Original MDTAXES Forum

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sukhpreit sohi

SEP IRA vs. individual 401K

hi me and my husband are independant physician contracters. we are debating between a sep ira or an individual 401.. which would be a good contribution plan for us? what is the main difference, also is a keogh plan better than the above two options? thanks.

Views: 374 Replies: 1

Last Post: Jul 27, 2009 3:57am
by Andrew Schwartz ...

Daryl

SEP IRA and Individual 401k

Hi, I have a question regarding retirement savings. I am currently an independent contractor and established a SEP IRA last year. I made a contribution of $900 for this year and have now discovered that the individual 401k would be a better choice for me (higher co...

Views: 286 Replies: 1

Last Post: Jul 12, 2009 5:35pm
by Andrew Schwartz ...

Patricia P Guye

Unclaimed Money or Assets

Do I have any money or unclaimed assets?

Views: 491 Replies: 2

Last Post: May 20, 2009 11:11am
by Andrew Schwartz ...

Daryl

Going from an independent contractor to employee

I am considering switching from being an independent contractor to be a salaried pediatrician (employee). I am pretty sure my potential employer will not be providing a tail coverage for me if I choose to leave the practice in the future and will not be providing he...

Views: 411 Replies: 1

Last Post: May 16, 2009 5:44am
by Andrew Schwartz ...

IRA to Roth Conversion

I read your monthly tip on converting traditional IRA to Roth IRA in 2010 to make tax free withdrawals later on. Our income is over the deductible limit. My present IRA is worth more than the non-deductible contributions. The question is, if I transfer the funds t...

Views: 431 Replies: 1

Last Post: May 13, 2009 4:15am
by Andrew Schwartz ...

Oleg

HELOC

Does it make sense to buy rental property using HELOC Thanks

Views: 403 Replies: 1

Last Post: May 13, 2009 4:10am
by Andrew Schwartz ...

Confused

Life Insurance and Estate Tax

Hi Andrew, I am a new attending physician and my spouse and I currently have limited assets (

Views: 512 Replies: 4

Last Post: Apr 28, 2009 6:37am
by Lawrence B. Kell...

I joined a well established group: can I amortize goodwill for my taxes?

If I joined a physician group with longstanding presence as a new physician with a partnership contract (salaried 1st year), can I amortize goodwill to reduce income taxes? What's the best way to do this?

Views: 527 Replies: 1

Last Post: Apr 26, 2009 6:59am
by Andrew Schwartz ...

raj

LLC questions

Just a quick question - I've posted before regarding similar questions. I was looking at legalzoom.com in terms of forming a basic LLC ... I wasn't sure about some simple details, however. I'm a child/adol psych fellow currently - graduating in June. Here i...

Views: 482 Replies: 1

Last Post: Apr 26, 2009 6:50am
by Andrew Schwartz ...

Amanda

budget, loan repayment, taxes

Hello, I'm coming out of residency and will have a job offer in PA with a salary of about 190K. I'm a single woman and don't plan to buy a house. I have huge medical school loans debt (~230K now with the interest) that are all private (same company) and all cosi...

Views: 453 Replies: 1

Last Post: Apr 26, 2009 6:46am
by Andrew Schwartz ...

test

After Tax Savings Account

My employer offers and after tax savings account. Is this a good mechanism to save for retirement? Thanks

Views: 393 Replies: 1

Last Post: Apr 23, 2009 5:25pm
by Andrew Schwartz ...

sukhpreit

start locum work in july

hello, my husband and i are starting locum tenens work for psychiatry from july after he graduates. i understand this is SELF employment and was unsure about how we have to do our taxes: - do we have to estimate quarterly and pay taxes? if so, how do we calcualte est...

Views: 527 Replies: 1

Last Post: Apr 23, 2009 5:19pm
by Andrew Schwartz ...

Adam Rollins

Making payment of owed amount due after filing deadline

If after filing your taxes, you owe money back to the state, and cannot make payment by the deadline for filing, what can you do? I owe back and have this problem and cannot get thru on the phone lines to speak with a representative at the comptroller's office. Today...

Views: 368 Replies: 0

Last Post: Apr 15, 2009 12:38pm
by Adam Rollins

chuck

profit sharing and other retirement question

I am starting a new position with a private group that offers 49K/year in profit sharing, Can I use this money to pay for LTD and/or Life insurance both of which the group doesn't offer. Also, is there any other mechanism to defer money for retirement? I will be an e...

