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Rule of 55 (Retirement)
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[QUOTE="Lafayette, post: 5283294, member: 14008"] That is awesome! But here's the only one potential gotcha: 1. If they pay subs [B]as contractors[/B] you get a 1099-NEC with zero taxes taken out. Only thing you can do then to avoid taxes is form a 2 person LLC in Q4 the year before you retire and have it start Jan 1, 202R. You can use the money coming to the LLC for annual meeting with the other partner anywhere in the US or possessions and expense that. In addition to this, you would need healthcare and using an Indiana marketplace vendor personally can be really beneficial on your taxes. The LLC's net income will split to it's members on a K-1 which rolls up to Schedule E and avoids payroll taxes. Then it hops up to Schedule 1. 2. If you are employed by the other district and just paid on the days you teach, then you are really doing well as they will deduct proper SS, Med, Fed, St taxes and give benefits. [/QUOTE]
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Rule of 55 (Retirement)
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