Doctored Money Blog

Ten critical financial items that new 2019 Physicians need to handle Right Now

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!

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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!

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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.