Healthcare Traveler - January 2009 - (Page 56)

WARNING Travelers with Med-Staff may be exposed to: Increased Pay Rates Completion Bonuses up to $6,000 Loyalty Bonus of $1,000 Group Health CEU Reimbursement(s) Advanced Certification Reimbursement 100% Matched 401k 100% Paid Housing Assignments throughout the U.S. for Tax Facts Joseph Smith ISSUES AND ANSWER S FOR TR AVELER S Can I deduct losses in my IRA? I f you were shocked when you looked at the year-end statements from your retirement accounts, you are not alone. The financial crisis has wiped out much of the hard-earned retirement savings globally. Unfortunately, most individuals will not be able to take advantage of any tax relief due to the drop in value of these accounts. Nursing and Allied Health Pre-tax accounts Most retirement accounts—including 401K, 403B, and Individual IRAs—consist of deferred compensation. When you contribute to your retirement account on a “pre-tax” basis or receive a tax deduction for your contribution, what you are really doing is moving the income and tax owed on the amounts to later years. From an income tax perspective, even though the contributions were from wages that were earned now, it is as if they have never been earned since you did not pay income tax on the deferred amounts (unlike with payroll taxes such as FICA and Medicare). For this reason, you can’t claim a loss on amounts that were never considered received. “S u c c e s s S t a r t s H e r e” Visit us at WWW.MSOHEALTH.COM Circle Career Card No. 619 1-866-787-6928 After-tax accounts Roth IRAs and other accounts, like educational savings accounts (529s) that are funded with after-tax contributions, are different. Since taxes have been paid on these contributions, it is possible to claim a loss. Calculating the loss can be a bit difficult unless you close out the entire account. Also, if you converted an IRA that consisted of pre-tax contributions to a Roth IRA, paid the taxes on the disbursement, and the value has dropped, you may be able to reconvert it back to an IRA and get a refund of the taxes that apply to the change in value. A number of limitations apply, so it would be wise to consult a tax advisor before making any decisions. HT Any tax advice contained is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Joseph Smith, RRT, EA, is an enrolled agent and owner of TravelTax LLC (TravelTax.com), based in Norfolk, Nebraska. You’ll enjoy top industry packages, Day-One Ins at NO cost to you, Tax Advantage & Free CEU’s. JOIN SAGENT HEALTHSTAFF IN 2009! National Reach Local Touch! Sagent Healthstaff has been inducted into this year’s 2008 Inc. 5000 list of the fastest growing privately owned companies in America. C O N TA C T A S A G E N T R E C R U I T E R T O D AY ! 1.877.447.3376 www.sagenths.com infosage@sagenths.com Circle Career Card No. 632 56 Healthcare Traveler January 2009 http://WWW.MSOHEALTH.COM http://WWW.MSOHEALTH.COM http://www.TravelTax.com http://www.sagenths.com http://www.sagenths.com

Table of Contents Feed for the Digital Edition of Healthcare Traveler - January 2009

Healthcare Traveler - January 2009 Editor’s Desk Contents By the Numbers Paws for Thought Field Notes In a Flash Med Ec-cerpts Dream Destinations Nursing from the Heart Drug Update Professional Update Clinical Tips On Assignment Cityscape Name It Advertiser’s Index Contest Rules When In… It’s in the Bag Dot.com Tax Facts Big Deals Starter’s Kit Going the Distance Allied Corner Classifieds Tales from the Road

Healthcare Traveler - January 2009

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