Original MDTAXES Forum

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Annette

sale of inherited property by non-resident

My bother and I inherited my mother's home upon her death in 2006 and sold itin 2007. As a non-resident I paid withholding tax on my net proceeds. I am reporting this on Schedule D with cost basis as FMV at time of death minus the seller closing costs (not including...

Views: 502 Replies: 1

Last Post: Apr 10, 2008 6:58pm
by Andrew Schwartz ...

Naomi

condo as tax write off

I couldn't find any information regarding this. I am an ob/gyn in Hawaii and my house is near my office in Mililani. A few months ago, the hospital where I do deliveries closed, and now I have to do deliveries at a hospital in Honolulu which can be a 2 hour commute d...

Views: 560 Replies: 1

Last Post: Apr 10, 2008 6:52pm
by Andrew Schwartz ...

Alex

Tax issue: Business Deduction for work related education expenses

Hi all: I am a doctoral student in school to obtain my Psy.D. and I am currently practicing as a School Psychologist. I was wondering if you could give me some guidance about a tax deduction I would like to take on my Schedule A. I have done my research and from wha...

Views: 624 Replies: 1

Last Post: Apr 4, 2008 8:43pm
by Andrew Schwartz ...

Mrs. Katherine Birchfield

Got a check but no legal name

I just got a Refund Check but it doesn't have my legal name on it. It came in my husbands legal name but not mine it should have read Katherine but it had Kathy. And I don't understand, Why it said that, every thing I get or send in has Katherine on it. What should...

Views: 483 Replies: 1

Last Post: Apr 4, 2008 8:37pm
by Andrew Schwartz ...

rose

collection losses

I am a nurse practitioner employed by a group practice. I lost income because the company did not bill for some services properly and when they changed to a billing service from in house billing the new billing company could not collect for some services that were c...

Views: 499 Replies: 1

Last Post: Apr 4, 2008 8:32pm
by Andrew Schwartz ...

Michelle

ammended return

I originally e-filed my taxes with Turbo tax and then everything was accepted and I received a tax credit from mortgage company that I did not include. In the meantime, I owed state and was to have it come out of my checking account, and fed was a refund due. I rece...

Views: 435 Replies: 1

Last Post: Apr 2, 2008 8:26pm
by Andrew Schwartz ...

erin dowling

license/usmle

What is the best way to handle the fees associated with taking step 3 and obtaining your state medical license and DEA. The total is approximately 2300 so I am not itemizing. I am in a residency program, do I qualify for any educational credits/deductions; i.e. the...

Views: 451 Replies: 1

Last Post: Apr 2, 2008 8:23pm
by Andrew Schwartz ...

Bud

re:university check

Hi Andrew, I worked as an employee for a hospital who sent me the W-2 , i at the same time in 2007 , I was doing voluntary research at another nearby university and attended a medical conference and presented research for them . Later the university asked me t...

Views: 504 Replies: 1

Last Post: Apr 2, 2008 8:21pm
by Andrew Schwartz ...

erin dowling

FICA

Does the FICA refund only apply to medical residents in certain hospitals?

Views: 410 Replies: 1

Last Post: Apr 2, 2008 8:19pm
by Andrew Schwartz ...

points and deductions

if i paid points to the mortgage company in 2007 to lock in a mortgage rate but the closing o property (primary residence) was in 2008, can i deduct the points in 2007 or do I have to wait until 2008. ie no form 1098 - the

Views: 669 Replies: 2

Last Post: Apr 2, 2008 8:17pm
by Andrew Schwartz ...

Sunil

Moonlighting income and funding spouse's self-employed 401k

Hi, This past year, I earned quite a bit of moonlighting income, paid by a 1099. I want to minimize taxes and was wondering if I would be able to contribute to a self-employed 401k for not only myself but also for my wife (who does not work) from this moonlightin...

Views: 508 Replies: 1

Last Post: Mar 26, 2008 12:47pm
by Lawrence B. Kell...

Tonya

Extension to file

If I have filed a federal tax return extenion, does MD automatically give me until October 15, 2008 to file as well or is there a separate form I need to fill out? Thanks.

Views: 542 Replies: 2

Last Post: Mar 26, 2008 12:18pm
by Tonya

eric

Incorporating...does it matter what state??

I am a resident finishing my training in a few months. I am planning on doing locum tenens and have licenses in 5 states. FL, TX, MA, CA, and AZ. I have spoke with a few people/friends who said that I must incorporate as it will look "cleaner" in the eyes of the IRS...

