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  • Dreamgiver Dreamgiver 
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    Status: Physician
    Posts: 890
    Joined: 03/09/2017

    IRS annual gift tax exclusion: $14,000 from each family member to each person per year. So that means the gifter can give you, your wife, and any kids $14,000 each before incurring in the gift tax. If it is your parents giving you the money, it is $14,000 from each one of them, so it would be $28,000 for you and $28,000 for your wife and so on.

    in reply to: Student loan & retirement strategy #48592 Reply
    Dreamgiver Dreamgiver 
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    Status: Physician
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    Joined: 03/09/2017

    I think that what you are looking for is paid maternity leave. DI is not the best place to look for that (normal pregnancy is not defined as a disability), your employer might have something setup. However, as professionals, we really don’t usually get maternity or paternity coverage. We work=we get paid, we don’t work=we don’t get paid.

    Dreamgiver Dreamgiver 
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    Status: Physician
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    Hey Jim, I am local and happy to help out with logistics or anything else if you find yourself in need.

    in reply to: WCI Conference- Save the Date! #48186 Reply
    Dreamgiver Dreamgiver 
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    Status: Physician
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    Joined: 03/09/2017
    Splash Refinancing Bonus

    The penalty I’m referring to is when you don’t roll over to Roth within 60 days and have to pay 10% early deduction in addition to income tax

    What does Roth contribution to 403B mean?

    Click to expand…

    I am not aware of such a penalty. I think you are getting confused with the 60-day rule for IRA and retirement plan distributions. That rule does not apply to an IRA to Roth IRA conversion.

     

    You can contribute to a 403b with after tax money (i.e., you make “Roth” contributions into it) instead of tax deferred money. That is all I did as a resident.

    in reply to: 403B, Roth IRA or backdoor Roth? #48051 Reply
    Dreamgiver Dreamgiver 
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    Joined: 03/09/2017

    I personally would do $5500 RIRA every year and as much Roth contribution into the 403b as you are able after that.

    in reply to: 403B, Roth IRA or backdoor Roth? #48043 Reply
    Dreamgiver Dreamgiver 
    Participant
    Status: Physician
    Posts: 890
    Joined: 03/09/2017

    I second Dreamgiver‘s suggestions, except I’m not sure what you mean by:

    If you are asking if you can make the 2017 contribution at the beginning on 2018 in order to pay taxes in a lower bracket, the answer is no, it does not work that way. 

    Click to expand…

    platter can contribute for 2017 at the beginning of 2018, but there is no deduction, hence it would not reduce his/her income resulting in paying taxes in a lower bracket. Or did you mean something else entirely?

    I’m also not sure what penalty the OP is referring to – could you tell us more about what you’ve heard?

    Click to expand…

    What you wrote is what I meant.

    in reply to: 403B, Roth IRA or backdoor Roth? #48042 Reply
    Dreamgiver Dreamgiver 
    Participant
    Status: Physician
    Posts: 890
    Joined: 03/09/2017

    You have until tax day in 2018 to decide whether that $5500 contribution applies to 2017 or 2018. After tax day you can only apply it to 2018. If I were you, I’d do one for each year. I am not sure what penalty you are referring to. As long as the IRA contribution was post-tax, there is no penalty rolling it over to a Roth IRA. If I were you, for 2017 I’d contribute $5500 to a TIRA now and backdoor into a Roth (as long as you do not have an existing IRA with a balance now). Next year, just do a straight Roth contribution. If you are asking if you can make the 2017 contribution at the beginning on 2018 in order to pay taxes in a lower bracket, the answer is no, it does not work that way.

    in reply to: 403B, Roth IRA or backdoor Roth? #48034 Reply
    Dreamgiver Dreamgiver 
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    Status: Physician
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    Joined: 03/09/2017

    Can you make Roth contributions into the 403b? If so, that is what I would do.

    Dreamgiver Dreamgiver 
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    Joined: 03/09/2017

    I have StateFarm for homeowners, auto and umbrella. Umbrella is $280 for 2 mils.

    in reply to: What company do you use for umbrella? #47827 Reply
    Dreamgiver Dreamgiver 
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    Joined: 03/09/2017

    In case you haven’t checked it out yet, you might find more answers on SDN forums. After all, pretty much everybody here is so removed from your stage in life.

    in reply to: Dental student considering the switch (Accepted to MD) #47653 Reply
    Liked by CanaDMD
    Dreamgiver Dreamgiver 
    Participant
    Status: Physician
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    Joined: 03/09/2017

    I am not going to comment on the company itself as I do not know much about them. I personally would stick with the major players for something like this.

    What I will comment on is this…you are buying a product. You can talk to as many people as you wish, with them knowing or not knowing anything else. Forgive me if I misunderstood what you wrote, it just seems you feel bad you are shopping around. Nobody’s feelings get hurt 😉

    in reply to: Ohio National for Disability Insurance? #47651 Reply
    Dreamgiver Dreamgiver 
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    Joined: 03/09/2017

    I have my 2mil umbrella policy with StateFarm and pay $280/yr. Shop around.

    in reply to: Should I keep an umbrella policy as a resident #47625 Reply
    Dreamgiver Dreamgiver 
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    Status: Physician
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    you might not be able to get 6k of coverage now as it is based on your income…but I agree with getting 2 policies

    Dreamgiver Dreamgiver 
    Participant
    Status: Physician
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    Joined: 03/09/2017

    What is enhanced partial? What company is this? About riders, consider COLA?

    I personally think every resident should have a good DI policy in place. Yeah, not much, but in case of a catastrophe $4,000/month tax free for the rest of your life is better than a kick in the teeth.

    Dreamgiver Dreamgiver 
    Participant
    Status: Physician
    Posts: 890
    Joined: 03/09/2017

    My opinions:

    -Get AAA instead of roadside, better coverage and more value from the membership

    -I do not have rental as we have an extra car laying around so I do not know the cost of that

    -Definitely do not skimp on collision/comp on a newer car (if it is leased or financed you must have that coverage anyway), if anything up the deductibles

    -Umbrella policies usually require you take out the maximum liability coverage (500,000). Still, umbrella policies offer a great value

    -Ditch one of the most underpowered cars on the road….ok, just kidding…

     

    in reply to: Auto insurance: how much to get? #47586 Reply
    Liked by CordMcNally
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