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Taxes on Student Loan Assistance

I recently received a new job offer that includes student loan assistance as part of the contract to pay back medical school loans owed. The contract reads, "Medical Group will pay up to Seventy-Five Thousand Dollars ($75,000) to the lending institution for student loans made to the Physician u...
by Wesley
Wed Sep 10, 2014 10:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Taxes on Student Loan Assistance
Replies: 3
Views: 323

Re: 1099 Misc Tax Question... Help appreciated!

So here's what I found in the contract - looks like 1099-Misc is correct... now the only question is how can I claim moving expenses from 2011 in 2013, 2014, and 2015 since it is the later dates in which the 1099 is being filed to the IRS by the hospital... "Forgiveness. Upon each payment date ...
by Wesley
Thu Feb 20, 2014 11:35 am
 
Forum: Personal Finance (Not Investing)
Topic: 1099 Misc Tax Question... Help appreciated!
Replies: 10
Views: 937

Re: 1099 Misc Tax Question... Help appreciated!

Apparently the reimbursement for moving expenses was a "forgiveness loan" - per the hospital, the loan "amounts are forgiven over the length of the forgiveness period (36 mo), and in turn reported to the IRS as income each year." Does this make sense? I'll try calling the IRS as ...
by Wesley
Mon Feb 17, 2014 11:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: 1099 Misc Tax Question... Help appreciated!
Replies: 10
Views: 937

Re: 1099 Misc Tax Question... Help appreciated!

Thank you all for your replies... On the 1099-Misc form, the money is in box #7, "non-employee compensation." I received the reimbursement from a hospital we contract with, but I am not paid by that hospital. Apparently they had some sort of agreement with my practice to help pay re-locati...
by Wesley
Sun Feb 16, 2014 12:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: 1099 Misc Tax Question... Help appreciated!
Replies: 10
Views: 937

1099 Misc Tax Question... Help appreciated!

I am hoping to get some tax advice for an odd (for me at least) situation… I started a new job in 2011 and relocated states. When I signed with the company in 2011, I was given up to $10,000 in moving expenses, but apparently through a hospital system my practice contracts with. I only used a portio...
by Wesley
Sun Feb 16, 2014 11:21 am
 
Forum: Personal Finance (Not Investing)
Topic: 1099 Misc Tax Question... Help appreciated!
Replies: 10
Views: 937

Re: Help a new investor with his finances/portfolio...

Thank you all for your responses… I do appreciate all the input and truly am taking it to heart. Thank being said, I am a bit confused with some of the comments and maybe you can help me clarify and learn… Yes, I do have a large amount of debt already: Car - $17,000 now at 3.25% Two Medical School L...
by Wesley
Sat May 25, 2013 3:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help a new investor with his finances/portfolio...
Replies: 13
Views: 1476

Re: Help a new investor with his finances/portfolio...

Thank you for your replies... very helpful! 1) I agree, my work's 401k does suck... that's why I'm doing the "non-prototype" retirement account, which I think is the same as your brokerage account EmergDoc. It will only cost me $225 per year and will allow me to invest in anything Fidelity...
by Wesley
Thu May 23, 2013 9:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help a new investor with his finances/portfolio...
Replies: 13
Views: 1476

Re: Help a new investor with his finances/portfolio...

Xram, Thanks for the advice... I am looking into options for the refinance of my mortgage, but as we took out a doctor's loan (maybe not the best decision), we have little equity in the property yet. It's looking like I'd have to come up with 10% of the loan value in order to refinance, which may no...
by Wesley
Thu May 09, 2013 2:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help a new investor with his finances/portfolio...
Replies: 13
Views: 1476

Help a new investor with his finances/portfolio...

Emergency funds: $38,000 (about 5 months) Debt: -Medical School Loan #1 (Sallie Mae) – $62,000 (2.75% variable) -Medical School Loan #2 (ACS) - $79,000 (2.625% fixed) -Car Loan - $22,000 (3.25%) -Mortgage - $580,000 (5.625% APR) – Doctor’s loan with 0% down and no mortgage insurance Tax Filing Statu...
by Wesley
Wed May 08, 2013 11:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help a new investor with his finances/portfolio...
Replies: 13
Views: 1476

Non-Prototype Retirement Account

First, I would like to thank everybody on this website for their great advice - I am new to investing and have learned so much from you all... I recently became eligible for my company's 401k plan and when I took a look at the 25 funds that were available, I was very disappointed. All but one option...
by Wesley
Thu Apr 18, 2013 3:59 pm
 
Forum: Investing - Help with Personal Investments
Topic: Non-Prototype Retirement Account
Replies: 2
Views: 582

Re: What are the best insurance companies?

Thank you everybody for your replies... very helpful and appreciated!
by Wesley
Fri Feb 22, 2013 11:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: What are the best insurance companies?
Replies: 16
Views: 1234

What are the best insurance companies?

Bogleheads, I am currently 36 years old, married, and have one young child. We own a house and two cars. I recently (finally!) finished my training to be a gastroenterologist and actually have a real job... When I started working, the first thing I did was go to the local State Farm agent (same one ...
by Wesley
Fri Feb 22, 2013 5:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: What are the best insurance companies?
Replies: 16
Views: 1234

Re: Self Directed 401k

Thanks for the reply... I will check out the link.

I just want to make the right decision for the long-run. After a year or two of putting the max plus 3% into my 401k, I should be well above the $225/year fee - I don't want to let $225 prevent me from making the right decision.
by Wesley
Thu Jan 17, 2013 10:33 am
 
Forum: Investing - Help with Personal Investments
Topic: Self Directed 401k
Replies: 4
Views: 916

Self Directed 401k

I recently became eligible to enroll in my small company's 401k plan. Under their plan, there are a total of 25 funds available, but only one index fund (ER 0.43) for the S&P 500. The remainder of the funds available to me are actively managed funds with expense ratio's ranging from ~0.8 to 1.9,...
by Wesley
Wed Jan 16, 2013 3:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: Self Directed 401k
Replies: 4
Views: 916

Re: Advice for the new investor [Physician]

Thank you all for your replies and advice... Sorry for the newbie question, but, let's say, if I call Vanguard and ask them to convert my 401a and 457 plans to an IRA with them, I have to pay taxes on their value? Even if I never see the money or take a lump sum before re-investing? And if I were to...
by Wesley
Sun Dec 09, 2012 10:44 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice for the new investor [Physician]
Replies: 8
Views: 904

Advice for the new investor [Physician]

First, I want to thank you all... I am a long time reader of the forums, but first time poster. I have learned a lot from you all and appreciate the advice. I have read a number of financial books and websites and am a Boglehead believer. A little about me... I recently finished my training to be a ...
by Wesley
Sun Dec 09, 2012 11:26 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for the new investor [Physician]
Replies: 8
Views: 904

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