I'm in a one year fellowship and my university gives a lump sum every November, which can be used for anything. It's recommended to put this 5K in retirement and there's no matching. I plan on putting into retirement. But I'm not sure which one has the most benefit: a tax deferred 403b account vs ROTH account for this year. I understand that I'll be an attending starting next August with a higher income but not sure if I should take advantage of my lower tax rate now and invest in ROTH now versus wait until I become an attending to roll over to my ROTH IRA account. Any advice is appreciated. I'm a novice with financial matters. Thanks
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But I’m not sure which one has the most benefit: a tax deferred 403b account vs ROTH account for this year.
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If all money made in 2017 is from a stipend, you can not contribute to a Roth. As I recently learned, if you didn't pay SS and medicare taxes on the money it's not considered "earned income" so you're "stuck" with a 403b.
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