My husband & I are throwing around the idea of selling our house, our possessions, & going on the road as a traveling RN... We live in Pittsburgh and have over $150,000 in loan debt due to my husbands recent graduation from law school. Sadly, there are no jobs jobs for him here in law, finance, marketing, etc; His only income is poker, which, thankfully, he makes quite a profit at.
My thought was that I could make good money as a traveling nurse, enough to keep up with our bills and keep us afloat, and he could help out by playing poker. I was under the impression that traveling nurses make over $40/hr. Now, after reading quite a bit about the profession, I feel i may be wrong. I make $23/hr at a nursing home currently & this seems to be better pay than most that I am seeing.
I would appreciate any thoughts on the situation because right now our money is running out and we need to change something. Perhaps agency nursing in Pittsburgh would be better? We are both at such a loss right now.
If you don't have a tax home, you shouldn't receive a stipend, and if you do receive a stipend without a tax home, you better save it. You never know when you'll be audited and the gov't will want their money back with interest!
Don't believe recruiters when they tell you about tax benefits. They know nothing about it because they're not tax professionals; you should find a CPA who specializes in travelers.
"Still recieve the stipend but it would be taxed"= Regular Pay.
In addition to IRS link above, you should check out www.Natho.org there is an FAQ that is specifially tailored for travelers.. It doesnt get any clearer than this, as a matter of fact here you go because its hard to find-
Speaking of natho.org, some of my favorite companies are listed on this site. Though I would never endorse any of them publicaly, I would recommend all of them who are members of that organization.
I have been considering travel nursing for myself. I have a TON of student loan debt because I couldn't decide what to do and made some really poor decisions. I saw travel nursing as a way to get that paid down and see the world. I am not be realistic? I figured with housing paid I could work for a travel company for 3, 12 hour shifts a week and maybe even do some agency nursing in the area for an extra day or two and put a ton away. Insurance isn't a concern right now, my parents can and will cover me until I am 26, 2 years away. Seriously, will I be able to pay down some of my debt while seeing the country as a traveler?
I can tell you that you can crunch the numbers until you are blue in the face, and the truth may still evade you. My own personal experience is that I saved almost no money in my first three years out of nursing school. When I started traveling in 1995 (not for the money), the hourly was only $2 more, from $15 in Baltimore to $17 at my first three assignments in NC, Florida, and CA. Yet I was able to start saving close to 90 percent of what I made. Of course there were additional compensation details like paid housing and per diems, but it was like night and day financially.
Some travelers report saving less when they start. Sometimes this is just due to a holiday mentality, spending like you are on a vacation. For me, I was frugal before I started traveling, and frugal while traveling, and 15 years later I have a great nest egg and paid for a modest house in cash.
It also makes a difference where you are from. If you are in higher paying areas of the country like Massachusetts or California, the economics of traveling are even harder to figure out. I'd venture to say that perhaps the majority of travelers come from the South and Southwest, or even the Midwest, where jobs and pay are relatively skimpy.
You are young, travel is exciting, your professional skills and resume will be enhanced, what the heck? Try it and see if it works for you financially, or just as a fling before you settle down. If it doesn't, there will be little harm done.
No such thing as tax free!!! Nothing is ever free! I agree with rnerhousesupor, that tax free $$$ will end up costing you even more money when the IRS audits you. If you decide to travel I would accept the housing that the agency offers you or not accept the housing and get a higher hourly rate! The more offers you decline from the agency, the more $$$$ you will make!
Really bad advice. You have no idea what tax free means. For the purposes of the IRS, it doesn't matter if you take the housing or the stipend. Both are taxable if you are itinerant, and neither is reported to the IRS if you are traveling away from a legitimate tax home. Either way, it will not trigger an audit, however if you have cheated the IRS by misrepresenting your tax status to an agency, they may discover it if you are audited for any other reason.
registeredin06.....do you have the name of an accountant or tax expert that could provide me with info and the legalities of the housing stipend? I am currently on assignment and I am collecting the housing stipend, but I am staying with my grandparents in Florida. Do you know if I am going to have to pay taxes on the money because I am basically collecting it as income because they aren't charging me to live there.