Views: 605 Replies: 1

Last Post: Mar 19, 2008 8:33am
by Andrew Schwartz ...

Satya

Taxes on Gold

Hi Andrew, I am a physician working in Salem. I have a question regarding buying gold. I bought Candadian Maple leaf Gold coins worth of around $4,100 from USA Gold Centennial Process Inc located in Colorado and they said that they don't collect any sales tax and...

Views: 336 Replies: 1

Last Post: Mar 18, 2008 7:09pm
by Andrew Schwartz ...

Robert J

Re: Nondeductible IRA contribution and 401(K) contribution

I have been with my medical group for 3 years. My medical group maximally funds my 401(K) profit sharing plan for years two and three (approx 45k/y). Since I am a relative newbie to the field of retirement planning, I also contributed the maximum amount allowable fo...

Views: 510 Replies: 4

Last Post: Mar 18, 2008 12:20pm
by jdoc

mawlamd

is there a minimum amount for moonlighting income

Hi Andrew, I have some moonlighting income for 07 but it is not a huge amount (between 3-5K). Can I still deduct business expenses against this. For example, I did pay insurance premiums for my family for a few months this year, bought a new computer, and had to r...

Views: 581 Replies: 3

Last Post: Mar 18, 2008 12:14pm
by mawlamd

Bold311

Medicare/SS REfund for residents issue

I'm a surgical resident now and an attending of mine, out of the blue, mentioned this whole thing about residents being considered students and are not required to pay medicare/social security taxes on their resident salary. I have done a superficial internet search...

Views: 408 Replies: 1

Last Post: Mar 18, 2008 11:26am
by Andrew Schwartz ...

Rob

Income taxes paid to other jurisdictions

Last year, my wife and I both lived in New Jersey. She worked in New Jersey, whereas I worked in New York. How do I claim a credit for "income taxes paid to other jurisdictions"? Do I claim it on both state returns, or just my New Jersey return for the amount I paid...

Views: 470 Replies: 2

Last Post: Mar 18, 2008 8:09am
by rob

Heather

moonlighting

Some of your info on moonlighting is very helpful - thanks! I did receive a 1099-MISC for SOME of my moonlighting and I think I understand what to do with that. However most of my moonlightiing is on a W-2, but it is the SAME W-2 as my primary income and it is not s...

Views: 365 Replies: 2

Last Post: Mar 18, 2008 7:42am
by chris

chris

U.S. tax system is so unfair

First it totally favors the super-rich and the poor, killing middle-classers like us. Second, my friend and his wife, both radiologists, are moving to Australia to work for a U.S. nighthawk company there, and they get to exclude the first $171,400 of their income, p...

Views: 578 Replies: 2

Last Post: Mar 18, 2008 7:28am
by chris

Satya

Buying Gold

Hi, I am a physician working in Salem. I have a question regarding buying gold. I bought Candadian Maple leaf Gold coins worth of around $4,100 from USA Gold Centennial Process Inc located in Colorado and they said that they don't collect any sales tax and any typ...

Views: 343 Replies: 0

Last Post: Mar 17, 2008 9:43pm
by Satya

ashley

6 month Resident 6 month MD at VA med ctr tax q

Hi Andrew, I just saw this forum which I forwarded to my hospitalist friends. my question is After my final year graduation , I went to to work at VA medical center for which I got a W2 with taxes withheld. So I file taxes with both W-2's right, and should I...

Views: 399 Replies: 2

Last Post: Mar 17, 2008 7:22pm
by ash

chris

Deducting Books - biz expense or Section 179?

Hi. I bought a bunch of medical text and reference books last year. Will the IRS let me deduct them against my moonlighting 1099-MISC income as "ordinary and necessary"? (I mean, would the IRS disallow them because I could also have used the books for my full-time W-...

Views: 438 Replies: 2

Last Post: Mar 17, 2008 11:18am
by chris

chris

Book

Andrew, your newsletters and postings are very helpful. I hope you can write a book on tax savviness for physicians and healthcare workers. You know, for the DIY'ers... and also attracting potential clients.

Views: 467 Replies: 1

Last Post: Mar 14, 2008 7:22pm
by Andrew Schwartz ...

