Hi
We are claiming our college student son in our tax return. He received $4500 internship stipend with no w-2 or any 1099 form through summer research at university of Chicago in year 2021 and would like to put this amount into his Roth IRA account. Can he contribute this amount in his Roth IRA? Should we report this stipend as option 1 earned ( use earned income +$350 standard deduction) or option 2 unearned income (pay child tax)? If option 1, how to report on Turbo tax?
Another question: Our home state is NJ. He goes to college at Massachusetts and stipend is from Illinois ( he works from home and never live in IL ). If he files state tax return, which states he should file?
Thank you so much and Best Regards!
