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Hello everyone. Longtime reader, first-time poster.
The knowledge on this forum is just incredible and I was hoping for some sage advice.
I am 3 years out of anesthesia training and our group has "sold-out" to one of the large physician staffing groups. I will be receiving a large sum which will be equally distributed over the next 4 years. It will be on top of my salary and will be as ordinary income. My husband is also a physician (IM) and both of us will be W2 employees. Our income over the next 4 years together will be >1.2 million. But then after these 4 years are over, it will go back down.
We both max our 401(k) and are up to date on backdoor Roth IRAs and HSAs. Disability and Term Life are in place. Two 529s which we are contributing to monthly to the tax deduction benefit. No DBP or other tax shelters available through our groups. Student loans have been paid off. We have a large mortgage >900k remaining (we did live like residents for 2 years after my fellowship). No other debt. We have a taxable plan at Vanguard which we are actively funding.
I certainly am willing to pay my share of taxes but wonder if anyone has advice for two mid 30 physicians as far as further tax sheltering. I know the general consensus on insurance in these forums (good term insurance and disability insurance which we have) but would not be above using an alternative type if it saved us a boatload in taxes. Or maybe just paying the 39.6+ in taxes and putting it toward the mortgage/taxable account is the best way. I am all ears (eyes).
The knowledge on this forum is just incredible and I was hoping for some sage advice.
I am 3 years out of anesthesia training and our group has "sold-out" to one of the large physician staffing groups. I will be receiving a large sum which will be equally distributed over the next 4 years. It will be on top of my salary and will be as ordinary income. My husband is also a physician (IM) and both of us will be W2 employees. Our income over the next 4 years together will be >1.2 million. But then after these 4 years are over, it will go back down.
We both max our 401(k) and are up to date on backdoor Roth IRAs and HSAs. Disability and Term Life are in place. Two 529s which we are contributing to monthly to the tax deduction benefit. No DBP or other tax shelters available through our groups. Student loans have been paid off. We have a large mortgage >900k remaining (we did live like residents for 2 years after my fellowship). No other debt. We have a taxable plan at Vanguard which we are actively funding.
I certainly am willing to pay my share of taxes but wonder if anyone has advice for two mid 30 physicians as far as further tax sheltering. I know the general consensus on insurance in these forums (good term insurance and disability insurance which we have) but would not be above using an alternative type if it saved us a boatload in taxes. Or maybe just paying the 39.6+ in taxes and putting it toward the mortgage/taxable account is the best way. I am all ears (eyes).
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