Sol Farber

SEP vs. Keogh

Hi, your website and forum are EXCELLENT! I'm a 3rd year radiology resident and I began moonlighting last year. I received a 1099-MISC so I know I can report it as business income. My only other income is my salary (plus some interest income). I particpate in m...

Views: 397 Replies: 3

Last Post: Mar 12, 2008 11:09am
by chris

Mark Loman

401k plus SEP?

I am a partner in a group practice. Our group has set up a 401k with profit sharing and group match. I am maxing out my contribution at $15500 for 2007. With the group match and profit sharing I will put $45500 into my 401k for tax year 2007. In addition to my in...

Views: 426 Replies: 2

Last Post: Mar 12, 2008 11:06am
by chris

PureRide

Doing my Own Return? (Joint Filing)

Hi everyone: I am new to this board. I am a PM&R resident and I found this site through SDN. I currently have my father in law doing my return for free, but it is always done late and I feel bad since he is always complaining about how overworked he is. Sin...

Views: 514 Replies: 3

Last Post: Mar 12, 2008 11:04am
by chris

Ian

Deductible expenses against 1099 income

I was hoping that someone might clarify a fine point regarding deductible expenses against 1099 income- specifically, for those of us who have a moonlighting position, how essential must expenses be to the moonlighting activity in order to be deducted against 1099 in...

Views: 344 Replies: 2

Last Post: Mar 12, 2008 11:02am
by chris

Tom Harshman

How to deduct expenses against fellowship income.

My question is how to deduct expenses incurred in connection with the production of fellowship income. My daughter is a physician engaging in a fellowship for Oncology. Fellowship income as you know is by definition not wages or trade or business income and not sub...

Views: 540 Replies: 2

Last Post: Mar 9, 2008 2:35pm
by Tom Harshman

S Corp & Taxes

As an S Corp and Independent contractor, is it better to have the office I work at reimburse my benefits or have the office include this amount as income paid to the S Corp and then pay/write off benefits on my own? Can an independent contractor surgeon working at...

Views: 419 Replies: 6

Last Post: Mar 5, 2008 9:42am
by Kevin

heather

sale of joint home

My fiance inherited a house with his two sisters. One of his sisters decided immediately that she wanted to be bought out. My fiance made payments to her and his other sister paid her off right away. He paid her off in full in October when she wanted to purchase h...

Views: 325 Replies: 1

Last Post: Feb 24, 2008 4:53pm
by Andrew Schwartz ...

Rob

Interest income as part year resident

I recently moved from New Jersey to Massachusetts in 2007 to join a practice. On my part-year resident Massachusetts income tax return, it prompts me to declare ALL of my interest income for that year, which is actually taxed at a higher rate than wages. Certainly th...

Views: 373 Replies: 3

Last Post: Feb 17, 2008 6:54pm
by Andrew Schwartz ...

Mark

Away rotations

My fellowship requires 3 months outside the state at a hospital outside our system. Housing and an on-call meal allowance are provided. Two questions: 1)Can I deduct my other expenses while there - either by actual receipts or per diem and 2)can I deduct non-reimbu...

Views: 501 Replies: 3

Last Post: Feb 15, 2008 5:42am
by Andrew Schwartz ...

Insurance vs Cash Practice

Hi ... I'm a fellow in Child Psych and am looking into moonlighting ... The thing is that the private group that wants me to moonlight with them is heavily insurance-company dependent. My long term goal is to have a cash-only practice in child psych. The question is...

Views: 436 Replies: 1

Last Post: Feb 15, 2008 5:39am
by Andrew Schwartz ...

Interest on Med School Loans

Is there a way to circumvent the restrictions on when you are allowed to deduct the interest paid on med school loans? Ex: this is the 2nd yr in a row that I am technically not able to deduct almost 6K in interest paid on my med loans. At least turbo tax states th...

Views: 357 Replies: 2

Last Post: Feb 13, 2008 8:51am
by Eric Wollins

Peter

LLC and tax + Liability

Hi, I am a recently graduated MD. I will be an independent contractor with a local company. For malpractice liability, this company will will cover $3 million/claim and $5 million in aggregate. I think I will form a LLC. My questions are: should I purchase add...

Views: 449 Replies: 6

Last Post: Feb 12, 2008 11:32am
by Peter

Moving Expenses: New York City to Florida

I moved during 2007 from New York City to Florida for my Fellowship. On NYC part-year resident taxes instruction says that I can only deduct moving expenses for NYC income, only if I moved INTO NYC. However, it says that you can deduct expenses incurred while you a...

