Funding IB Friends & Family account with IRA?

T

trader99

Hi IB Reps and others,

I'm thinking of opening an IB Friends and Family account. Is it possible to fund this account with a personal IRA account that I already have at IB? And if so, would the profits I made using my personal IRA account be able to be withdrawn without tax penalty?

how does that work? Note: I have an IB IRA account as well as IB normal taxable account.

thanks!

99
 
Quote from trader99:

Hi IB Reps and others,

I'm thinking of opening an IB Friends and Family account. Is it possible to fund this account with a personal IRA account that I already have at IB? And if so, would the profits I made using my personal IRA account be able to be withdrawn without tax penalty?

how does that work? Note: I have an IB IRA account as well as IB normal taxable account.

thanks!

99
More...
yes you can fund a f&f account with an ira. no you can not withdraw the profits without penalty.
 
Quote from vhehn:

yes you can fund a f&f account with an ira. no you can not withdraw the profits without penalty.
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Hmm. Interesting. But how about the profits I get from other people who put money in the f&f with TAXABLE dollars? Or would they have to fund it with IRA/nontaxable dollars as well?

just curious,

99
 
Quote from trader99:

Hmm. Interesting. But how about the profits I get from other people who put money in the f&f with TAXABLE dollars? Or would they have to fund it with IRA/nontaxable dollars as well?

just curious,

99
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you can have both types of accounts under your master account.
 
Quote from vhehn:

you can have both types of accounts under your master account.
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So people can fund both taxable and nontaxable under my master f&f account?

But my mgmt fees that I'll charge them will be for performance of the master account which has BOTH taxable and nontaxable subaccounts.

So, i can withdraw the fees I made on the taxable subaccount without penalty but can't do that for the nontaxable subaccount?

thanks. hmm..

99
 
Quote from vhehn:

yes you can fund a f&f account with an ira. no you can not withdraw the profits without penalty.
More...

vhehn et al,

what I meant was can I fund the master account under f&f with my personal IRA?
I know the accounts under the master account can be funded with IRA. I was just wondering if the MASTER account for f&f can be funded using IRA? It's not clear from IB website.

IB reps - can you please answer this one as well?

thnx!

99
 
IRAs does not allow margin so shorting is not allowed. I wonder how it is handled under the IB Friends and Family account.

If you short stocks in the master account, can the gains/losses be distributed to an IRA subaccount?

Thanks!
 
Quote from jsmith:

IRAs does not allow margin so shorting is not allowed. I wonder how it is handled under the IB Friends and Family account.

If you short stocks in the master account, can the gains/losses be distributed to an IRA subaccount?

Thanks!
More...
no
 
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