Career and Life Planning Guidebook for Medical Residents

Why Two Married Physicians Should File As “Married Filing Separately” Okay, I don’t mean that these two physicians have to be legally separated; instead, I mean that they should remain married, but should file THEIR TAXES separately. The two statuses (“real-life” marriage and “tax- status” marriage) currently do not have to be one and the same. It is a choice! This choice came up recently when two physician clients came into my office to explore their options on repaying their debts. These are two physicians who are working in a hospital setting, thus under a non-profit. Remember, to qualify for loan forgiveness under PSLF, you have to work for a non-profit or for a government entity. We explored the differences between married filing jointly andmarried filing separately. I was astounded by the results. It saved this couple $84,080 in payments by filing separately rather than jointly. R E A D : Other Debt Forgiveness Programs STATE SPONSORED DEBT FORGIVENESS PROGRAMS Besides PSLF there are some really exciting opportunities offered in every state. Check out state sponsored programs at: https://services.aamc.org/fed_loan_pub/ index.cfm?fuseaction=public.welcome. As of July 2019, there were 74 different programs available across the country! SECTION III: T MINUS ONE YEAR CAREER AND LIFE PLANNING GUIDEBOOK FOR MEDICAL RESIDENTS 374