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SEP to Roth IRA conversions

When converting SEP to Roth IRA, do I need to include this converted amount in reporting my Roth IRA basis? Thank you!

Views: 252 Replies: 1

Last Post: Feb 25, 2005 10:56am
by Andrew Schwartz ...

Amy Caffarel

married and confused

I just got married and I am confused as to the "Marriage penalty." We are a young couple, I earn 35K a year and my husband earns 55K a year. Are we better off filing a "married filing separately" or filing a joint return? Also, on my w-4, I claim 1 exemption and he c...

Views: 564 Replies: 1

Last Post: Feb 25, 2005 10:52am
by Andrew Schwartz ...

John Martinez

Signing Bonus - 1099 Misc?

Wondering if the medical group I currently worked for handled reporting of my signing bonus properly - I started in Nov 2002 and received a $5000 signing bonus as stipulated by the contract in Dec 2002 - this income was reported on a 1099 Misc for 2002. In 2003, I...

Views: 383 Replies: 2

Last Post: Feb 23, 2005 9:53am
by Peter

kishan

$3K tax exemption for residents

I am in my second year of residency and someone told me that we can take $3K deduction in our taxes. I am not sure where to find the that language. Can someone elaborate on this? K

Views: 383 Replies: 1

Last Post: Feb 15, 2005 5:23am
by Andrew Schwartz ...

James Decker

CME Travel Expenses

I just received an advertisement from American Medical Seminars for their self-directed courses. There so called "Home, Commute or Travel CME" product line. If I travel out-of-state and complete one of their courses while there can I deduct any of the travel relate...

Views: 399 Replies: 3

Last Post: Feb 7, 2005 6:55am
by Gary Davis CPA

book deduction

if books were purchased during tax year 2003 (and weren't deducted at that time), can they be deducted for tax year 2004. thanks vm

Views: 352 Replies: 1

Last Post: Feb 2, 2005 6:30pm
by Andrew Schwartz ...

BJC

self-employed 401(k) for residents

I'm a resident paid on a grant rather than employed by the hospital, so I get "non-employee compensation" and a 1099 and I am not eligible for the 403(b) plan. I set up a self-employed 401(k)last year to shelter some small income I get for consulting work on the sid...

Views: 265 Replies: 1

Last Post: Feb 2, 2005 6:25pm
by Andrew Schwartz ...

home equity loan

Hi, I've been thinking about opening a home equity line of credit and using it to pay off my high interest car loan. Will this help me in regards to tax deductions of interest paid, or will the interest paid on my home equity loan be ineligible for the home loa...

Views: 352 Replies: 1

Last Post: Feb 2, 2005 6:03pm
by Andrew Schwartz ...

Andrew Schwartz CPA

IRS Issues More Info on FICA Issue

IRS GuideWire Dec. 21, 2004 Revenue Procedure 2005-11 Revenue Procedure 2005-11 (PDF) (www.irs.gov/pub/irs-drop/rp-05-11.pdf) provides a safe harbor that certain institutions of higher education and certain affiliated organizations can use in applying the exce...

Views: 416 Replies: 2

Last Post: Feb 2, 2005 5:06pm
by RB

good news on FICA refunds?

This may be nothing really, but after filing amended returns for 1998, 1999, and 2000 back in 2001, and waiting forever for the IRS to pull their head out of you know what, I received a letter from them saying they've lost my paperwork and want me to resubmit my amen...

Views: 472 Replies: 2

Last Post: Jan 28, 2005 7:13am
by RB

Robert

refund for purchase

i will initiate my career next year and this year, i bought a whole lot of new medical equipment for my practice. how can i deduct it? can i fill it by myself?

Views: 450 Replies: 1

Last Post: Jan 28, 2005 3:05am
by Andrew Schwartz ...

Daniel

Marriage Tax Question.

My wife and I are not legaly separated, but we are living apart. This year, she filed 2004's taxes without discussing it with me and recieved a refund. She only claimed her income but filled Jointly. I worked all last year and need to file my taxes also. What are my...

Views: 302 Replies: 1

Last Post: Jan 28, 2005 3:00am
by Andrew Schwartz ...

Carter Wood

FICA Refund

I'm royally confused. I see that the gov't lost the case and Mayo residents got to keep their money, but the IRS put out this statement before the court decision (see below) Does anyone have a straight answer on this issue? What are the risks of filing a 104...

