1099 income + spouse's W2 income in California

[res153]

I'm finishing up fellowship training this summer and will be starting my first attending job afterwards. My spouse (who is a non-medical field) will starting...

[Me_MD]

This is a bit of a cautionary tale, a solicitation for feedback, and a request for Dr. Dahle to do a post on securities lending and/or SIPC....
...

[hanesgrafe]

I will start medical school in July of this year and my wife will start a lower paying job ($35,000-$50,000) and will likely continue in this job until...

[jsingh5292]

Hello,
I am looking into doing full 1099 income starting in 2024 and seeing If I filing as an S corp (LLC taxed as s-corp) vs. LLC makes sense....

[GabyGM]

I recently rolled over a previous "pension" plan (from faculty position during research year in residency) into a traditional IRA thinking I...

[skoopman]

My organization is getting bought out and I will be getting 1.2 million after taxes with the rest getting reinvested into the company. My income will...

[drspikemd]

I made about $2300 doing medical surveys in 2022. Last year was the first time I had an EIN for doing the surveys. How do I file taxes now? Did I make...

[asdfgghk]

If I file 2022 income taxes, say today (after now making income), will this effect my payments going forward? I'd like to keep that sweet $0/month payment...

[EMdocKH]

Hi everyone. I'm a 2nd year emergency medicine physician and am looking into setting up a Solo 401k for the first time. For context I'm an independent...

[Jarpee]

Hi all,

Have a question for the tax professionals here: I rolled my wife's employed 401k over to a s401k earlier this year. She has a sole...

[MA EM Doc]

Hi All,

Long time listener, first time caller here.

I am a long term (>15 y) EM doc. I have been a w-2 employee my entire...

[DocIsland]

Hi, I am very new to all this and would appreciate any help or guidance for more info sources. I was on a W2 (100k for the year 2022) but no longer on...

[JesseOD]

I’m opening my own practice soon and I’ll be moonlighting at another practice on the side. The moonlighting practice has offered to compensate me...

[WantingToRetire]

I'm new here and also somewhat financially illiterate so don't flame me too hard for not knowing all the fancy terms and such. Looking for a bit of advice...

[Rads130]

Hello, basically just wondering if this is a terrible idea..

I have one year of fellowship left and have signed with a private practice group....

[Rozo]

Hey all, quick and hopefully simple question. As a resident this is my first time tax loss harvesting.

I bought VTSAX on 6/14 in the morning...

[MedicalAcronym]

Long time lurker, first time poster here.

My question is regarding a transaction in my taxable brokerage at Vanguard that was labeled as...

[JimmyH]

Dear All,

After I finished my medical training, an “advisor” rolled over my Pretax-retirement account directly to a ROTH IRA account....

[hzioni]

Hello.

So for tax year 2021, I did not realize my spouse and my combined income exceeded MAGI and we both contributed $6000 to our individual...

[borborygmi8]

I am a long time reader, first time poster. I found WCI during my medical school years, and I recently paid off all my student loans. Now I am looking...

[BryanMD]

I have both a Wisconsin 529 and Utah 529 for each of my kids. In my home state of Wisconsin $3,380 of 529 contribution is deductible on state taxes. In...

[FutureDoc44]

Hi all- looking for tips on how to lower my AGI in residency.

I'm an M4 graduating with 200k in debt, going into an academic specialty with...

[morris]

So I have an old SEP-IRA and a Roth IRA at a particular custodian. I want to convert the SEP to a Roth but I am hesitant to mix the 2 accounts together....

[bellewroy]

Questions regarding a unique situation:

TL;DR:
I am contemplating how to best handle a signing bonus while reducing the tax burden....

[Bluedogdevil]

Long time lurker, first time poster. I am a W2 employed surgeon and going to invest as a partner in an ASC which is an LLC and a separate entity from...

[WesternFriendly4115]

Hello, This is my first year doing Roth IRA, and have no experience, and looking for kind advice from you guys,
- If I made a contribution to Roth...

