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
Lost In the process. No Navy HPSP students in my class.
Missed out on the slots for ODS, no idea how to get uniform, no idea what I am supposed to be doing ever since my recruiter ran off to her new post (there are vineyards she is a happy lady). Family served enlisted in the 80's so not much help. The only thing that reminds me I am an HPSP student is that check in the mail. Is active duty pay automatic? Do I just do my own taxes like normal? How do you be a competitive resident, is research as important, volunteering, work experience? Who do I...
Lost In the process. No Navy HPSP students in my class. (Source: Student Doctor Network)
Source: Student Doctor Network - March 5, 2020 Category: Universities & Medical Training Authors: asclepius.scholar Tags: Military Medicine Source Type: forums
Taxes
We as dentist get screwed in paying a lot in taxes while being burdened by high taxes. So lets hear it. What are you doing to pay as little taxes as possible? I have heard that you can setup a DSO of you own (management company). Aside from the s-corp model of paying a lower salary and getting K1 for reduction of payroll taxes and maxing out 401k/qualified retirement accounts, what strategies are y'all employing? (Source: Student Doctor Network)
Source: Student Doctor Network - February 9, 2020 Category: Universities & Medical Training Authors: thewingman Tags: Dental Residents and Practicing Dentists Source Type: forums
Chance of being forgiven $450K in student loans with IBR?
Are federal loans grandfathered in? I plan on borrowing $350K, in loans, and I calculated that if I start IBR during residency, maybe take a year off to do MSF, and work as a physician at a hospital that gives 8 weeks PTO a year (I'll be willing to take a lower salary or work in a public university hospital. Lifestyle>>Salary), I will probably still OWE the government $450K. I will only owe $100K of taxes on the $450K, which I plan on either saving up for over 25 years or maybe working with...
Chance of being forgiven $450K in student loans with IBR? (Source: Student Doctor Network)
Source: Student Doctor Network - January 19, 2020 Category: Universities & Medical Training Authors: Magyarzorag Tags: Medical Students - MD Source Type: forums
Step 3 Tax Deductible?
All I can find is a 10 year old thread where it says it isn’t tax deductible, but I can’t find the most recent info. Some residency programs don’t pay for step 3 and I was wondering if it could written off on taxes as an expense? What about any study materials/books/things we may need for residency? (Source: Student Doctor Network)
Source: Student Doctor Network - January 19, 2020 Category: Universities & Medical Training Authors: samac Tags: General Residency Issues Source Type: forums
Roll over 403b to Roth IRA?
I have approx 200K in 403b from previous job.
The new job is a non-profit so I can roll over to their 401k.
Another option is to pay taxes on it and roll over to Roth IRA (can pay taxes from savings and hence would roll over all of it)
Initially I was thinking that the Roth IRA would be solely for our kid, and that we would rely solely on 401K, 403b etc for our rerirement.
Additionally, since the max Roth IRA for a couple is 12K per year, I could “gain” 16 years of contributions by doing...
Roll over 403b to Roth IRA? (Source: Student Doctor Network)
Source: Student Doctor Network - January 4, 2020 Category: Universities & Medical Training Authors: FutureInternist Tags: Finance and Investment Source Type: forums
RVU and Salary/Compensation
For the first time, my job sent us a clear profile of how much work RVU (wRVU) we produced for the last year. I work in a base plus RVU model in academics and there are tons of little "taxes" taken out of my paycheck each month to support various med school/department things. I'm not sure if I'm getting just a little or a lot screwed by my current compensation model.
What would be considered good compensation per wRVU? I've tried searching the web, but there appears to be no consensus. This...
RVU and Salary/Compensation (Source: Student Doctor Network)
Source: Student Doctor Network - January 3, 2020 Category: Universities & Medical Training Authors: GatorCHOMPions Tags: Emergency Medicine Source Type: forums
Let me show you the true cost of going to an expensive private school
These school expenses are getting so ridiculous. I didn't realize tuition+fees for these schools are 100,000 dollars. Let me show you just how much this costs if you go to a school like this.
Income: $200,000
After taxes: ~$140,000
Loans: 550k with 6% interest
15 year payoff: $4,600 monthly or $55,000 yearly into loans. That means you have $85,000 left over each year.
This is the equivalent of a person with $115,000 salary for the next 15 years of your life
10 year payoff: $6,100 monthly...
Let me show you the true cost of going to an expensive private school (Source: Student Doctor Network)
Source: Student Doctor Network - December 30, 2019 Category: Universities & Medical Training Authors: Awarara Tags: Dental Source Type: forums
Just made my first Student Loan Payment and It was Empowering
Only 239 payments left to go before i'm debt free!
How is everyone else debt repayments going?
I'm on REPAY, been on EBT (government food stamps) and semihomeless. I haven't had a tax return in over 7 years because I haven't filed taxes in that time period due to not having work (Not technically true because I made around 17 cents from Youtube views on my channel but I havn't got paid for that yet).
It was very easy to get on REPAY after telling them my situation. The student loan...
Just made my first Student Loan Payment and It was Empowering (Source: Student Doctor Network)
Source: Student Doctor Network - December 22, 2019 Category: Universities & Medical Training Authors: LivingMyBestLife Tags: Pharmacy Source Type: forums
Thoughts about Elizabeth Warren's New Health Plan?
Elizabeth Warren’s plan to pay for Medicare-for-all, explained
She shows how she would pay for it without raising middle class taxes.
www.vox.com
Seems like this will be hitting physicians directly, at least based on this explanation, what are people's thoughts about this and the impact it will have on students trying to pay of their loans? (Source: Student Doctor Network)
Source: Student Doctor Network - December 2, 2019 Category: Universities & Medical Training Authors: Chromium Surfer Tags: Topics in Healthcare Source Type: forums
Tax deductions
New attending here. Wanted to tap the wisdom of my EM veterans. I am an IC with a LLC taxed as an S-Corp. What all should I be deducting as business expenses for maximal tax savings? (Source: Student Doctor Network)
Source: Student Doctor Network - November 7, 2019 Category: Universities & Medical Training Authors: onlyletters Tags: Emergency Medicine Source Type: forums