Views: 329 Replies: 0

Last Post: Jan 22, 2005 7:14am
by Carter Wood

VG MD

IRA for my kids

I do have a 401 K and a post-tax IRA fully funded as well as my wife, I have 2 kids 8 and 6 y/o. I want to ask: 1: Can I open an IRA for my kids? and what are the rules for them, they of couse do not work or have any income, 2: Do I need to filed as well a separ...

Views: 266 Replies: 2

Last Post: Jan 15, 2005 10:44am
by Michael Tyler CP...

joe

new baby, wife staying home not returning to office

We had our 1st child in 8/04. My wife is a medical office manager (11 years with the hospital, 5 of which as a manager there), and she wanted to go back to her job part-time after maternity leave ended. Unfortunately, she was told fulltime or nothing. She decided...

Views: 402 Replies: 2

Last Post: Jan 8, 2005 4:46am
by joe

ashish

travel deduction question

I am a geriatric fellow out of Boston University Medical Center. Most of my time is spent at Boston Medical Center. However, I have to spend a total of 5 months at a Veteran's Admin Hospital approximentely 25 miles away. I travel directly from my home to the VA or BM...

Views: 409 Replies: 1

Last Post: Jan 3, 2005 5:45pm
by Andrew Schwartz ...

Scott Willis

Whole Life

I just saw a "financial planner" (works on commission) who recommended whole life as part of my financial package. I read the literature and it looks good. My upbringing tells me that this is not a good financial instrument but it seems to fill a need for insurance...

Views: 371 Replies: 4

Last Post: Dec 24, 2004 5:58am
by Jim Boyle, CPA, ...

Brian C

mortgage approval vs. 401(k)

I am employed but also do some freelance consulting. I am thinking of putting the consulting money in a solo 401(k), but I intend to upgrade to a much bigger house next year. Is it better to have the cash liquid to qualify for a jumbo loan, or is expected income a...

Views: 254 Replies: 1

Last Post: Dec 8, 2004 2:10pm
by Joseph Gruenfeld

Jon

FICA Refunds for Residents

As a current resident who just started this year, how can I claim a refund for my FICA withholding per Minn. v. Apfel when I file my 1040. Would it be easier/smarter to file a 1040 and then file a 1040X later?

Views: 307 Replies: 1

Last Post: Nov 29, 2004 1:33pm
by Andrew Schwartz ...

ashish

file as jt married or head of household

Should I file as joint married or head of household? Details: My income for 2004 comes to around $48,000. I have around $10,000 of deductions to take. So my tax bracket as HEAD OF HOUSEHOLD would still be 26-7%. But if I file as joint married, I could drop...

Views: 351 Replies: 3

Last Post: Nov 29, 2004 1:30pm
by Andrew Schwartz ...

ashish

deducting temporary work travel expenses

Views: 375 Replies: 0

Last Post: Nov 27, 2004 11:26pm
by ashish

eric

distribution

I recently started a practice and formed an S-Corp. As an S-Corp would I be able to save on my payroll taxes by reducing my salary and paying the remainder in the form of a shareholder "distribution". I know that I cannot make my entire salary a distribution. I als...

Views: 516 Replies: 2

Last Post: Nov 4, 2004 9:14am
by eric

retirement planning...

Hi, I'm a physician who just got out of residency earlier this year. I have contributing to an ERISA qualified plan (457) and am continuing to do so in my new job (same plan) up to the max ($13000). My wife is a 2nd year resident is is also contributing to a 403b...

Views: 276 Replies: 1

Last Post: Oct 25, 2004 4:47pm
by Andrew Schwartz ...

David

Roth IRA for wife?

I am finishing my fellowship in June 2005. My salary will be above the Roth IRA contribution limit after that. Can my wife contribute to a Roth IRA individually even though she does not work? Does the 16OK limit for contributions apply to both of us? If she can estab...

Views: 379 Replies: 1

Last Post: Oct 6, 2004 5:41pm
by Andrew Schwartz ...

Shekar Narayanan

SUV

I just became partner in a practice and am also looking to purchase a new vehicle. Many of my MD friends have purchased SUV's because of tax reasons. Can you please explain how this is deductible. Not the milage, but the actual cost of the luxury SUV.

Views: 389 Replies: 2

Last Post: Sep 29, 2004 5:34pm
by Andrew Schwartz ...

Elyn Lucia

Sale of 2nd Property + Capital Gain - 1 year 10 months

Hi, We own a permanent home in Oakhurst, NJ, and purchased in November 2002, a condo in Voorhees, NJ (75 miles away). We purchased this condo so our daughter could live in it while studing piano and teaching same. We bought the condo with cash and put a 2nd mortga...