[ssg187]

My wife and I have been filing our taxes Married Filing Seperate MFS in order to optimize PSLF. Now that this was successful, we would like to amend...

[Rozo]

Hey everyone. I recently changed employers (internship to PGY2 residency program) and have about $25k of pretax dollars and about $25k of Roth dollars...

[louston2012]

My partner and I are just starting out getting into our personal finances and investments. We do not currently have investment accounts outside of our...

[ans6fc]

Hi! I am currently an M4 that will be starting my neurosurgery residency this summer. I was lucky enough to have the first two years of my medical school...

[ir0nhide]

Hello...While filling out my 2020 tax returns, I realized that I had incorrectly reported the cost basis of some stock sales I had on my 2019 returns....

[emoregon]

I bought a new automobile in 2020 and I’m wondering if I can deduct more than just mileage. I use it about 50/50 for business/personal. I’m a sole...

[Betterattheview18]

My husband and I have three W-2 jobs between us. In order to be in tax safe harbor for 2021, we will need to be pay 110% of our 2020 tax liability. Do...

[drmac15]

I am looking to move a small portion of my portfolio to a RE syndication. Currently, all of my money is invested in index funds, and wanting to diversify...

[PHANTASOS]

I am planning to expand my taxable investing this year into different real estate opportunities and want to understand how my tax return will be complicated...

[veagudoc]

This is my 1st post ever and thank you in advance for your feedback.
I am 60 y/o solo urologist looking to transition to part time work in mid...

[ir0nhide]

Hello folks,

I have a question regarding the impact on a Backdoor ROTH IRA in the same year that I am switching employers and moving my existing...

[tmark]

When I opened an individual 401K and roth 401K at Etrade several years ago, I made the mistake of putting individual stocks (Amazon, Netflix, etc) into...

[djoseph]

Hi, I'm a first time poster and new member. Thanks in advance for your help. I would like to get advice on the most efficient ways of getting to the $56k...

[HDSoRA]

Hey all, I'm a first year anesthesia resident, and I have a question about the best type of investment account to open for a 10 year saving goal.
...

[Cyclicmadness]

Hello all,

Longtime reader of WCI and I was hoping I could get another perspective. I'm mid 30s doc and max out all tax advantaged accounts...

[Aj]

I have ~25+ year old whole life NWM policies that are currently self funding themselves. The cash value is just over $900K. I have two questions for...

[DrGuch]

So I'm using the Turbotax software for Business, and in the part about the section 199A deduction, I'm not sure why for Ordinary business income/loss,...

[allesandre2014]

1120S Question

In regards to Line 7 Wages / Salary

and Line 17 Pension Profit share calculation.



...

[AltIncome319]

First want to say that WCI has changed the way my wife and I look at our finances which has been great, so thank you to everyone on hear for that!!...

[sam88singh]

Hello

I am currently in the last year of residency and will be graduating July 2020. I have already secured a job to work in a ED as a independent...

[running403]

Hello All,
We are in the process our buying our first home/acreage. My wife and I are both physicians in a rural midwest community. I like the idea...

[hoosier]

This day totally snuck up on me, been super busy with 3rd year of residency and childcare.

I started receiving a monthly stipend from my...

[PedsICUdoc]

For background currently I max my 403, 457, employee match, and do a backdoor roth for myself and my wife. In addition we contribute to a taxable brokerage...

[EMhustle]

I have a question about maximizing individual 401k contributions in the setting of multiple side businesses with one operating at a loss this year. My...

[ANPrinceton]

Hello,

My wife has a IRA from 2003 to which she contributed $3000 in 2003 and today it is $6700. A gain of $3700. Never took any distribution....

[NinjaDoc]

I've searched the forums and web to see if people take asset location into account when rebalancing and haven't found much. It seems to me that tax free...

[vennic]

Could a conversion of a 401(k) to a Roth IRA early (relatively) in a career be more tax efficient in the long term, at least to the point where it would...

[NewRad]

Hello,

I am a new Radiology attending near NYC. I get paid most of my income as a W2 – a little over $400k. Aside from that, I will be...