[72] Gleim #: 19.1.6 Antonio is an ordained minister. As a minister, Antonio is

Question

[72] Gleim #: 19.1.6 Antonio is an ordained minister. As a minister, Antonio is a common-law employee of the church where he works, but his earnings and parsonage allowance are treated as selfemployment income on which he pays self-employment tax. If the church had no retirement plan under which Antonio was covered, which of the following would Antonio be permitted to establish for himself? A. Both a traditional IRA and a Savings Incentive Match Plan for Employees (SIMPLE) IRA. B. Simplified employee pension (SEP). C. Savings Incentive Match Plan for Employees (SIMPLE) IRA. D. Traditional IRA.

Explanation / Answer

Antonia is a ordained minister and his earnings and parsonage is treated as selfemployment income then he is eligible to have both individual retirment plan and a saving incentive match plan for employees simple IRA

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