Forum Replies Created
August 16, 2018 at 9:06 am MST in reply to: Tax implications of employer student loan repayment #144406
Thanks all. I’ll circle back to HR.
"Be Worthy to Serve the Suffering."August 16, 2018 at 9:02 am MST in reply to: Tax implications of employer student loan repayment #144402
This was definitely a “you don’t know what you don’t know” situation in terms of making sure the tax situation was clear. Thank god I found this book/blog/ forum when I did. The contract does state that “you are responsible for payment of any taxes due on forgiven amounts” which reinforced my thought that only $2500/mo would be taxed but again not the message I got from HR.
I didn’t even consider that I’d come out ahead paying tax on the full 60k this year given that I’m still in a lower bracket. Thanks!
"Be Worthy to Serve the Suffering."August 16, 2018 at 8:58 am MST in reply to: Tax implications of employer student loan repayment #144399
I should mention also that it also matters for calculation of my IBR plan for next year. I’m in academic family medicine and plan on using PSLF. I’ve got 3 years of payments in already. If that 60k gets reported as true income then I loose of of one last year of lower payments.
"Be Worthy to Serve the Suffering."August 16, 2018 at 8:52 am MST in reply to: Tax implications of employer student loan repayment #144396
Thank you! It only took me several hours to get to that conclusion. Perhaps I should have come here first but I supposed it was a good exercise in actually understanding all of this.
I took a loot at my boyfriend’s policy (he is a staff attorney at an insurance company) and his policy actually defines gainful employment as , “GAINFUL OCCUPATION means an occupation that is or can be expected to provide you with an income at least equal to 60% of your indexed monthly earnings within 12 months of your return to work.”
I find it odd that my policy does not define gainful employment at all. It is worth a call to look into this more or is it left intentionally vague so they can leave my high and dry/ stick with the original conclusion that this policy is essentially worthless?
"Be Worthy to Serve the Suffering."August 16, 2018 at 7:39 am MST in reply to: Disability Insurance for New Attending (So very confused…) #144359
I’m brand new to WCI so go easy on me! I’m in a similar boat as ChristopherMD20. I just finished family practice residency and am joining on with the faculty in September. I’ve been on a mission this summer to learn all things financial to get off on the right foot!. One of the most confusing things has been this whole DI situation. I have a group policy through my employer-66% up to 14,999/mo max $10,000. What I don’t understand is their definition of disability:
“unable to perform each of the material duties at Your Own Occupation from any employer in Your Local Economy”; and
“unable to perform the duties of ANY gainful occupation for ANY employer for which You are reasonably qualified taking into account Your training, education, and experience”
At first read I saw “your own occupation” and thought great! That’s what I’m suppose to have! It’s the second line that I don’t quite understand. What does it mean that my training will be taken into account? Does that mean I’m disabled if I can’t work as a Family Doc in a similar capacity or only if I cannot do any work i.e. would I be forced to work in a job I’m over qualified for and take the pay cut?
"Be Worthy to Serve the Suffering."August 15, 2018 at 8:58 am MST in reply to: Disability Insurance for New Attending (So very confused…) #144071