MAn, I hate trading. First it was difficult to find a CPA who specializes in traders and now that I interviewed two more, one mentioned to me I can't contribute to IRA if AGI is over 166K (which filing jointly we exceed that by 50K. So what the helk do you guy do when you go over that amount? Man, I should have just traded solely through my existing Roth IRA. I was going to add the max to roth and IRA for 2009 in a month; not anymore. SOLUTION: Don't trade as much I guess
This doesn't make sense to me. Don't trade as much? Why would trading volume you do have direct impact on taxes? Did you mean "don't make as much"? Would someone refuse to make more money because making more money requires paying more taxes? (Yes... I know somebody would) But is this a good logic? If you do so well trading, making so much money, then why value so much about the IRA? Which is only a $5k or so contribution.
Sorry, Mostly the Roth I was concerned about. I meant that I should keep the toal amount I trade and wifes salray from hitting 155K if I wanted to put away in a roth. who knows how much longe rI will trade for, this might be my last year or maybe next. I guess your right, the only purpose of buying an ira is for the yearly deductions. I can just buy a fund and keep adding to that. sidenote: hit it big on COIN today, yippeee, waiting 3 months for that pay off!
hold until 3.50? DOn't see that happening after it dropped today, seems to never fail. I would have sold in the am if I wa shome (out at my kids school)