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

[savr6180]

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?

[DawnC0 · Accepted solution]

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