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Fellowship Income Is Now Eligible to Be Contributed to an IRA!


In this episode, Emily explains the new legislation that allows non-W-2 fellowship income to be contributed to an Individual Retirement Arrangement (IRA). Up until 2019, fellowship or training grant income (reported on a Form 1098-T or Form 1099-MISC or not reported at all) was not eligible to be contributed to an IRA. Certain legislation, the Graduate Student Savings Act (GSSA), which fixes this problem, has been proposed a few times since 2016, but never passed. However, at the end of the 2019 Congressional session, the text of the GSSA was passed and signed into law as part of an omnibus spending bill (H.R. 1865). PhD trainees who are newly eligible to contribute to an IRA should consider their overall financial status and goals to determine whether to contribute and in what amount....(read more)


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https://inflationprotection.org/fellowship-income-is-now-eligible-to-be-contributed-to-an-ira/?feed_id=38018&_unique_id=636ce44466246 #Inflation #Retirement #GoldIRA #Wealth #Investing #fellowship #gradstudent #GraduateStudentSavingsAct #ira #PhD #postdoc #taxablecompensation #traininggrant #SpousalIRA #fellowship #gradstudent #GraduateStudentSavingsAct #ira #PhD #postdoc #taxablecompensation #traininggrant
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