IRS Form 4029 walkthrough (Exemption From Social Security & Medicare and Waiver of Benefits)

Описание к видео IRS Form 4029 walkthrough (Exemption From Social Security & Medicare and Waiver of Benefits)

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Form 4029 is used by members of recognized religious groups to apply for exemption from social security and Medicare taxes. The exemption is for individuals and partnerships (when all the partners have approved certification).

Note: The election to waive social security benefits, including Medicare
benefits, applies to all wages and self-employment income earned before
and during the effective period of this exemption and is irrevocable for that
period.

Who may apply. You may apply for this exemption if you are a member of,
and follow the teachings of, a recognized religious group (as defined below).
If you already have approval for exemption from self-employment taxes, you
are considered to have met the requirements for exemption from social
security and Medicare taxes on wages and do not need to file this form.
You are not eligible for this exemption if you received social security
benefits or payments, or if anyone else received these benefits or payments
based on your wages or self-employment income. However, you can file
Form 4029 and be considered for approval if you paid back any benefits you
received.

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