Views: 396 Replies: 2

Last Post: Feb 10, 2008 6:34pm
by KC

MDpedi

Buying a Short Sale home yes/no?

I was wondering, from a tax perspective, is there any plus/minus to BUYING a home in short sale? Again, I am not talking aboute selling a home. I would be the buyer. Thanks.

Views: 481 Replies: 5

Last Post: Feb 9, 2008 10:32pm
by MDpedi

bobbyp

CPA chat

Is the CPA chat not available any longer? Is the first Wed of the month.

Views: 441 Replies: 1

Last Post: Feb 7, 2008 9:45am
by Andrew Schwartz ...

Max Sharma

Re: Roth IRA and 1st time home purchase

As per the IRS web site, one is allowed to borrow against your ROTH IRA for up to 10K for purchase of a new home provided you have been vested in the account for 5 years? My questions are as follows: 1. I transferred my assets from one ROTH IRA to another (i.e...

Views: 360 Replies: 1

Last Post: Feb 4, 2008 6:25pm
by Andrew Schwartz ...

Ruth

Annuity Payment

I retired from SSA is all of my annuity taxable? I read somewhere that $22,600 can be excluded. I nor my spouse are disabled. Should I be having state taxes withheld from my annuity?

Views: 248 Replies: 0

Last Post: Feb 4, 2008 12:47pm
by Ruth

nandi

charitable contributions

hi, for donating to charity, if i donated money onthe 30th of dec by writing a check, but it does not get cashed until this year, can i still claim the deduction for 2007 since that is when i wrote the check? thank you nandi

Views: 289 Replies: 1

Last Post: Feb 1, 2008 6:31pm
by Andrew Schwartz ...

Dean

Public transport deduction?

Is there a tax deduction available for public transport commuting (probably as a percentage of income if at all)?

Views: 380 Replies: 1

Last Post: Jan 31, 2008 11:52am
by Andrew Schwartz ...

Johnny Cash

401k withdrawals vs. student loans for med school

Hi, I have a family of four and will be attending medical school in the fall. I have worked for a few years as an engineer and have managed to accumulate about $85K in 401k savings. I have been planning to take tax penalized withdrawals to reduce my student lo...

Views: 414 Replies: 5

Last Post: Jan 28, 2008 2:44pm
by eric

Missouri MD

Are USMLE Step fees and state license fees tax deductible?

It's a bit too late for me but I was wondering if you can itemize the cost of the Step 3 USMLE exam and the cost of your permanent state license, DEA number and state drug number (BNDD number for Missouri)? Thanks.

Views: 559 Replies: 2

Last Post: Jan 28, 2008 10:00am
by Amy Riek

eric

employer sponsored child and dependent care

Hello everyone, I am a solo practioner and have incorporated my practice. I pay 35K per year to a nanny to take care of my three children (ages 2, 2, and 3). I have been reading the tax code (in all of my free time) concerning employer sponsored child and de...

Views: 533 Replies: 5

Last Post: Jan 28, 2008 4:13am
by Andrew Schwartz ...

Melissa Loya

Loan repayment

Hello all. I have a question about student loan reimbursement. I have signed a deal with a hospital that entails both a stipend and student loan repayment. However, they do not pay my loans back directly. They reimburse me. I know I have to pay taxes on the stip...

Views: 460 Replies: 1

Last Post: Jan 27, 2008 6:14pm
by Andrew Schwartz ...

Mark

Military bonus withholding

In addition to residency pay I receive a stipend from the military. Some is annually and some monthly. No federal tax is withheld from the monthly sum but rather taken out as one chunk at a flat 25% from the annual stipend. The 25% does not change with number of...

Views: 285 Replies: 1

Last Post: Jan 23, 2008 6:13pm
by Andrew Schwartz ...

David

state sales tax

Does the state sales tax deduction option exist for the 2007 tax year or did it expire? This was a great deduction for those of us in states with no state income tax

Views: 500 Replies: 1

Last Post: Jan 22, 2008 2:14pm
by Andrew Schwartz ...

Chary Curtis

need help with new small business tax/1099

Hello, I'm in the healthcare business and I want to find a experience tax prepare andCPA to help me with our new employees 1099 and myself filing our tases. I want an american only.Thanks

Views: 413 Replies: 1

Last Post: Jan 19, 2008 5:24am
by Andrew Schwartz ...