Quick Hpsp question

Discussion in 'Military Medicine' started by Cblanket, May 21, 2014.

  1. SDN is made possible through member donations, sponsorships, and our volunteers. Learn about SDN's nonprofit mission.
  1. Cblanket

    Cblanket

    9
    1
    Mar 21, 2013
    In the w2, does the stipend go in box 1?is it counted as taxable income? The main reason I ask is I was wondering if I am able to contribute to an ira with money from the stipend.

    Thanks
     
  2. SDN Members don't see this ad. About the ads.
  3. bulldogmed

    bulldogmed 2+ Year Member

    226
    82
    Mar 7, 2012
    yes and yes. You can contribute. I suggest a Roth
     
  4. Cblanket

    Cblanket

    9
    1
    Mar 21, 2013
    Awesome. Thanks for the quick reply. Even if I don't receive the stipend until school starts, I am able to contribute now correct?
     
  5. bulldogmed

    bulldogmed 2+ Year Member

    226
    82
    Mar 7, 2012
    Yeah, you should. It wouldn't come up until you do your taxes for 2014.
     
  6. aklark

    aklark

    141
    61
    Jan 9, 2014
    On a related note, does anyone have experience contributing to military TSP Roth from their HPSP stipend? (Not sure if IRR qualifies or you have to wait until ADTs for this...)

    Can you just put in the percentages on MyPay once your pay starts like you normally can, or do you have to submit the TSP election form? Any ideas which office would sign this before it goes to TSP?
     
  7. bulldogmed

    bulldogmed 2+ Year Member

    226
    82
    Mar 7, 2012
    You can't contribute to the TSP from your HPSP stipend. You can only contribute to TSP when you're active duty. While on your AT 45 days, you could look into setting it up, but you could only contribute money earned during that period.
     

Share This Page