Doctored Money Blog

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

Announcing: Our new page on Life Insurance

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.

 

Ten critical financial items new 2018 MDs need to handle today

Congratulations on graduating! You have finally made it through your education. 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

Did you consolidate a student loan? 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

Some Rank List Advice: Residency is a Job

There are many criteria for a “good job”, and it’s different for everyone. Medicine might be a calling for you, but it is also the mechanism by which you will pay for everything. I.e. it’s still just a job. And you will be a much happier person in the long run if you remember there are realities in life that you need to be aware of, and your salary and benefits as a resident are just a couple of them.

So as your start to sleep with your rank list under your pillow, be sure to consider the financial impact your new job will have on your life. You owe it to yourself.

Read More

Demand Financial Education

Money is a taboo topic that is not often discussed in medicine and medical students and trainees are often discouraged from asking the necessary questions about their financial futures. There needs to be a cultural shift in medicine, a shift to the realization that leaving financial conversations for closed doors is not only unsafe for the well-being of doctors but ultimately detrimental to the safety and health of our patients.

We can’t expect our fellow doctors to provide superb care to patients with a millstone of financial problems hanging around their necks. A stressed-out doctor who regrets the decision to get into medicine is in no one’s best interest.

Read More

Beware: Erroneous or Misleading Advice from Loan Servicers

Loan servicers continue to give poor and/or inaccurate advice to borrowers who call them. We have recently seen examples of this despite on going lawsuits against these servicers. You need to do your own research and understand your loans. You unfortunately cannot rely on your servicer for accurate information.

Read More