 | ||
 |  | |
The MDTAXES Network is an affiliation of CPAs that specialize in the tax planning and preparation for young health care professionals. Please leave your questions or comments for our CPAs, who visit the message board regularly, or review the answers, suggestions and ideas posted in response to your colleagues' questions.
Please check out our other Message Boards available at www.FindAGoodCPA.com.
Please note: We are NOT affiliated with the Maryland Tax Department. If you're looking for information about Maryland income taxes, go to www.marylandtaxes.com.
It is not uncommon for hospitals to exclude Residents as a "separate class" of employees. You can ask them for a copy of their SPD (Summary Plan Document) to verify this exclusion.
I agree with Andrew:
403(b):If you like the investment options in the plan you can still make non-matching contributions and save on taxes. This is, in effect, a government subsidy (or match).
Roth IRA: I love Roths! This is very flexible and powerful vehicle for savings. If you are still eligible this is great option.
--- --- --- --- --- --- --- --- ---
Replying to:
My hospital refuses to match contributions to a 403B plan for residents. They do match with anyone else in the hospital from executive to cafeteria worker. Their reasoning is 1) that residents are not considered permanent employees and 2) are they employees or students? (which is a whole discussion in itself). btw, they do take out SS taxes. I want to know if anyone else has a similar situation or do their hospitals match their 403b plan. And what are my options. (I have a roth already). Thanks 
Zip Code: BWeinstein@mdtaxes.com