Contributing to a Roth IRA with SMART Stipend?

[Guest]

Are we allowed to open a Roth IRA account with our yearly stipend? I report the stipend on tax forms in the education/scholarship section.

[Guest_as_Well]

I did. Haven't seen an issue come up yet.

[Guest]

How long have you been contributing to it if you don't mind me asking? My dad says scholarship funds aren't eligible for a Roth IRA account for some reason

[IRAwithSMART]

Are we allowed to open a Roth IRA account with our yearly stipend? I report the stipend on tax forms in the education/scholarship section.

You can start a Roth IRA with the stipend (like I did 6+months ago). However, you will have to pay additional taxes on it since the SMART stipend is not income according to the IRS, which is because SMART doesn't allow you to consider yourself an employee of anyone (SMART gives you a 1099 Misc).