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at? If I buy stocks with a Roth account through Scottrade, will all proceeds be untaxable from that trading with the Roth accounts? If I trade with money that is not Roth and this is my only earnings for a year, are they considered to be wages and tips so that if I make money from this I could then buy Roths each year from those taxable proceeds? And what would my occupation be on my income tax return doing this?

2007-02-02 10:17:03 · 5 answers · asked by Anonymous in Business & Finance Investing

5 answers

Monies gained in your Roth are insulated provided you follow the guidelines of the Roth (not distributing until certain age).

Monies gained outside the roth would most likely be taxed. If you did this and wanted some tax deductions for making this a business, then you'd be a trader.

Here's a site that can help you out.

Tradersaccounting.com

Cheers!

2007-02-08 07:16:23 · answer #1 · answered by Yada Yada Yada 7 · 1 0

You don't pay any taxes on gains within a Roth account.....nor on the money taken out, as long as you don't touch it until after age 59 1/2. The money you put into a Roth will be after tax dollars as opposed to an IRA or 401K.

I like the Roth approach for the following reason.

Let's say that you are a farmer and you are faced with a choice of paying taxes on the seed that you purchase at the beginning of the season or you can pay taxes on the huge harvest you produce later in the year. Which would you prefer?

With the Roth you are paying the tax on your seed. Their are only a couple of other vehicles that provide similar tax saving features. Look into an EIUL or a VUL.

2007-02-03 06:41:00 · answer #2 · answered by Anonymous · 0 0

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You will have to wait between 3 and 10 days to get into the system in most cases. When I signed up it took 8 days. I wished it was faster, but if you can wait a week or two to start earn life changing money than you will have what it takes to make it in this business.

2016-02-16 17:31:59 · answer #3 · answered by Cherlyn 3 · 0 0

If you are invest in day trading, you cannot earn more for which tax is paid,and you will be very careful about the market.

2007-02-08 18:33:13 · answer #4 · answered by sindhukannankattil 2 · 0 0

Don't worry about paying taxes because you don't know what you are doing and you are going to lose your money.

Most normal people (and I am stretching that to include you) lose money, trying to day trade.

You need knowledge, and access to instant stock quotes (not Delayed ones) and a lot of guts to stay with a possition when it seems like it is going against you

2007-02-02 14:31:55 · answer #5 · answered by bob shark 7 · 0 1

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