • Box 2b “Taxable Amount Not Determined” will be checked. This is required for you to reconcile your Housing Allowance.
  • Box 5, Employee contributions/Designated Roth contributions or insurance premiums, is used to report the portion of the distribution that represents after-tax Member Dues to the Pension Plan.

If you have misplaced your Housing Allowance Confirmation letter and need an additional copy, please contact our Member Relations team. It is still up to you to work with your tax advisor to reconcile your taxes for the year and what constitutes as a qualified housing allowance expense. Members who made a Qualified Charitable Distribution (QCD) from a Traditional IRA:

  • You will receive Form 1099-R for the full distribution.
  • You must claim your QCD on your Form 1040.
  • Please consult your tax advisor regarding this process.

Members who rolled funds from a TDRA to an IRA:

  • You will receive Form 1099-R for the entire amount rolled from a TDRA to an IRA.
  • Please consult your tax advisor regarding proper filing to ensure you do not pay income tax on the rollover.

Members who made Charitable Contributions:

  • Donation receipts from Pension Fund were postmarked by Jan. 29, 2021.
  • Please consult your tax advisor regarding the deductibility of your contributions.

Members receiving a Puerto Rican pension:

  • Form 480.7C were postmarked by Feb. 26, 2021.

Members who have their Medicare Supplement through the Christian Church Health Care Benefit Trust (CCHCBT):

  • Letters verifying the total annual premium deducted from your Pension Fund Pension account and paid to CCHCBT were mailed in February 2021.

Members who are planning to withdraw funds from a TDRA, IRA, or BAA to pay their 2020 tax bill:

  • To guarantee a deposit in your account by May 17, please submit the required withdrawal form(s) no later than 12 p.m. EST on May 12.
  • If that deadline is missed, the only way to guarantee funds by May 17 is via wire, which is accompanied by an additional transfer fee.
  • Deposit and withdrawal forms can be found on our website at https://pensionfund.org/forms.

Clergy and Church resources for filing 2020 taxes:

  • The free 2021 Minister’s Tax and Financial Guide is available for helping clergy with filing their 2020 taxes. For churches and nonprofits, there is also the 2021 Church and Nonprofit Tax Financial Guide. Download your copy here: https://pensionfund.org/about/news/ministers-tax-guide-now-available
  • This is a free resource for you to print or download.

Pension Fund’s Member Relations team is available to answer questions regarding forms or other tax reporting documents by phone at 866.495.7322 or e-mail at pfcc1@pensionfund.org. Please remember that we are not able to provide tax or legal advice. If you have questions about qualified deductions or filing, please consult a tax professional.