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savr6180
New Member

Can I use hobby income to offset roth IRA contributions with no other income

I contributed $5,500 to a Roth IRA but had no actual income in 2018 and therefore going to receive a tax penalty for the contribution on my taxes. If I declare prize money from bike races as hobby income would I then be allowed to contribute that dollar amount to my Roth IRA?

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Accepted Solutions
DawnC0
Intuit Alumni

Can I use hobby income to offset roth IRA contributions with no other income

No, unfortunately, hobby income is not considered compensation or earned income.  

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1 Reply
DawnC0
Intuit Alumni

Can I use hobby income to offset roth IRA contributions with no other income

No, unfortunately, hobby income is not considered compensation or earned income.  

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