- quote -

IRS Pub 520 has been superceded by Chapter 1 of Pub 970:
http://www.irs.gov/pub/irs-pdf/p970.pdf

--
Alan
http://taxtopics.net

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- quote -

There are certain scholarships which are not taxable. For
instance, if your spouse is a veteran the scholarship would
not be taxable. For details, use this link:

http://www.irs.gov/pub/irs-pdf/p520.pdf

- quote -

If you have earned income (from employment) and/or alimony,
equals, or exceeds, the allowable contribution amount you
may be able to contribute $3,000 each (you and your spouse'
account) for a total of $6000. If you are age 50, or older,
you may contribute and additional $500 each for a total of
$7,000. There is a phaseout of the amount you may contribute
if your adjusted gross income exceeds $150,000.

- quote -

http://www.finaid.org/scholarships/taxability.phtml

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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My Wife is a full time student. She got a Federal
schloarship for this academic year. 2004/05. The university
pays the money is to her monthly but no taxes are taken form
it! The University will not take t.he taxes out.

A - Is this correct
B - When we report the income next year will we have to pay
tax on it?
C - I work full time and we normally file married joint taxes.

This year I have not contributed to a 401k at all.
So what is the limit I can contribute to a IRA and Roth IRA
Can I do both IRA's? Can wife contribute to both IRA's?

Thanks in advance for any help or advise
Jawahar

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