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my wife, age 60, has retired from teaching in public schools

in North Carolina. At the...
my wife, age 60, has retired from teaching in public schools in North Carolina. At the end of July she will be getting a one time $12,000 paycheck for all accrued sick time, annual leave, regular salary etc. Is there any instrument available to lower her taxes, defer them, or whatever. No annuities please! Roth IRA?
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7/2/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.com

MyVirtualCPA :

The only way to lower your taxes would be to have business expenses, contribute to a retirement plan such as an IRA, or invest in technology that gives you a tax break, such as energy efficient improvements to your home

MyVirtualCPA :

There's no magic bullet to reduce your tax

MyVirtualCPA :

regardless if you invested in an annuity you would owe the tax

MyVirtualCPA :

I wish there was something more that I could tell you to lower the tax

MyVirtualCPA :

Do you have further questions?

Customer:

thanks, XXXXX XXXXX on the home improvement angle, might be putting in a new energy efficient heating and air system.

MyVirtualCPA :

Please make sure before you make the changes that you come back and let us know so we can ensure that you get the proper treatment

MyVirtualCPA :

Not everything that is energy efficient can get the credit

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,592
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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