Teacher retirirng
I have a client that is retiring as a teacher from the state of Alabama. She wants to still work and draw retirement. She thinks that the maximun is $14,000 per year that she can draw. Is that correct?
I have a client that is retiring as a teacher from the state of Alabama. She wants to still work and draw retirement. She thinks that the maximun is $14,000 per year that she can draw. Is that correct?
Permalink Submitted by Jennifer Poole on Wed, 2013-03-06 23:34
What dollar amount can someone give their children in 2013 without it being taxable?
Permalink Submitted by mk foss on Thu, 2013-03-07 00:10
The amount of work someone can do and collect state retirement depends on the provisions of that plan. The amount she earns, her age and the identity of her employer may all be factors in determining that.Gifts to children (or anyone) are not taxable until they exceed $5+million. They are “reportable” if they exceed $14,000 in 2013. By reportable, it means that a gift tax return must be filed. The recipient of the gift had no income or other adverse effects from receiving the gift. The donor of the gift will use up some of their lifetime $5+ million in exemption when the gift goes over the annual exclusion.