Evolving Personal Finance » Entries tagged with "earned income"
Tax Benefits that Don’t Apply to (Some) Graduate Students
Through the course of researching taxes for my own use and this blog, I have periodically gotten excited about some tax benefit available to the general public, only to find out that I was not eligible for it. Sometimes my ineligibility was because of my student status and sometimes it was because I only had fellowship income. Commenters’ questions on previous posts have altered me to additional exclusions that I had not come across in … Read entire article »
Filed under: grad school, taxes
DECREASE IN PAY ACKNOWLEDGEMENT
I received an email last week that gave me a bit of a scare! The subject line included my name and “Pay Decrease.” When I opened the email, the attachment was titled “DECREASE IN PAY ACKNOWLEDGEMENT.” I kind of freaked out until I read the body of the email, but even after that reassurance I was pissed at the manner they let me know about this change! Even my advisor agreed that it was “unfortunately … Read entire article »
Filed under: grad school, income
Can a Net Income Boost Compensate for Not Having Earned Income?
Two weeks ago I got a great comment on my Roth IRAs for Graduate Students post from Joe. He asked “Why would you want fellowship income to be reported as earned income? The payroll tax (6.2%+1.45%) that must be withheld from wages … in my opinion, makes the unearned income classification better.” The payroll tax exception for 1099-MISC income wasn’t something I addressed in the Roth IRA post (although I mentioned it as a perk for some … Read entire article »
Filed under: budgeting, retirement, taxes
Organic Search Terms
EPF’s organic search traffic has really spiked up in the past couple weeks – well, at least in comparison with what it used to be! Just last week I started looking at the search terms leading people to EPF (people, not bots). Today I’d like to take a look at a few of the search phrases. Post with the Most By far my most popular post in terms of being found by the wider internet is the … Read entire article »
Filed under: blogging, grad school, retirement
How to Save When You Don’t Have Earned Income
For those of us without earned income, the standard retirement advice does not apply. Not only do our workplaces (if we even have them) not provide retirement plans, but we’re locked out of contributing to IRAs. Assuming we’re making enough money to be able to save, how can we advance our goals? 1) Evaluate your financial situation holistically. Not everyone needs to save for retirement at all times. There are other legitimate savings goals that you can … Read entire article »
Filed under: retirement
Earned Income: The Bane of the Graduate Student’s Roth IRA
This is my contribution to The Roth IRA Movement started by Jeff Rose at Good Financial Cents. The post will briefly touch on the advantages of the Roth IRA account but will focus on how graduate students can determine whether or not they have earned income (now: taxable compensation). For more posts with greater detail on various aspects of the Roth IRA, please visit the Movement’s page. Also, I am not a CPA or financial … Read entire article »
Filed under: grad school, retirement
Weekly Update 6
This week was spring break at our university and while we didn’t take off work, we did take things a bit easy and tried to catch as much of the ACC tournament as we could. Unfortunately, our team is not going to the finals of the tournament, but I’m still planning to watch tomorrow. Several top-ranked teams lost over the last few days so I don’t feel toooooo bad. We had friends over to watch the semifinals so that’s always fun. I started doing research for a post on the “earned income” aspect of Roth IRA contributions for an upcoming Roth IRA blitz posting that Jeff Rose at Good Financial Cents is organizing. I tried to track down the sources of my funding for my four years in grad school by … Read entire article »
Filed under: weekly update
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