Views: 431 Replies: 2

Last Post: Apr 13, 2009 6:50am
by Lawrence B. Kell...

Mosha

Temporary Job Assignment

I know that there have been several questions on this topic - I moved from California (where I rented an apartment)to do my one year fellowship in Virginia and I am going to move to Texas for a job after completion. Will my fellowship in Virginia be a temporary job a...

Views: 470 Replies: 1

Last Post: Apr 6, 2009 7:05pm
by Andrew Schwartz ...

Greg Herman

Extensions and audits

Is there any data to suggest that filing for an extension would decrease or increase your chances of an audit?

Views: 424 Replies: 1

Last Post: Apr 6, 2009 7:03pm
by Andrew Schwartz ...

Resident

Disability insurance

A disability insurance agent, who is on commission, recently had a meeting with a group of medical residents. She strongly recommended purchasing the insurance immediately, as the option is guaranteed now regardless of health and rates cannot be raised later, though...

Views: 586 Replies: 1

Last Post: Apr 6, 2009 10:39am
by Lawrence B. Kell...

JHenderson

uncollected claims

I am a resident who did some moonlighting this past year. I was wondering if the charges that were billed, but not collected, could be deducted from the amount that was collected. Can that be considered charitable work?

Views: 529 Replies: 3

Last Post: Mar 29, 2009 7:04pm
by Andrew Schwartz ...

Rob

Federal withholding

I am adjusting my federal withholding for 2009 because my calculations say that I'll be due a large refund for the year. My wife will stop working as she is having our first child this year, and we just bought a house giving a large interest deduction. I did all of t...

Views: 563 Replies: 1

Last Post: Mar 29, 2009 6:59pm
by Andrew Schwartz ...

e k

question about schedule C

i am usually an employee but got stuck with a 1099-MISC - ie resulting in a schedule C and wonderful self-employment tax penalty - when my employer decided to switch defered comp plans to a 401k and "couldn't" roll over from the the prior plan (actually never opened...

Views: 714 Replies: 3

Last Post: Mar 23, 2009 6:55pm
by Andrew Schwartz ...

Anonymous

Board monitoring expenses: ? deductible

Board-mandated monitoring programs for physicians in recovery have many expenses; most would likely qualify as medical deductions if paid out-of-pocket. Some expenses are fees paid to contract monitors, say for toxicology specimen collection and other monitoring t...

Views: 661 Replies: 1

Last Post: Mar 23, 2009 6:53pm
by Andrew Schwartz ...

RadDoc

Traveling Doctor & Taxes

I am a resident in MA and are subject to MA state taxes. I am about to sign on for weekend job opportunity in Texas which has no state income taxes. Do I have to pay state income taxes on income earned in a location with no income tax? Also, are my expenses rela...

Views: 575 Replies: 1

Last Post: Mar 22, 2009 6:43pm
by Andrew Schwartz ...

Anonymous

First time home buyer tax credit - use as a downpayment?

I know you touched on the First Time Home Buyer Tax Credit of $8000 (in your March '09 newsletter) for those of us buying homes in 2009, but my question is this - is there any possible way to put this on your 2008 taxes (without having already bought a home) & then u...

Views: 753 Replies: 1

Last Post: Mar 22, 2009 6:39pm
by Andrew Schwartz ...

Anon_Fellow

Job Search Expenses

I am currently a fellow in the Boston area. In 2008, I traveled to California to interview at two hospitals for a subsequent fellowship. My wife joined me so that she could get a feel for whether she would want to practice in California. We flew into SF and spent...

Views: 652 Replies: 2

Last Post: Mar 21, 2009 9:26am
by Anon_Fellow

Joe. K

Cash out roth for losses?

In June 2008 I put $4000 into a roth IRA in a very risky stock. The company is close to going bankrupt and the stock I have is worth a couple hundred dollars now. Can I cash out my IRA now and take the lose as a tax loss (for 2008 taxes or 2009 taxes), or is it to la...

Views: 490 Replies: 3

Last Post: Mar 12, 2009 1:17pm
by Andrew Schwartz ...

Dana

Loan for practice/Basis issues

I'm an S-corp with a loan through the business (for the purchase of the practice 2 years ago). My accountant tells me it would be better if I personally took out the loan and then in turn loaned the money to the business that would increase my basis and allow me tak...