Views: 303 Replies: 1

Last Post: Sep 24, 2004 11:06am
by Gary Davis CPA

Intern04

Transitional intern = temporary assignment deduction?

Hello, First, thanks to those who answer the questions on this forum... it has been a great help. I have a question that I couldn't find the answer to... I graduated medical school in 2003 in California and am under contract to return to California to start ra...

Views: 302 Replies: 1

Last Post: Aug 31, 2004 10:56am
by Andrew Schwartz ...

Harrison Rhee

credit reports and mortgage approval

Among many other loans, I have a private loan that has a significant interest rate. I was recently offered several different personal loans through local banks and credit companies that offer lower interest rates. These would add up to significant savings over the lo...

Views: 281 Replies: 1

Last Post: Aug 31, 2004 10:52am
by Andrew Schwartz ...

stephen

auto expenses

i understand that the irs allows deductions from one workplace to the next, however, why is on call travel from home to multiple hospitals not deductible? thanks for your help in this matter.

Views: 378 Replies: 1

Last Post: Aug 31, 2004 10:41am
by Andrew Schwartz ...

dave bolaji

Profit/sharing 401k plan loans

Does one have an option to take a loan from one's 401k p/s account at prevailing market rates without excessive tax penalties?...In effect , borrowing from one's self rather than the bank.?

Views: 284 Replies: 2

Last Post: Aug 8, 2004 3:46pm
by dave bolaji

Jesus Rios

FICA refund

I filed a 1040x for a refund of FICA witheld for the 2002 year. I have yet to receive a reply, 7 months later. I have also filed a class action lawsuit for the same. I'll keep the board posted on my progress.

Views: 313 Replies: 1

Last Post: Jul 19, 2004 10:13pm
by stephanie rios

State Residency Determination

How is state residency determined for tax puposes? Let's say I live in one state for 6 months and then I live in another state for the remaining 6 months. I have houses in both states. Which state would be considered my "state tax home?"

Views: 297 Replies: 1

Last Post: Jun 17, 2004 6:34am
by Gary Davis CPA

Aline

Where to deduct job related expenses.

Hi, I'm in the middle of my first year of residency in Ophthalmology. I have expenses of about $2500 for instruments, $950 for books and $200 for travel for a short course. I can see these will go on Sch A,(Itemized deductions) line 20 and thatthe amount over 2% of...

Views: 328 Replies: 1

Last Post: Jun 17, 2004 5:55am
by Gary Davis CPA

Tom F.

Deductions or credits for 1st year medical resident?

First of all, thanks to all who contribute to this great site. As the husband of a first year medical resident, all of your knowledge has cleared up a ton of my questions this tax season. So far I have gathered that medical school tuition in general does not qual...

Views: 405 Replies: 1

Last Post: Jun 16, 2004 7:19am
by Gary Davis CPA

Marty

Sporadic Additional Income and Schedule C

I am currently a full-time medical resident who has chosen not to participate in moonlighting. However, I spent one week this year working in a private practice office not affiliated with my regular job (primarily to explore future job opportunities) and was compensa...

Views: 261 Replies: 1

Last Post: Jun 16, 2004 7:08am
by Gary Davis CPA

AIMD

LLC

I'm a senior resident a year from graduation. Currently, I am moonlighting and earning about $10K/yr from this job for which I receive a 1099-misc. For tax purposes, I consider myself a sole-proprietor and deduct as much as allowed against this income. I have...

Views: 403 Replies: 1

Last Post: Jun 8, 2004 6:56am
by Gary Davis CPA

eric miller

soleproprietorship vs S-Corp vs C-Corp

I am starting a new solo practice in Texas in August. What are the pluses and minuses to declaring my practice as a sole proprietorship vs incorporating. What about S-Corps vs C-Corps? It will be a small practice with no more than 2 employees. Thank you for your...

Views: 400 Replies: 4

Last Post: May 26, 2004 9:09am
by Jennifer Kato

Allen

New FICA Refund Question

I am currently a resident and I have read over the newest pdf file on IRS.gov on the FICA Refund. Am I allowed to get a FICA Refund given all the information up to this point? If you read the latest proposed revenue procedure by the IRS, it makes it sound like...

Views: 352 Replies: 1

Last Post: Apr 26, 2004 6:41am
by Andrew Schwartz ...

