I am a current 4th year ROTC cadet interested in a Roth IRA. Are the stipends I received every month and during advanced camp considered income I can throw in? I am just looking that one of the rules is that the money I invest in a Roth IRA cannot exceed my income
ROTC Cadet interested in Roth IRA
byu/daemonstarr inMilitaryFinance
Posted by daemonstarr
3 Comments
Never did ROTC but do you get a w-2 from the stipend? Do you pay any taxes on the stipend? Do you get any ADT pay? When I was HPSP the stipend was taxable therefore classified as ‘earned income’. If you don’t get a W-2 or your stipend isn’t taxable is will not be earned income and you cannot add to a IRA.
Those stipends are not taxable, so no. You need earned income to contribute.
That is not income. Not taxed.