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New Pharmacists Filing Tax Return

Discussion in 'Pharmacy Class Threads' started by akaykay, 01.29.12.

  1. akaykay

    akaykay Rookie

    Joined:
    08.09.06
    Messages:
    190
    Location:
    Square bear from Delaware
    Status:
    Pharmacist
    SDN 7+ Year Member

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    For those of us who graduated 2011 and earned 1/2 year of pharmacist income, can we expect some tax return? I would expect some type of refund since we were in school for the 2011 year and didn't ear much and on top of that paying interest on our loans.

    Basically, what are some ways we can minimize our tax/maximize our refund for this year or for at last next year.

    Status: S
    No Kids
    No mortgage (but looking into it)


    Thanks (especially to the tax guru's)
  2. njac

    njac Senior Member

    Joined:
    03.20.05
    Messages:
    8,568
    Location:
    Now headed all the way west!
    Status:
    Pharmacist
    SDN 7+ Year Member
    Start an IRA. I wish I had.

    I got a couple grand back, but that wont happen this year (I also worked as a resident the first 6 months of 2011, but not sure how much of a difference that makes)
  3. Momus

    Momus

    Joined:
    04.02.08
    Messages:
    1,489
    Status:
    Pharmacist
    SDN 5+ Year Member
    Max your 401k if you are qualified and start IRA contribution if you are qualified.

    You can put more deduction say 4 since you are working only 1/2 a year, then switch back to 1-2 next year to minimize your tax refund.

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