Did you idiots know that Roth IRAs are never subject to capital gains tax? Why aren't you day trading from your retirement account? You are literally throwing money away to the feds. If you YOLO your whole $6500 yearly contribution and turn it into $30k, that's $8,000 in taxes you're saving, give or take, not a math guy. Anyway get in on this before the SEC shuts it down. NFA
Found a huge loophole: it’s called a Roth IRA
byu/mesopotamius inwallstreetbets
Posted by mesopotamius
26 Comments
too bad you pay capital gains taxes if you touch that money before your 62
Gotta be 59.5 years old for it to work
I get deductions on my taxes, because i only lose money
Can you unlimited day trade a Roth?
Lmaooo imagine making a million at 25 and then scared to touch it until you’re old enough to die of natural causes.
…and your kids are lined up for their inheritances and would look down on you for buying a *corvette* rather than helping naenae with her college fund.
No margin
[Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank — ProPublica](https://www.propublica.org/article/lord-of-the-roths-how-tech-mogul-peter-thiel-turned-a-retirement-account-for-the-middle-class-into-a-5-billion-dollar-tax-free-piggy-bank)
You only have to survive until your sixties to withdraw it without penalty. Just saying, that’s not promised.
the turning 6500 to 30k is the hard part
who let this toddler use his moms Ipad
It’s great if you’re profitable. If you blow up your account, you can’t reload it for another year.
Yep- they suspended it- some crap about the trade not settled before I tried to trade again
MAGI is a bitch.
What if you lose that contribution though? You only get such a small amount to contribute to begin with.
You can’t write off losses in a Roth IRA and let’s be honest y’all way more likely to lose than win.
I knew a guy that did this. Hit 60 rolled his retirement accounts into a self directed roth or something when COVID happened he bet both sides of the market and made a fortune on the swings I remember him showing me days when he made over 300000 in one day! I asked him how it feels to see your money go up and down by so much and he’s like you have to have an iron stomach. But yeah all tax free gains. totally genius.
Backdoor Roth gonna have a VERY different meaning in this sub
So if I make more than $160k I can’t contribute to a Roth IRA, right?
If you try to withdraw it before you’re almost dead, you still pay income tax plus the 10% penalty.
Look into Health Savings accounts too, those will blow your minds
Only works if you keep that money until retirement… Otherwise you pay taxes and penalty on top when you pull out…
I’ll see OP when he greets me at Walmart in his 80s.
Ain’t nobody trynna wait till like 60 or something to cash out. I’m trying to enjoy my life, not die with money.
Because I spend the money I make when gambling now. Not when I’m 65
also the AGI max for roth ira is like 146k, a lot of tech workers are excluded from roth
All my NVDA from 2017 is in my Roth lfg