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Old 02-03-2009, 11:45 AM
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Join Date: Feb 2009
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screwed by 1099-MISC

I am a graduate student on a government stipend. It is my only source of income for 2008. I received a 1099-MISC for the amount paid directly to me. The value was placed in box 3 and the federal taxes withheld were in box 4. Technically the money is from a grant. Here's the problem: I also have a Roth IRA that I've been contributing to all year. Since the my income was reported on a 1099-MISC as "other income" and not on a W-2 (as I'm guessing it should have been), I will receive penalties on my IRA for having contributed too much (since my "earned income" was $0). Something about this has got to be incorrect. Should my income definitely have been reported on a W-2, or is there a way to get around this without having to pay "self-employment" taxes. Help!!!!!

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