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Education
To qualify for the IRA contribution, two things need to happen in TT. 1. The taxable scholarship should show up on line 8r of schedule 1 (so that it is identified as scholarship/stipend "compensation"). 2. You must identify yourself as a grad student. This usually happens by checking the grad student box on the 1098-T.
Starting in 2022: During the IRA contribution interview, you will get a screen "How much of the taxable Scholarship was for Graduate or Post-Doctoral Studies". You will need to enter the amount that applies to it here.
https://ttlc.intuit.com/community/retirement/discussion/re-error-in-turbotax-handling-of-new-schedul... (screen shot)
‎April 6, 2024
11:42 AM