Can Hobby income be used to contribute to a ROTH? I have a quick tax question that I have been unable to answer via the IRS website.
If ones only ?earned? income is from a hobby can that $ be contributed to a ROTH?
I understand that one can only contribute ?earned? income towards a ROTH but I cannot determine if hobby income is indeed considered ?earned? income.
The money is a 1099-MISC and from one person representing 3 separate days of activity over the year. Primary income otherwise is retirement distribution.
I've searched for weeks but cannot find a definitive answer. Any insight would be greatly appreciated. Thanks. |