Views: 492 Replies: 3

Last Post: Mar 10, 2009 4:05pm
by Andrew Schwartz ...

Anon

Claiming Tuition

I had a follow-up question to an earlier question... You said that if you have a license you can claim an MPH program as CME, but if the university issues me a 1098T does that force me to claim that amount as tuition or can I still claim that money as CME? Thanks...

Views: 499 Replies: 1

Last Post: Mar 10, 2009 4:03pm
by Andrew Schwartz ...

Marie

Roth Conversion

Hi, I know that traditional IRAs can be converted to Roth IRAs in 2010 with no income limitations. Is it also possible to convert money from a tax-deferred 403b plan into a Roth? Thank you very much!

Views: 478 Replies: 1

Last Post: Mar 8, 2009 2:25pm
by Andrew Schwartz ...

Tom Harshman

Expense Reimbusrement for Fellowship Clinical Reasearch Presentations

Andrew: My questions relate to expense reimbursement for an ONC Fellow at Stanford. My daughter is an MD and three year clinical researcher beginning to be published and recognized in her specialty. She is asked to and volunteers to present at ONC professional...

Views: 602 Replies: 1

Last Post: Mar 8, 2009 2:21pm
by Andrew Schwartz ...

Logan McGrane

volunteer hours deduction

Can you give me information on how to deduct my volunteer firefighting/paramedic hours from my maryland state taxes?

Views: 428 Replies: 1

Last Post: Mar 8, 2009 2:15pm
by Andrew Schwartz ...

Marlene Cohen

income tax

Hi, I have paid estimated taxes in 2008. I got nothing from Maryland indicating I did so for taxes. Is this normal? I have kept my records and know how much was paid. Thank you. Marlene

Views: 545 Replies: 1

Last Post: Mar 7, 2009 4:16am
by Andrew Schwartz ...

Serge

Energy Credit 2008

Last year (2008) we changed windows, and bought new energy efficient appliances for our kitchen. Would we be able to claim "energy credit" on a tax return, or was in only applicable for 2006 and 2007?

Views: 547 Replies: 3

Last Post: Mar 7, 2009 4:16am
by Andrew Schwartz ...

Anonymous

Professional Privilege Tax

Tennessee levies a professional privilege tax of $400 on all licensed physicians. TN does not have a state income tax, but can I claim this as a deduction on my federal income tax return?

Views: 629 Replies: 1

Last Post: Mar 1, 2009 5:18pm
by Andrew Schwartz ...

Jason

Are 401K profit sharing plans good for owners of a business?

As a business owner, I'm now contemplating the contributions that I make for myself and employees and wondering if it is worth it. We have a 401K/profit sharing plan with Safe Harbor provision. I deferred 31K of compensation into the 401K, and will put in 7.4K safe h...

Views: 447 Replies: 1

Last Post: Feb 27, 2009 9:05am
by Lawrence B. Kell...

anonymous

Tuition 1098 T

I paid tuition towards a masters degree and received a 1098 T form. I understand that I cannot deduct this cost become of income limitations. I have bother 1099 and W2 income. Can I deduct this expense on Schedule C against 1099 income? Thanks

Views: 657 Replies: 2

Last Post: Feb 26, 2009 6:33pm
by Anon

Raj

W-2 vs 1099 & Role of LLC if independent contractor as consultant

Thank you, first of all, for this great resource. I will try to keep things simple to get my question across without too much confusion :) I am looking at 2 places of work to potentially join when my training is completed. Job A - Salary based, provides bene...

Views: 643 Replies: 1

Last Post: Feb 25, 2009 2:58pm
by Andrew Schwartz ...

anonymous

temporary work assignment?

Thank you for your informative website. I took a job in a different state, but realized quickly that I wanted to relocate back to my home area. Found another job in my desired area and will start in a couple of months. My question is whether or not I can count the e...

Views: 613 Replies: 1

Last Post: Feb 25, 2009 2:56pm
by Andrew Schwartz ...

anonymous

Car Expenses

I have a question automobile expenses. I have both W-2 and 1099 income. Can I deduct all of my automobile expenses against the 1099 income even though some of mileage relates to my employed W-2 job. Thanks

Views: 769 Replies: 1

Last Post: Feb 19, 2009 4:36pm
by Andrew Schwartz ...

