Dates to Know
February 1 – 1099 Forms and other tax documentation for the 2021 tax year will be available.
February 1 – January Financial Reports will be due for Non-Resident Missionaries. This includes FNPO Reports for those with Foreign Non-Profit Organizations.
March 1 – January Financial Reports will be due for US Missionaries. This includes FNPO Reports for those with Foreign Non-Profit Organizations.
March 1 – February Financial Reports will be due for Non-Resident Missionaries. This includes FNPO Reports for those with Foreign Non-Profit Organizations.
April 11-14 – Family Fellowship Week in Asheboro, NC
New Excel Templates for Financial Reports
New Excel templates for the year 2022 have been emailed to you and posted on SecureCloud in the Forms and Manuals folder. Please begin using the new templates with your January financial reports. NRA Reports for January are due on February 1, and January reports for US Missionaries will be due on March 1.
Financial Status Report
We have uploaded a Financial Status Report to your SecureCloud account, showing figures for the fourth quarter of 2021. This is meant to show you the financial details that we have on file, such as your support estimate and the average amount of support you received this past quarter. This is the information we provide to pastors who may call about your ministry. We ask that all missionaries update their support estimate once every four years, or as their lives and ministries change. Please review this information and contact us if you have any questions.
Benefits of Financial Reports for US Citizens
The Monthly Financial Report (MFR) for US Citizens is the tool that missionaries can use to become accountable to WWNTBM for their reimbursable expenses, rather than having all funds listed as personal earnings. Over the course of 2021, 72% of those eligible chose to submit MFRs. By doing so, they were able to reduce their 1099 Personal Earnings by a combined average of 23.37%. If you are not currently utilizing MFRs and would like information about how to begin, please contact our office.
IRS Information For the 2022 Tax Season
The IRS has issued several notices about this year’s tax season. Due to Covid and the government closing of many IRS offices, millions of 2020 tax returns are still pending processing. In addition, the added procedures regarding the Advanced Child Tax Credits and the Economic Impact Payments (stimulus checks) are expected to cause unique challenges this year. Click here to read important information from the IRS. We encourage all missionaries who are subject to US Taxes to contact your tax preparer and begin the filing process as soon as possible.
The IRS is issuing two separate letters to taxpayers who received either the Advanced Child Tax Credit or the Third Economic Impact Payment in the year 2022. These letters will be marked as the Advance CTC letter 6419 and the Third Economic Impact Payment letter 6475. In addition, taxpayers who filed on time in 2021 but whose refunds were delayed due to Covid may receive a 1099-INT from the IRS for interest earned on the delayed refund. It is important that you keep these letters and provide them to your tax preparer when filing your taxes for 2021. If these letters come to our office for you, we will provide them to you at the time we provide your other tax documentation.
Please Note: The IRS has already issued a warning that some of the 6419 and 6475 letters sent to tax payers may contain errors! Please be sure to verify the information in the letters against your personal records of Advanced Child Tax Credits or Economic Impact Payments received. Consult your tax preparer for advice if you notice any discrepancies.
Preparing and Filing Taxes for US Missionaries
Please note that, while our Office Staff is familiar with many of the IRS regulations that affect missionaries, we are not authorities on the subject. We will attempt to assist our missionaries in any way possible; however, questions which are beyond the scope of your missions status are best directed to a tax professional.
We will provide you with the following information at the end of January. Please watch for emails in coming days with details on how this will be distributed.
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- A copy of your 1099
- A year-to-date Summary of the MFR information that you have submitted to the Office. This can be especially helpful if you have completed Categories 17-22, as many of those categories can affect your personal taxes. This will show your Personal Earnings Calculations for the year, as well as Housing Allowance information and details of Estimate Taxes we may have submitted for you during the year. There may also be notices on this document specifically for you and your tax preparer about any situations we are aware that may impact your tax filing.
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You should also provide your tax preparer with the following:
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- List of the dates that you were in the US vs. out of the country during the year.
- Details of any Housing Expenses, to be used in addition to the Approved Housing Allowance for completing Worksheet 1 of IRS Publication 517.
- Information on any retirement plans that you may have contributed to during the year, or that you have received a distribution from during the year.
- Names and Social Security Numbers of all family members.
- Names and dates of any family births or deaths (children and spouses), as well as whether you were married during the year.
- US Treasury Department regulations require that if you have any foreign bank accounts, and if the sum total of all of your foreign accounts has ever been $10,000 or more at any time during the year, you should fill out a TD-F90-22.1 Form. Further information is available on the IRS website at www.irs.gov.
- You may also need to complete Form 8938, which deals with foreign assets.
- If you participated in the Healthcare Marketplace, you will need to provide your tax preparer with Form 1095-A.
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New Baby
Micah James Fry was born January 16. He weighed 8 pounds 2 ounces and was 21 inches long. Micah is the son of Nathan and Hannah Fry. He joins older sister Grace, who is 3. The Frys are currently on deputation raising support for their videography ministry Lens of the Harvest.
Uplift Podcast
The following recordings were recently published on uplift.wwntbm.com. You may access the site by entering the username: wwntbm and the password: gospel. We hope they will encourage your heart.
God Provides Strength by Pastor David Landers
The Ministry of the Thorn by Pastor David Landers
Exceeding Expectations by Pastor David Landers
Have Not I Sent Thee by Pastor David Landers