Sign on bonus, AKA Forgivable Loan?
One of the Full time job offers that I am considering has a sign on bonus that is tied to the job for 4 years. The recruiter tells me it is a forgivable loan that means if I work for 4 years with that company, I will not have to repay the sign on bonus. No moving expenses.
What happens if I quit before the full 4 years? Will that be taxed as ordinary income?
Can I offset my closing costs on real estate from that forgivable Loan
Any other tax implications that I am missing out?
Thanks (Source: Student Doctor Network)
Source: Student Doctor Network - August 30, 2020 Category: Universities & Medical Training Authors: inquisitiveanes Tags: Anesthesiology Source Type: forums
Public Loan Forgiveness and Taxes
Hi all,
My future wife will still be a resident and then fellow for another three years while I am an attending. I am not in PSLF, but she is and has another 5 years in it.
Once married do you file "married filing single (MFS)" or "married filing jointly. (MFJ)" All the literature on this topic is very confusing, but it appears that filing MFJ will max out the PAYE portion of the IBR of the PSLF program to the 10 year repayment rate. FIling MFS will minimize her monthly payments for PSLF...
Public Loan Forgiveness and Taxes (Source: Student Doctor Network)
Source: Student Doctor Network - July 27, 2020 Category: Universities & Medical Training Authors: bballfanatic1 Tags: Emergency Medicine Source Type: forums
Rollover of personal 401(k) to a Roth for the first year of work
I just started a new job and get paid with 1099. I was thinking of opening up a 401(k) and contributing the max I can as a sole proprietor. Since I'm a new grad and will only be working half the year, I thought it would be a good time to roll that over to a Roth IRA and pay the taxes on it since I'll be in a lower tax bracket this year. Any thoughts about this would be great. Thank you. (Source: Student Doctor Network)
Source: Student Doctor Network - July 6, 2020 Category: Universities & Medical Training Authors: The PA Investor Tags: Finance and Investment Source Type: forums
Pay back loans or interest?
I am a sophomore in undergrad. I received $3.3K in partial refunds from my university for housing & meal plan. My parents have taken PLUS loans, and I have federal student loans (subsidized and unsubsidized) in my own name. My thinking is to put that $3.3K back into the PLUS loans, but my parents think for some reason that it might be better to use the money to pay the interest instead, so we can claim it in taxes. We're an immigrant family, and are still learning to navigate our way through...
Pay back loans or interest? (Source: Student Doctor Network)
Source: Student Doctor Network - June 3, 2020 Category: Universities & Medical Training Authors: gardalina Tags: Financial Aid Source Type: forums
Any hard data on Canadian Family Physician Net Income?
I have been looking for information on what the net income for a Canadian outpatient FM doc who sees an average number of patients would look like. I haven't seen much solid information on the internet about it. I know family docs are frequently quoted as having 20-25% overhead and the numbers I see most often seems to be 275,000 (gross pay, before taxes and overhead).
I'm not sure how the tax works after that, and I know physicians frequently "incorporate" themselves to reduce taxes but it...
Any hard data on Canadian Family Physician Net Income? (Source: Student Doctor Network)
Source: Student Doctor Network - May 18, 2020 Category: Universities & Medical Training Authors: fullmetal Tags: Canada Source Type: forums
Off topic -- Anyone have Solar installed recently
As a married couple that both bring in >150K and no kids we get pretty killed by taxes.
We do HSA, Max 403B, etc but still looking for ways to minimize taxes.
Solar has come to mind since there is a tax credit, it's good for the environment, it will save us some money (10 year plan) and increase the property value of our home slightly (not dollar for dollar)
Has anyone on here done solar? Thoughts if it's worth it?
I know this is off topic so sorry if this isn't allowed
Sent from...
Off topic -- Anyone have Solar installed recently (Source: Student Doctor Network)
Source: Student Doctor Network - May 1, 2020 Category: Universities & Medical Training Authors: msweph Tags: Pharmacy Source Type: forums
Getting CA residence in dental school (dependent relative)
Im starting dental school in CA this year and am OOS, and was wondering if anyone knows if you are able to switch state residency as a dependent relative under parents in another state. They are going to be assisting me in paying for some of dental school and we were trying to see if Id be able to obtain CA residency if they also report me as a dependent relative on next years taxes (Source: Student Doctor Network)
Source: Student Doctor Network - April 27, 2020 Category: Universities & Medical Training Authors: futurefuture5970 Tags: Dental Source Type: forums
Tuition money
Have you ever wondered where your student loan money are going at "non-profit" schools such as Midwestern University?