Raj

Board fee deduction

It's been answered earlier on this forum - so the idea of whether board fees are deductible has already been addressed ... It would appear that is a "yes" as it is not 'required' for work ... (esp. in psychiatry from my experience ...) My question is - under the j...

Views: 548 Replies: 1

Last Post: Feb 19, 2009 4:34pm
by Andrew Schwartz ...

bijoy

diffferent states

I work in Manhattan but live in Philadelphia. I do pay NY city tax but no PA state tax. When I do my taxes through turbo tax , I am left with a big PA state tax burden. What can I do about it? Should I be getting a refund from NY? Thanks

Views: 515 Replies: 1

Last Post: Feb 19, 2009 3:37pm
by Andrew Schwartz ...

intern

was med student, now intern - only file with current state?

I was considered a resident of PA while I attended med school in VA (I graduated in May 2008). I'm now an intern in VA and as such switched my driver's license etc to VA in June 2008. My only 2008 income is what I've made as an intern. It's my understanding that...

Views: 479 Replies: 1

Last Post: Feb 13, 2009 6:45am
by Andrew Schwartz ...

Robert J

Re: Deductions when you're a 1099 and a W2

I was employed with a group for the 1st half of 2008 and a 1099/W2 person for the second half of 2008. Ideally, deductions are best taken off the 1099 income. If I went to seminars/conferences related to my field in the beginning of the year, is it reasonable/leg...

Views: 516 Replies: 1

Last Post: Feb 8, 2009 6:28pm
by Andrew Schwartz ...

abhishek

department of taxation 1099 form

i recieved a 1099 form from the department of taxation with a refund/ over payment value of 252. does this info get reported to 1099 g form or 1099 int?

Views: 638 Replies: 1

Last Post: Feb 8, 2009 6:22pm
by Andrew Schwartz ...

abhishek

moonlighting as a resident, got w-2s

hello, i am a final yr resident moonlighting on the side. my moonlighting income from 3 seperate state hospitals are w-2 forms ( sstax and federal taxes are taken out). i recently filed my taxes through turbo tax, and it is now the first yr where i owe money. i am...

Views: 509 Replies: 1

Last Post: Feb 8, 2009 6:19pm
by Andrew Schwartz ...

anonymous

financial management fees

Can I deduct financial managment fees and fees paid to a CPA to complete my 2007 taxes? I have both w-2 and 1099 income. Thanks

Views: 499 Replies: 1

Last Post: Feb 8, 2009 6:16pm
by Andrew Schwartz ...

ynona

Board exam fees & board review courses?

Good evening. Thank you so very much for making this forum available. Is there any way to benefit from these expenses if we do not itemize (board exam fees w/ associated travel expenses, and Osler board review course w/ associated travel)? My husband is in his...

Views: 551 Replies: 2

Last Post: Feb 7, 2009 12:07pm
by ynona

Raj

Private practice along with employment

I am in the final year of my training and I am looking at a couple of potential job opportunities. I plan to work basically a full workweek (with either one entity or 2 half-time positions at two entities). I plan to get medical/dental through the employed work....

Views: 512 Replies: 1

Last Post: Feb 7, 2009 4:25am
by Andrew Schwartz ...

C Holmes

loan interest

I am a medical intern with a small house's worth of student loan debt. I am forbearing and deferring all of my loans. But this year I'd like to begin to pay down some of my high interest loans. My question is, is there a certain amount of student loan interest...

Views: 474 Replies: 1

Last Post: Feb 4, 2009 4:14pm
by Andrew Schwartz ...

Thomas

Can I have 401k, 403b and a SEP-IRA??

I work in a hospital and have a small amount of moonlighting income, paid as 1099 (about 20,000). Can I max out my 401k, 403b (with work salary) and still set up a SEP-IRA with me as the only owner (with moonlighting income). What are the contribution limits for ea...

Views: 426 Replies: 1

Last Post: Feb 4, 2009 9:57am
by Andrew Schwartz ...

Anonymous

SEP Question

I have a quick question in regard to SEP IRAs. I am employeed an an employee of a hospital and contribute fully to a 403b/457 plans. I have about 15K in independent contractor income this year. Can I place 20 % of 15K into a SEP and then deduct unreimbursed busines...

Views: 627 Replies: 1

Last Post: Feb 4, 2009 9:52am
by Andrew Schwartz ...