The Alternative Minimum Tax (AMT) is an archaic tax law that was originally intended to make sure that high income earners were “paying their fair share.” As if the tax law was not complicated enough, the tax law experts thought it necessary to not only calculate your taxes once, but twice. The first time it is calculated through the regular methods (brackets, etc) and the second time through the AMT. Whichever is higher is the tax you pay. So, today we will answer the question “Will I pay the AMT”
Many tutorials will instruct you on how to perform a Backdoor Roth Conversion However, very few of them go through a step by step process for the very first time you ever set up a Backdoor Roth IRA. I, unfortunately, ran into several snags because of this.
After you have maxed out your employer 403B/401K for you and your spouse and any governmental 457s, a backdoor Roth should be your next step! Read more to find out how.
The Pareto Principle can be stated many ways, but the idea is that 20% of the work will get you 80% of the results. Physician finance is no different. It is the job of the financial industry to make things seem complicated. However, they don’t have to be, and you can certainly do all of … Read more
I am in the process of writing a book specifically for medical students, residents, and early career attending physicians. One of the chapters is on conflict of interest, because by and large this is one of the biggest reasons that physicians make massive financial mistakes after getting financial advice. In the process of writing that … Read more
When your life goals have you pinned up against the wall, it’s time to fight back. Today, I talk about how I fought back to achieve both my investment goals and my goal to destroy my debt. With a fixed timeline to get my little girl to a different school by 2019, I had to become a little more intentional about paying off debt faster.
Many have asked me why I favor a Roth contribution instead of a standard (pre-tax) contribution in my 403B. One of the bigger reasons is the benefit of a stretch IRA (via Roth), or a Stretch Roth IRA. Today, we are going to dive a little more into that topic and see what it’s all about, and if its right for you.