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elLaszlo
Returning Member

Taxable scholarship for graduate student not counted for Roth IRA limit (excess contributions)

I received $7,800 in taxable scholarships last year and included them here:

Screen Shot 2024-04-11 at 3.39.37 PM.png

 

However when I enter my $6500 roth contribution it says that it's an excessive contribution. My understanding is that the IRS allows this type of taxable scholarship to count towards Roth limits (after 2019). 

 

Screen Shot 2024-04-11 at 2.59.15 PM.png

I see other solutions to this problem apparently working on turbotax desktop, but on turbotax web I can't seem to solve the issue. To be clear, I marked that I was a full-time graduate student. 

 

Thanks for the help!

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4 Replies
elLaszlo
Returning Member

Taxable scholarship for graduate student not counted for Roth IRA limit (excess contributions)

This is the error I see: 

 

Screen Shot 2024-04-11 at 4.07.06 PM.pngScreen Shot 2024-04-11 at 4.07.00 PM.png

Hal_Al
Level 15

Taxable scholarship for graduate student not counted for Roth IRA limit (excess contributions)

There is new screen in the IRA contributions section, titled "How much of the taxable scholarship was for graduate or post doctoral studies?"  Be sure you filled in an amount there (usually all of the taxable scholarship). 

elLaszlo
Returning Member

Taxable scholarship for graduate student not counted for Roth IRA limit (excess contributions)

Thanks @Hal_Al ! I've seen others mention this but it never shows up for me on the IRA flow. Is it possible it's only available on the desktop version?

elLaszlo
Returning Member

Taxable scholarship for graduate student not counted for Roth IRA limit (excess contributions)

Oh I figured it out - it only shows up when you note that it was used for non-education expenses. 

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