Graduate and Postdoctoral Students: Contributing to a Roth IRA in 2022

[rrn]

got this email from TT Support at 1:43am mar 04.

"Thank you for being patient while we investigate your issue.
We’re still working on a solution and we’ll send you an email once a fix is in place. "

so apparently it's still not fixed...

[AnnSD]

Here is a previous message from my string of comments:

Be aware that graduate students with stipends do not all get a W-2, 1098-T or 1099-Misc. I do not receive any forms. I get a yearly letter from the school stating my income. The stipend is still federally, not state, taxable and therefore, I should be able to contribute to an IRA. Although my taxes are not affected by a ROTH contribution I would still like TT to track it as it has done in the past. It's more serious of a problem for students making a tax deductible trad IRA contribution.

Read all my previous stings to get a full understanding of the problem.

[biztaxlady1]

How to enter stipend income and Roth IRA contribution:

1. Federal Taxes
2. Deduction & Credits  
3. Scroll down to Education
4. Select Expenses and Scholarships
5. Take your time and follow the prompts.
6. "Did (your name) receive a scholarship or grant in 2020?" Please enter your stipend in other Scholarships/Grants/Fellowships; this will ensure that the stipend flows to Schedule 1 Other income (no need to enter as other reportable income).  Public Law 116–94, defines fellowship stipend payments for graduate students and postdoctoral researchers as compensation for the purpose of contributing to an individual retirement arrangement (IRA) account. Graduate students and postdoctoral scholars receiving a fellowship stipend do not need to receive Form W-2 to legally contribute to an IRA.
   When entering the Roth IRA contribution be sure to identify as a graduate student and how much of the taxable scholarship was used for graduate/postdoctoral study. This appears to get rid of the excess contribution warning message.
   
   https://www.faseb.org/journals-and-news/washington-update/irs-clarifies-guidance-for-fellowship-stip...