Hi Opus 17
Thank you so much for your reply. So he can not contribute this money to Roth IRA and this is his only income for 2021. I have two questions then. What is the proper way to report his $4500 stipend now? This amount is not on his 1098-T. And I already used his 1098-T for family tax return. Where to report on TurboTax?
How to remove $4500 from his Roth IRA. He will graduate May 2022 and have income for 2022. Can he carry this amount forward to 2022 Roth IRA contribution? Is there any penalty? Does he need report this incident in 2021 tax return?
Thanks.
