Publication 517 - Social Security And Other Information For Members Of The Clergy And Religious Workers - 2002
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23Publication 517
Contents
Cat. No. 15021x
Important Changes for 2002 . . . . . . . . . 1
Department
Social Security
of the
Important Change for 2003 . . . . . . . . . . 2
Treasury
and Other
Important Reminder . . . . . . . . . . . . . . . 2
Internal
Revenue
Introduction . . . . . . . . . . . . . . . . . . . . . 2
Service
Information for
Social Security Coverage . . . . . . . . . . . 3
Exemption From
Members of the
Self-Employment (SE) Tax . . . . . . . . 4
Qualified Services . . . . . . . . . . . . . . . . 6
Clergy and
Figuring Net Earnings From
Self-Employment for SE Tax . . . . . . 6
Religious
Income Tax: Income and
Expenses . . . . . . . . . . . . . . . . . . . 8
Workers
Filing Your Return . . . . . . . . . . . . . . . . 10
Retirement Savings
Arrangements . . . . . . . . . . . . . . . . 10
For use in preparing
Earned Income Credit . . . . . . . . . . . . . . 11
2002
How To Get Tax Help . . . . . . . . . . . . . . 11
Returns
Comprehensive Example . . . . . . . . . . . 12
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Important Changes for
2002
Members of recognized religious sects. Be-
ginning in 2002, self-employed members of rec-
ognized religious sects who are exempt from
self-employment tax may be eligible to partici-
pate in SEP, SIMPLE, or Keogh retirement
plans. For more information, see Publication
560, Retirement Plans for Small Business.
Earned income credit. Beginning in 2002,
the following changes take effect.
•
Earned income no longer includes em-
ployee compensation that is nontaxable.
•
Your earned income credit is figured using
your adjusted gross income, not your
modified adjusted gross income.
For other changes to the earned income credit,
see Publication 596.
Increased contribution limits for traditional
IRAs and Roth IRAs. For 2002, allowable
contributions to a traditional IRA and a Roth IRA
will be increased to $3,000 ($3,500 if age 50 or
over). In prior years, contributions were limited
to $2,000. For more information, see Retirement
Savings Arrangements, later.
Increased self-employed health insurance
deduction. In 2002, the self-employed health
insurance deduction increases from 60% (in
2001) to 70% of the cost of the insurance. For
more information, see Health Insurance Costs of
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