The problem is your taxable compensation. You only have $1,000 of taxable income so that is your limit for your IRA. The IRS Retirement Center under IRA says:
For 2020, your total contributions to all of your traditional and Roth IRAs cannot be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
For 2019, the limits are the same as 2020.
You need to withdraw the excess contributions. See I accidentally made an excess contribution to a Roth IRA.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
