Hello
A church member had a life insurance policy with Thrivent for about $13K and signed it over to our church. I filled out some forms and the church is now the 'owner' of this - but I did not see anywhere on the forms where I could opt out of withholding Federal Taxes. But, they withheld $1200 or so taxes from the $13K or so donation.
I did get a form back 1099-R that shows the amount withheld.
How do we get the withheld taxes back?
As a church, we don't file a tax form where we would request withholding back, like a 1040 would.
Getting back Federal W/H from Thrivent donation
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Re: Getting back Federal W/H from Thrivent donation
This is really not a Powerchurch question, but should be discussed with the IRS ...Lolbkpr wrote: ↑Tue Feb 11, 2025 3:23 amHello
A church member had a life insurance policy with Thrivent for about $13K and signed it over to our church. I filled out some forms and the church is now the 'owner' of this - but I did not see anywhere on the forms where I could opt out of withholding Federal Taxes. But, they withheld $1200 or so taxes from the $13K or so donation.
I did get a form back 1099-R that shows the amount withheld.
How do we get the withheld taxes back?
As a church, we don't file a tax form where we would request withholding back, like a 1040 would.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.