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Reply to "PhD fellowships and 529s: tax and spending advice"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I saved for retirement in a Roth IRA during my PhD, but I could only do that the years I was a TA, worked on the side, or was given a fellowship as W-2 income. [b]If you don't get a W-2 you still owe income tax (a big misunderstanding among some fellow students!)[/b], but it doesn't count as "wages" toward retirement contributions or the child care tax credit. THAT sucks.[/quote] Has that been officially decided by the IRS or a tax court? There was a Nature article in the 2000s that said fellowship stipends for full time students as well as tuition subsidies were in an unclear tax situation.[/quote] That article is probably wrong. Or not applicable in general. Grad student wages in certain eligible jobs are not subject to fica, but it is still income. Scholarships are subject to the scholarship rules: tax free if the expenses are qualified, and subject to income taxation if the expenses are not.[/quote]
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