Jim DahleEmergency Physician and Financial Educator for Medical Professionals

Cool Trick for Delaying Income Certification If Your Income Is Going Up #doctor #medstudent

Name: Cool Trick for Delaying Income Certification If Your Income Is Going Up #doctor #medstudent
Uploaded: 2024-12-22T08:00:43Z
Channel: Jim Dahle
Description: This is a YouTube video titled "Cool Trick for Delaying Income Certification If Your Income Is Going Up #doctor #medstudent" created in December 2024…

22 Dec 2024

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This is a YouTube video titled "Cool Trick for Delaying Income Certification If Your Income Is Going Up #doctor #medstudent" created in December 2024. The content features a single speaker explaining how borrowers can delay income verification for loan forgiveness programs by using a tax filing extension to keep payments low, particularly relevant for those whose income has increased significantly.

When a borrower has to recertify their income from May to September generally it's going to be based on the taxes from the year prior. So if your income certification date is in July next year then you'd think okay, well it's going to be based on my 2024 taxes. Well what if your income changed a lot this year? Maybe you graduated training, maybe you got married to another hire and maybe you got a much higher paying job. Well what you can do is you can delay verifying that higher income and use your 2023 taxes so there's a two year lag for income verification purposes. The way you do that is you can file an extension back to October and as long as your income certification date falls before you have to file that tax return they're going to use the most recent one on file which in this case would be the 2023. That is a great way to keep your payments low. In particular if you're doing a loan forgiveness program.