The Intern Thread

[jfoxcpacfp]

AlexxT wrote:

jfoxcpacfp wrote:

As interns, you are still paying for post-secondary education? I guess I’m really clueless – I thought interns had already graduated medical school. 

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Med student graduate in May / June.

Internships / Residencies begin July 1, finish June 30.

So the first year out of med school, your annual salary is around 52k, but you only draw a salary starting in July.  The residency might be anywhere from 3 to 7 years, usually, and you get annual raises of around 2-3k.

When you finish your residency or fellowship ( ie post residency training ) your salary will probably be in the high 50’s to low 60k. You then begin your real job in July or maybe August-September, at which point you will be earning your real salary, in the 200k and up range ( up to 1 million, apparently ).

Click to expand...

Thanks, AlexxT - we rarely talk to the physicians until they are in their final year or 2 of training and I had completely overlooked how it would stack up in the beginning. So obvious now that you and WWillkie spelled it out!

[WWillkie]

akwho wrote:

• Student loan interest deduction you should pick one month, November or December likely to make a $2,500 payment on the interest your loan has accumulated so you qualify for the previously mentioned deduction.

 

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Just downloaded my 1098-Es today and learned something interesting. I consolidated and switched servicers to FedLoan this year to participate in PSLF, and it appears that when you do that, the outstanding interest is counted as "paid" by the new servicer to the old servicer. So the 1098-E from my old servicer shows that something like $15,000 in interest was "paid." So you still get the deduction even if you are avoiding the $2500 payment for a deduction because of PSLF.

[GMED]

WWillkie wrote:

akwho wrote:

• Student loan interest deduction you should pick one month, November or December likely to make a $2,500 payment on the interest your loan has accumulated so you qualify for the previously mentioned deduction.

 

Click to expand…

Just downloaded my 1098-Es today and learned something interesting. I consolidated and switched servicers to FedLoan this year to participate in PSLF, and it appears that when you do that, the outstanding interest is counted as “paid” by the new servicer to the old servicer. So the 1098-E from my old servicer shows that something like $15,000 in interest was “paid.” So you still get the deduction even if you are avoiding the $2500 payment for a deduction because of PSLF.

Click to expand...

That really seems like an error by your old servicer. I would have them amend it.

[asdfgghk]

Excellent first post. I was very fortunate to graduate medical school without debt, so I don't have too much to add on that front. However, before investing in a Roth IRA, investigate whether you have a 403(b) or 401(k) at your program with a match. This was something I took advantage of. I would also argue that an HSA is a slightly more useful investment vehicle than a Roth IRA, as it is triple-tax-free. All in all, as a resident once I started moonlighting I saved as much in tax-advantaged space as I do now as an attending.

I think it is definitely worth it to learn how to do your own taxes.

What if your employer does not match? Would you reccomend it be maxed out?
What sources would you recommend a noobie to start?

[asdfgghk]

<blockquote class="d4pbbc-quote">
<div class="d4p-bbp-quote-title"><a href="https://www.whitecoatinvestor.com/forums/topic/the-intern-thread/page/2/#post-150912">AlexxT wrote:</a></div>
<div class="d4p-bbp-quote-body">
<blockquote class="d4pbbc-quote">
<div class="d4p-bbp-quote-title"><a href="https://www.whitecoatinvestor.com/forums/topic/the-intern-thread/page/2/#post-150905" rel="nofollow">jfoxcpacfp wrote:</a></div>
<div class="d4p-bbp-quote-body">As interns, you are still paying for post-secondary education? I guess I’m really clueless – I thought interns had already graduated medical school.
<div class="d4p-bbp-quote-expand">Click to expand…</div>
</div></blockquote>
Med student graduate in May / June.

Internships / Residencies begin July 1, finish June 30.

So the first year out of med school, your annual salary is around 52k, but you only draw a salary starting in July. The residency might be anywhere from 3 to 7 years, usually, and you get annual raises of around 2-3k.

When you finish your residency or fellowship ( ie post residency training ) your salary will probably be in the high 50’s to low 60k. You then begin your real job in July or maybe August-September, at which point you will be earning your real salary, in the 200k and up range ( up to 1 million, apparently ).
<div class="d4p-bbp-quote-expand">Click to expand...</div>
</div></blockquote>
Thanks, <a class="bbp-author-name" title="View AlexxT's profile" href="https://www.whitecoatinvestor.com/forums/users/alexxt/" rel="nofollow">AlexxT</a> - we rarely talk to the physicians until they are in their final year or 2 of training and I had completely overlooked how it would stack up in the beginning. So obvious now that you and <a class="bbp-author-name" title="View WWillkie's profile" href="https://www.whitecoatinvestor.com/forums/users/wwillkie/" rel="nofollow">WWillkie</a> spelled it out!

For what reason is that??? (see bolded)

[asdfgghk]

Savers credit.
1) Since May isn't a full month, does anybody know if that technically not count as a month leaving you at 4 months? 2) If one of your months during this time is a vacation month (no classes..so no credit hours to be full time), does that not count as a month?

You were a student if during any part of 5 calendar months of 2019
you:
• Were enrolled as a full-time student at a school; or
• Took a full-time, on-farm training course given by a school or a state,
county, or local government agency.
A school includes technical, trade, and mechanical schools. It
doesn’t include on-the-job training courses, correspondence schools, or
schools offering courses only through the Internet.

https://www.irs.gov/pub/irs-pdf/f8880.pdf