Recent content by Kevsdad

Actually its kind of easy to get around the ubit issues. The first issue is if you are running an active business by your trading. Look at the Tax Court cases where the IRS has disallowed trader status. Don't do intraday trades. Hire someone to help with the trades. Skip a few days...

Uhhhhh, can't convert to a Roth. In order to convert you have to have an IRA. If your account violated the gobbledygook that means you don't have an IRA anymore. No IRA, no conversion, no Roth. If the broker does let you convert, then you are racking up penalty taxes of 6% of the...

Bob, Here's the link to the official ruling. http://www.dol.gov/ebsa/regs/aos/ao2009-03a.html To try and translate, it says that if the IRA owner guarantees, gives a pledge of indemnification, grants a lien on personal accounts, the IRA has engaged in a "prohibited transaction"...

Yep. I asked Jim Crimmins of Traders Accounting to send this out to his people. I'm the one who got the black and white confirmation from the govt. that this is reality. Figured traders would like to know that they no longer have IRAs, are subject to massive back taxes and penalties...

While it is legal to trade futures and do all sorts of stuff inside your IRA, you are probably going to have a tax disaster. The reason for the disaster is the tax code says that if you personally guarantee your IRA, it is completely and fully distributed and loses all future tax deferral as...