I’m a 4th year med student trying to figure out IDR before intern year and I’m honestly confused. I filled out exit counseling and put my expected intern salary, but right now I’m not making anything. It estimated my monthly payment at around $435, which threw me off since I’ve heard a lot of people have $0 payments during intern year.
I just sent in my paper tax return today as well.
Am I supposed to be putting $0 as my current income instead of my future salary? When I try that, it doesn’t even give me IDR as a repayment option, so I’m not sure if I’m doing something wrong.
Also, how does filing taxes actually help lower your payments?
Would really appreciate if someone could break this down because I feel like I’m missing something 😅
Posted by srg777777
3 Comments
People reduce their payment by filing taxes because they maximize pre tax deductions like retirement, HSA, child credits. Since that money is taken out pre tax it reduces your reported AGI. When you apply for an IDR payment plan you should use your current income or AGI from your most recent tax return.
> I just sent in my paper tax return today as well.
What is you AGI on that return?
Your IDR payment is based on your most recent tax return.