As described, you don't currently have a tax home and should declare your stipends as income on your tax return. You will want to change your tax status at your agency as soon as possible so you don't have a large amount to pay at the end of the year. By all means talk to an expert first!
The best known option is Traveltax. Google will find him easily. He should give you quite a bit of help with a free telephone consult. Fair warning, he plays by the book, no fudging of tax homes should you want him to prepare your tax returns!
The travelers association maintains a list of all other known experts specializing in travelers. Google PanTravelers and click on the useful links in the menu. Currently there are 6 including Traveltax. I've never used any personally, but I do know Joseph Smith (Traveltax and a former traveler) quite well.
Specializes in POST PARTUM/NURSERY/L&D/WOMENS SERVICES.
To the person working in CA bringing in 1400/week, you are being severely underpaid!! Stipends MLE and wages should clear you quite a bit more than that...I believe your company is taking you for a ride. I have gotten into the habit of telling recruiters they best keep counting when they call and low ball me...I wont even talk to them unless the take home starts with a 2+
Traveling is an excellent way to make money...if you are smart and make frugal choices...I have paid off over 50000 in debt since October and that's after paying for my housing/food /and tax home.
Know your bill rates and talk to many recruiters...you will be surprised at how many do take advantage of those that will sell out...and there are many...
Make sure you have all your credentials...up to date, titers, vaccines, physicals, fit test, etc., while you are employed and insured...that way you don't have to pay for it out of pocket...
Good luck on your adventure if you choose to start it!!!
Hi. I'm looking into travel nursing. I have 8 years NICU experience. I want to get back in to the NICU nursing scene. I took a 2.5 year break from hospital nursing because I recently got married again and wanted to take a break from hospital nursing. I've been working with medically fragile kids as a home health nurse PT which still uses my NICU nursing skills. My husband is retired and I have about 5 years till I can retire. We wanted to travel so I've been looking for travel nurse positions near family who live out of state. We are renting a home at present which we will keep as our home base.
I know because I haven't done travel nursing before, that I will probably get low ball offers from certain agencies. I know that some recruiters will tell you what you want to hear because they make money signing you.
I just don't know who to trust and know I will be taking a chance until I know the ropes of this travel nursing.
I'm looking at the top 10 agencies in the U.S. to pick from for my first assignment. I've already spoken with several recruiters. I just need to know if there is a book published somewhere or website with information on what paperwork and records a travel nurse should keep along with other pertinent information on housing, what to look out for, contract savvy, etc. Any help would be gratefully appreciated! Thank you.
Top ten agencies? Using whose criteria? The other 390 agencies are likely going to object to being left out.
PanTravelers - a traveler association - has by far the most content about travel available online for a free membership as well as the only unbiased source of information. The site will inform you about every aspect of travel you would want to know, including the important subject of tax homes.
TravelTax is another such site run from a tax perspective by a former traveler who specializes in, well, taxation of travelers. He also has a content rich site and a guide to proper record keeping specific to our vocation. He is the major consultant for the agency industry association (NATHO) on taxation, and of course has a commercial interest in enticing you to have him prepare your tax returns.
I happen to know him personally and his ethics are amazing. He definitely will keep you on the straight and narrow if he prepares your taxes - won't do them if you stray. I don't want to sound like a commercial (and I am not his customer, I do my own taxes and enjoy it), but he will provide free phone consults and most nurses considering travel could use a consult about how to manage your tax home (or becoming itinerant).
Oh, and welcome to AllNurses!
He is the only specialist in this field I know personally, but there are a half a dozen others as well (try more than one on for size and fit, just as I also recommend trying on different agencies for a personal fit - not just because of a random recommendation online). The complete list is on PanTravelers useful links page.
lisaleone1985
9 Posts
I was told by a recruiter that you don't have a tax home that you can still receive the stipend but it would be taxed.