Help with taxes

[DrMoneyTails]

DMFA wrote:

All the non-reimbursed expenses related to doing your job are deductible, including mileage between work sites. All of those count, as do any medical app subscriptions, stethoscope, white coat, etc. Could even consider your phone bill, data plan, etc if it’s the phone you use for your job. If you’re W-2 employed, though, then you can only deduct expenses above 2% of your income.

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Got it. Thanks!

[DrMoneyTails]

Another suggestion someone gave me:

Contribute to both a traditional IRA and a SEP IRA.

Then in 2017 open an Individual 401k (at Fidelity, since Vanguard does not accept rollovers) and rollover both IRAs into the individual 401k.

 

What do you guys think of that? Is that a good idea?

[jfoxcpacfp]

DrMoneyTails wrote:

Contribute to both a traditional IRA and a SEP IRA. Then in 2017 open an Individual 401k (at Fidelity, since Vanguard does not accept rollovers) and rollover both IRAs into the individual 401k.   What do you guys think of that? Is that a good idea?

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Sure, if you need to open a retirement account for 2016. It is too late to open a SOLO-k but you have until 10/15/17 to open a SEP. You'll be able to contribute 25% of net profits.

[DrMoneyTails]

Getting ready to file taxes.. Have another question!

I received U$1,000 in 1099-MISC from the American Thoracic Society as a scholarship prize for an abstract in my subspecialty. So now I have two 1099s in addition to my W2. The 1099s total U$ 6,200.

I cannot deduct my subspecialty boards or my expenses with licenses from my W2 as it is not above 2% of my income. But could I deduct it from the 1099 income? Can I deduct the costs of Medical license in a different state for my attending job later this year, which will not be reimbursed?

 

[jfoxcpacfp]

DrMoneyTails wrote:

I cannot deduct my subspecialty boards or my expenses with licenses from my W2 as it is not above 2% of my income. But could I deduct it from the 1099 income? Can I deduct the costs of Medical license in a different state for my attending job later this year, which will not be reimbursed?

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You can deduct part against the 1099 income. iow, if the boards were necessary for only the 1099 or only the W2 income, you can deduct accordingly. But if the expenses are for the practice of medicine in general and would apply to both, then you allocate to each. (ahem, every time I answer an iteration of this question, I am fully cognizant that it is probably not adhered to by most of the DIY preparers in the forum and I will leave at that without passing judgment.)

I believe there was a question yesterday about a 2016 bonus from out of state on 1099 for a 2017 contract and the oos licensing costs. In that case, I am fine with deducting the full amount against the related 1099 income.

[DrMoneyTails]

thank you for the quick reply as always!