GeorgeM777
Expert Alumni

Retirement tax questions

Just your W-2.  And no, you don't have a $5,000 excess contribution in 2019.  Generally, if you're not earning any income, you can't contribute to either a traditional or a Roth IRA.  If you have a net loss from self-employment, (we assume your 1099-Misc income was from some type of self-employment because you mentioned it resulted in a loss) don’t subtract that loss from your salaries or wages when figuring your total compensation. 

 

Thus, in your case, you had earned income of $6,000 in 2019, and therefore, you could contribute $6,000 to a Roth IRA.

 

@IRStress

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post