I've been searching around on this topic, but it seems like everyone's PhD stipend works differently. My graduate school is paying me a $31.5K stipend that has no tax withheld. According to my research on the topic, this stipend is not considered earned income.
My current plan is to file quarterly tax returns, and invest as much money as possible in a taxable brokerage account to at least make a little bit of money off the ~700 per month that I'd be paying in taxes. I understand this isn't ideal because investing 700/mo for 3 months, then withdrawing 2100 won't be super profitable and I'll have to pay short-term capital gains tax. Also the buy-and-hold strategy is good for long-term but won't do much in the short-term.
I have contributed $5500 to my Roth IRA for 2017 from my jobs before starting grad school, and have about $20k in a taxable brokerage account. I will most likely be a student here for the next 5 years.
At first I thought I could I roll over my Roth IRA into a traditional IRA, because I know that pre-tax dollars go into a traditional IRA and post-tax dollars go into a Roth IRA... my income is pre-tax dollars, but because it's not earned income I think I'm SOL.
My questions:
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Is there any way for me to contribute to my IRA from 2018-2022?
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Is there anyway to take advantage of the fact that I'm filing quarterly tax returns instead of having tax withheld from my paychecks?
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If I sell shares in my taxable brokerage account after 2017, would I be able to invest those capital gains into my IRA? I've only been investing for a short time and won't be able to max out contributions every year, but at least it'd be something.
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I also will most likely be getting married in 2019 or 2020. (Still setting the date!) After I'm married and we file joint tax returns, can I be considered a "nonworking" spouse and thus contribute to my IRA as long as her earned income is greater than her+my IRA contributions?
Thanks for all your help.
Submitted October 27, 2017 at 08:40PM by Bigelownage http://ift.tt/2gIr2uv