Jennifer Zellem

Converting Primary Residence to Rental

We are in the process of converting our primary residence to a rental property. A friend told us that in the year we convert we can have no better than a net zero tax effect (essentially we will only be able write off the interest paid this year to the extent of the...

Views: 332 Replies: 1

Last Post: Apr 26, 2004 6:36am
by Andrew Schwartz ...

eric miller

health savings accounts

Health savings accounts (formerly medical savings accounts or MSA's) seem to be very much "en vogue". What is the real story on them? Are they a reasonable option for insuring my family and my two employees given that none of us have any serious medical illnesses (...

Views: 272 Replies: 1

Last Post: Apr 23, 2004 10:53am
by Lawrence B. Kell...

Kay Matthews

COBRA and self-employed health insurance

I am currently self-employed but getting health insurance coverage under COBRA. Can I deduct these expenses?

Views: 299 Replies: 2

Last Post: Apr 14, 2004 6:50pm
by Justin Tandoori

Meghan

State Income Tax Deduction on Schedule C

Hi-- I was hoping you might clarify how the state income tax deduction works on Schedule C. For instance, if my regular income is $40K, my moonlighting income is $10K, and my state income tax is 5%, how much is actually deductible? Is it 5% of $10K (moonlighting in...

Views: 233 Replies: 1

Last Post: Mar 14, 2004 7:04pm
by Gary Davis CPA

AILEEN SIAPNO

TAX SHELTER

MY MOM OWNS A CONDO, SHE JUST GOT IT A YEAR AGO BUT THE PERSON PREPARING HER INCOME TAX SAYS SHE HAS TO PAY $1500 COS SHE IS NOT CLAIMING ANYBODY, IS THIS TRUE? SHE DOESN'T LIVE IN THE CONDO COS ITSON MAUI AND SHE IS STILL IN CA. WORKING AND RENTS A STUDIO THERE, I...

Views: 346 Replies: 1

Last Post: Mar 14, 2004 7:02pm
by Gary Davis CPA

Andrew Schwartz CPA

FICA Refund - New Info from IRS

Check out http://www.irs.gov/pub/irs-drop/n-04-12.pdf for updated info on the FICA refund issue

Views: 474 Replies: 2

Last Post: Mar 5, 2004 2:37pm
by Aaron Goldfarb

Aaron Goldfarb

FICA refund

I submitted my 1040x in 2001 and have been waiting for the last 3 years. In July 2003 the U.S District Court of Minneapolis ruled in favor of the Mayo Clinic. Since September of 2003 the agent at the IRS who I have been working with tells me I should be paid my ful...

Views: 337 Replies: 1

Last Post: Mar 5, 2004 2:35pm
by Aaron Goldfarb

Henri

Does Constructive Receipt apply?

I was participating in an unqualified funded pension (deferred income) plan wih a company that I separated from in November of 2002. Monies had gone into the fund (basically pension fund made of mutual funds managed by a large investment house) pre federal and state...

Views: 183 Replies: 0

Last Post: Mar 4, 2004 8:07am
by Henri

C Park

Home office deduction for homeowners

What are the tax laws regarding the sale of a home if you have previously taken a home office deduction? Also, can the home office deduction be taken as an employee (no office space is provided at work), and does the space need to be a room unto itself, or can it be...

Views: 276 Replies: 1

Last Post: Mar 3, 2004 6:16am
by Andrew Schwartz ...

sue

What to do when you stop using your vehicle that you had previously used for business?

Hi, I have been using my car for business and taking business deductions for using it the last 3 years. (I never took a business deduction for buying it as I aquired the car 9 years ago- well before I started working, and I did not take any vehicle/business deduct...

Views: 248 Replies: 1

Last Post: Mar 3, 2004 6:08am
by Andrew Schwartz ...

sue

Fellowship Stipend

Hi, As a resident, I received a monetary award/ stipend from an organization for being selected as a "fellow" in their program. The money was not for any services that I performed for them, but rather could be used to pay for any educational activity I wanted to at...

Views: 335 Replies: 1

Last Post: Mar 3, 2004 6:03am
by Andrew Schwartz ...

sujatha singaracharlu

Section 179 Deduction- what qualifies

Hi, I know that things like computers, cell phones, and office furniture qualify for the section 179 deduction. But what about other (smaller) tangible property like buying 3 ring binders, paper, notebooks, pens, paper clips. Should these be included as well? Or...

Views: 322 Replies: 1

Last Post: Feb 16, 2004 2:18pm
by Gary Davis CPA