1. Download free Tapatalk for iPhone or Tapatalk for Android for your phone and follow the SDN forums with push notifications.
    Dismiss Notice
Dismiss Notice
Hey Texans—join us for a DFW meetup! Click here to learn more.

Taxed on loans paid by employer?

Discussion in 'Finance and Investment' started by Hamhock, Aug 4, 2015.

  1. Hamhock

    7+ Year Member

    Joined:
    May 6, 2009
    Messages:
    1,000
    Likes Received:
    196
    Status:
    Attending Physician
    I often see CMGs like Team Health advertise contracts that will pay off 100K of your loans if you sign with them for three years.

    Does the doc have to pay income tax on those loan payments?

    If I did locums and asked the company to pay me only in loan repayment, would I not then be making 30% more?

    Hamhock
     
  2. Note: SDN Members do not see this ad.

  3. okayplayer

    okayplayer Senior Member
    Physician 10+ Year Member

    Joined:
    May 15, 2005
    Messages:
    930
    Likes Received:
    283
    Status:
    Attending Physician
    Yes you pay taxes on this. It sucks
     
  4. sazerac

    sazerac rye sense of humor
    5+ Year Member

    Joined:
    Feb 26, 2012
    Messages:
    2,002
    Likes Received:
    2,130
    Status:
    Medical Student
    So it isn't really loan payment, it is just extra income, taxable like all income is. I wonder if you even really need to spend it on loans, or could you just pocket it. The recipient might not even have loans, lol.
     
  5. RangerBob

    Physician 5+ Year Member

    Joined:
    Sep 16, 2012
    Messages:
    1,141
    Likes Received:
    660
    Status:
    Attending Physician
    Those I know that get loan repayment just get a check from the hospital/company, and can technically do whatever they want with it.
     
    okayplayer likes this.
  6. keifernny2

    5+ Year Member

    Joined:
    Aug 26, 2013
    Messages:
    257
    Likes Received:
    155
    Status:
    Attending Physician
    This is true for private employers, though public employers have programs with more tax advantages (and more strings / paperwork attached).
     

Share This Page