Can I contribute to a Roth IRA

[VolvoGirl]

Yes exactly.  You are an employee.

[Opus 17]

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@melissaforpeace315 wrote:

Thank you! So the fact that I have a W-2 means that the income I receive from being a TA can be considered compensation?

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Yes, for the W-2 position, you are an employee, and your compensation is your box 1 wages.

If you are getting a graduate stipend, that is also compensation for purposes of an IRA, even though it is not compensation for other purposes.  Turbotax should recognize it correctly if you enter it through the 1098-T interview for college expenses.  (that's how to access that function even if you didn't get a 1098-T.)

[melissaforpeace315]

@Opus 17 @VolvoGirl thank you both!!

So does that mean that the maximum I can contribute to my Roth IRA is the Box 1 amount?  I cannot exceed the Box 1 amount, correct?

[RobertB4444]

The maximum Roth contribution is the total of your earned income or $6000 ($7000 if you're over 50) whichever is smaller.  

[melissaforpeace315]

@RobertB4444 So the maximum I can contribute to the Roth IRA is either my Box 1 amount in my W-2 (from working as a professor's TA), or $6,000, whichever is less, correct?

[JohnW152]

If box 1 of Form W-2 reflects all of your taxable compensation and you're younger than 50, that's correct. 

Please see IRS Publication 590-A for more information.