Doctored Money Blog
Part 1 (of 3) of chapter by chapter commentary on White Coat Investor’s newest book.Read More
Department of Education to (Maybe?) Conduct Fraud Review of Reported Income on Income Driven Student Loan Repayment Plans
Income certification by student loan borrowers on income driven repayment plans are likely to face additional scrutiny, whether prospectively or retrospectively. We discuss data and recommendations from a new report from the Government Accountability Office.Read More
Borrowers who are considering a refinance often compare the “printed” rates of their loans to the rates available from a possible refinance, without realizing that their actual current interest rate could be much lower than the printed rate.Read More
New discussion forum for getting help and advice! Click on “Forum” in our main menu items to get there.Read More
You can save lots of money and get extra forgiveness for switching from IBR to PAYE, if you are eligible for PAYE. Use our flowchart to figure it out.Read More
Introducing Valerie Bock! She will be joining us here at Doctored Money to give you the scoop on your employee benefits.Read More
Congratulations on matching! You have finally made it (almost) through medical school. Now it is on to your training and part of that training is going to be learning some financial essentials.
We have created a list of financial topics and actions you need to take ASAP to start things off on the right foot. These include things like: understanding your student loans, filing your taxes, consolidating your loans, learning about PSLF, making a budget, learning about investing and more. Check it out and share it with someone who needs the advice!Read More
Those extra shifts you take may not be worth as much as you think. Check out our Moonlighting and Taxes info page!Read More
Check out of tax guide for new medical school graduates aka interns who are probably preparing taxes for the first time. Surprised by your tax refund (in either a good way or bad way)? We explain why that happened, and what to expect for next year. Come learn with us!Read More
Did you consolidate a student loan in 2018? You can probably get a deduction on your taxes for student loan interest “paid”!
Did you pay any student loan interest during 2017? If so, you may be able to deduct this from your taxes and save some money. If you paid any interest, and your income (specifically your Modified Adjusted Gross Income) is less than $80,000 (single) or $165,000 (married), you can deduct at least a portion of your student loan interest paid. You must have some income in 2017 from which to deduct the student loan interest.
The maximum amount of the deduction is $2500. How much this saves you in taxes depends on your federal and state tax bracket. But regardless, if you owe any taxes in 2017, and you paid any interest, you can likely reduce your total taxes paid!Read More
If you graduated from medical school during 2018, paid any tuition DURING 2018, and have any income for 2018 (e.g. your half-year’s intern salary), then you likely qualify for a tax break called the Lifetime Learning Credit (LLC), which is worth up to $2000. Don’t miss this!Read More
A timely FAQ in case of an untimely event
If you have anyone who depends on you financially, you very likely need life insurance. And you almost certainly need more than the basic amount which may be provided by your employer. Yet you have probably spent more time researching insurance for your cell phone screen than you have on educating yourself about insurance on your life. [Yes, we know that for some it’s a fate worse than death to be deprived of your cell phone.] We’ve created a new, comprehensive, one-stop shop for life insurance information. So check out our FAQ and make sure you your loved ones are sufficiently covered in the event of an untimely event.
We have a new, totally awesome and totally comprehensive (yet easy to understand) page on disability insurance.Read More
Forbearing your loans while in training can be very costly! See this real-life example showing how an income-driven repayment can keep payments affordable, and also qualify you for immediate government subsidies, even if one does not eventually qualify for Public Service Loan Forgiveness.Read More
A few examples of institutions who are providing quality financial education for trainees. It CAN be done.Read More
Free loan repayment, PSLF, and other financial calculators for early career MDs. Our PSLF loan payment tracker is a tool you won’t find anywhere else on the internet.Read More
As a resident, it's possible that you never feel like you have any extra money after paying for rent, food and student loans. But if you do, what should you do with it?Read More