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Reply to "PhD fellowships and 529s: tax and spending advice"
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[quote=Anonymous]I don't know a single person who ever received a PhD that began saving for retirement IN the PhD program. 529 can pay for room and board. So, you're probably looking at $15k per year in potential 529 distributions for room and board. Don't be an idiot and save for retirement. PhD sucks. You need to socialize and try to live a decently comfortable life despite being impoverished. Create networks with your friends who may become future coauthors. Engage in as much relaxation as possible when you're not working. You'll barely pay any taxes anyway because you are poor. Getting a tax preparer would be a terrible idea. Just use one of the online filing services. You will be able to declare your fellowship income, your 529 distributions, and you'll likely be taking the standard deduction. So, your taxes are quite simple.[/quote]
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