Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am a retired 30+ years Federal employee under the CSRS plan. I qualify for the Bailey exemption as I now reside in NC. I am contemplating taking a position as a school bus driver for 3 hrs.a day max. I believe this position will be considered as a state employee as paychecks are issued by State of NC. If I take this position are there any scenarios that would create tax/pension problems for me since I am taking the Bailey Settlement (State) exemption on my NC taxes? Thanks in advance for any help/insight concerning this situation.
I wouldn't think so! I worked for the library teaching computer classes for a couple of years and it created no problems at all. You have nothing to worry about!
Hi TheEmissary,
Thank you for your reply. Are you perchance a retired Federal employee living in NC who qualifies for the Bailey exemption? I am trying to find someone who is in the same situation and worked part-time and hopefully had no problems. Thanks again...
Hi BC1960,
Thanks for the suggestion. I tried calling NC D of R and just went round and round through all the telephone prompts...never was able to talk to a live person. Do you have a good number to get through to someone? Thanks...
Sometimes talking to an accountant can cost you big with what they don't know! My former boss, who retired a year before I did, sent her income taxes to her accountant and he told her she owed over $4000 to the state of North Carolina. I said, "did he figure in the Bailey Exemption" and she told me he knew nothing about it! I re-did her taxes and kept doing them for her until she died! She was the one who convinced me to work in the library teaching the computer courses for a couple of years.
If you research the parameters of the Bailey Settlement and it applies to the conditions of your Federal or NC State pension, take it. North Carolina looks downright greedy compared to the Northeast by their state income tax rates and brackets, but saves you big on property tax! If you don't look for the loopholes, you'll get taken! Also, when you turn 65, check with your county and municipality for your senior citizen property tax reduction!
Reading all of those state retirement comparisons paid off big time for me!
Thanks TheEmissary for your time and valuable input. Will try to get through to NC D of R, but if I can't the P/T job looks like it will work out okay.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