It's going to hoards of administrators getting rich on taxpayer dollar. One day we will recognize these people as parasites of the educational system. In no other country, is higher education such a lucrative business scheme.
Midwestern University, Full Filing - Nonprofit Explorer - ProPublica
Since 2013, the IRS has released data culled from millions of nonprofit tax filings. Use this database to find organizatio...
Source: Student Doctor Network - April 24, 2020 Category: Universities & Medical Training Authors: allantois Tags: Pre-Dental Source Type: forums
Anybody know if dental students on loans get the $1200 alotted to those making less than 75k from the CARES bill?
I didn't file any taxes because I don't have an income and am living on loan money. Does anybody know if those of us in this situation will get the $1200 as well?
This is more info on what I was talking about:
What's Inside The Senate's $2 Trillion Coronavirus Aid Package
The economic relief bill provides help to individuals, businesses, hospitals, as well as state and local governments. Here are the details.
www.npr.org (Source: Student Doctor Network)
Source: Student Doctor Network - April 5, 2020 Category: Universities & Medical Training Authors: Roy Williams Tags: Dental Source Type: forums
A run on the ABO?
Re: Oral boards postponed
Given the situation, I have asked for a refund. I encourage others to ask for a refund as well.
I believe there are major issues with the oral/written board process in ophthalmology, and I have heard older Docs express their dissatisfaction with the ABO relating to Maintenance of Certification.
Looking at their taxes, they have around 5.5 mil in net assets, 5 mil in essentially fixed costs per year, and their CEO makes ~ 700K a year. If all candidates ask for a...
A run on the ABO? (Source: Student Doctor Network)
Source: Student Doctor Network - April 4, 2020 Category: Universities & Medical Training Authors: medphysik2015 Tags: Ophthalmology: Eye Physicians & Surgeons Source Type: forums
With the avg dental school debt being 400k, please explain your strategy to conquering this enormous debt when the intrest atm is reaching 8%.
I have heard of many paths people have taken and the most prominent one sounds awful.
Less known: NHSC and HPSP scholarships: can't rely on them as getting in is ultra cutthroat competitive even with a 4.0 gpa and a 25 DAT.
Most prominent: paying around 4-5k per month of your 7k dental associate salary after taxes for 10 years. You would be living with around 2k to spare for living/gas/insurance/food/etc. Living with less to spend then a elementary school teacher after getting your...
With the avg dental school debt being 400k, please explain your strategy to conquering this enormous debt when the intrest atm is reach...
Source: Student Doctor Network - March 27, 2020 Category: Universities & Medical Training Authors: FutureDoc2001 Tags: Dental Source Type: forums
Just got admitted yesterday, considering asking for deferment
Hi y'all, any advice would be amazing.
I was admitted into medical school yesterday, March 18th, and am considering asking for deferment for several reasons ultimately consequence of the pandemic.
The deposit. I have 12 days, including today, to come up with a $2,000 deposit and then another 14 to come up with another $1,000 deposit. I only make $1,600/ month after taxes and physically can't come up with either amount in this timeline. My divorced parents are upper middle class and...
Just got admitted yesterday, considering asking for deferment (Source: Student Doctor Network)
Source: Student Doctor Network - March 21, 2020 Category: Universities & Medical Training Authors: shortstack97 Tags: Medical Students - DO Source Type: forums
Roth IRA vs Mutual Funds
My understanding of the new SECURE act is that an inherited Roth IRA must be distributed within 10 years and that the beneficiary does pay income tax on it.
With that in mind, would it make sense to use the $ 12,000 (for a couple) that would normally be used to invest in Roth IRA, to just buy non- retirement account mutual funds?
From what I know, inherited mutual funds get “stepped up” to their value on the day of death and then taxes are paid based on that, but is there a “must...
Roth IRA vs Mutual Funds (Source: Student Doctor Network)
Source: Student Doctor Network - March 20, 2020 Category: Universities & Medical Training Authors: FutureInternist Tags: Finance and Investment Source Type: forums
Re: Cardiologist is awarded £870 000 after he was sacked for raising safety concerns; spending taxpayers & #039; money to defend vendettas
(Source: BMJ Comments)
Source: BMJ Comments - March 15, 2020 Category: General Medicine Source Type: forums
Yes as an EM doc, money is more important to me than serving underserved
those group of population is just waste of our taxpayers money anyway. Screw teamhealth. We all should demand 400 per hour at least. Not happy to see fake sick people for less than 200 per hour. Sad. Even donald trump the fake news a$$ gets more respect (Source: Student Doctor Network)
Source: Student Doctor Network - March 8, 2020 Category: Universities & Medical Training Authors: YoungEMdoc Tags: Emergency Medicine Source Type: forums
