WCI #366: Tax Questions

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 9 May 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today Dr. Dahle is answering all of your questions about taxes. He talks about FICA taxes, quarterly estimated payments, IRA contributions and tax deductions, paying taxes when you work in two states in one year, how to make your tax situation as efficient as possible and more.

Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi
*Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply.

The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

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Transcript

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0:00.0	This is the White Coat Investor Podcast, where we help those who wear the white coat get a fair shake on Wall Street.
0:06.1	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. This White Coat Investor Podcast number 366.
0:19.0	Tax Questions.
0:20.0	Today's episode is brought to you by Sophie, helping medical professionals like us bank borrow and invest to achieve financial wellness.
0:27.0	SoFi offers up to 4.6% APY on their savings accounts as well as an investment platform, financial planning,
0:32.8	and student loan refinancing.
0:34.2	Featuring an exclusive rate discount for med professionals
0:36.8	and $100 a month payments for residents.
0:39.4	Check out all the SoFi offers at Whitecoat Investor.
0:42.1	com slash SoFi. at whitecoat investor. dot com slash SoFi.
0:44.4	Fones originated by SoFi Bank N.
0:46.1	NMLS 696 891 Advisory Services by SoFi Wealth LLC.
0:50.0	The brokerage product is offered by Social Buy Securities LLC, Member FINRA, SIBC,
0:54.7	testing comes with the risk, and the risk of loss,
0:56.4	additional terms and conditions may apply.
0:59.2	All right, let's get right into your questions today.
1:00.8	Our first one comes off the speak pipe from Diana.
1:03.0	Hi Dr. Dolly, I'm currently a physician working full-time and my spouse is a
1:08.1	stay-at-home parent. My question is, are his traditional IRA contributions still tax deductible even if we make more
1:17.0	than the modified adjusted gross income limit for a married couple filing jointly?
1:23.0	The way I read it, it appears that they would be.
1:26.0	However, my backdoor Roth or traditional Roth to backdoor conversion obviously would not be tax deductible.
	...

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