I do trade futures in an IRA at IB, which is why I answered above. There are absolutely no issues with trading futures. The only issue with IRA versus a normal account is that you can't short and you don't have margin.
Sorry. I missed your post. Thank you for kindly (rare these days) hitting me with a follow up to something that anyone with the gift of sight who was paying attention should have seen. Have a great weekend.
From what account are you going to wire the money to the offshore? If it is your own, you've just made your first mistake. Every financial transcation is recorded. Every transacation over $10K is automatically red flagged. You have to transfer the money via some type of reputable and not so obvious intermediatry. There are ways and means to do this type of thing but you're really underestimating the power of and the desire ofgovernments to track unusal financial transactions. This is a Post September 11 World we are living in. And tax evasion is a crime is most countries. A pretty serious one. You're defrauding the government of money owed to them. Runningbear
Money going out isn't such a big deal. You can always say that you are making a purchase. You still have to mind the details, but it's not as big a deal as when a wire for big $$$ suddenly pops up in your account... or so I've been told.
Would you believe it, but she is doing her shopping at the local supermarket and have a run around in the wood without being really disturbed... But she has sold her house here now. A real shame in case she would have divorced and would be looking for a young trader around the lake of Geneva....
so what is it categorised as? sorry i live in SE Asia region and over here anything chargeable by the law is called a "crime" even though the offence doesn't carry a jail sentence.
Right Runningbear, In most countries touted as 'civilized' by their politicos, it seems to be the only truly serious crime left and hence vigorously prosecuted. Interestingly, (some or most of?) these 'civilized' countries also have an impressive number of 'crony' categories enjoying de facto or even legal 'immunity of criminal prosecution'.
Now THIS is exactly what I was thinking. Why go to all the trouble with off shore and worrying about tax evasion and all that. Why trade the job stress for tax evasion stress and paying lawyers/accountants? Just do it all legally in your IRA and keep the day job for a few years to build it up. I have 50k in mine, what would you guys think a 'good' trader could do, APR - wise trading long accounts only and not on margin. 40% a year, 70%, 100%? Hint - I'm not a 'good' trader yet, lucky to do 25% APR , but hoping to get better. Any thoughts? Thx Haroki
Now that the topic seems to have veered off course from living on a boat to IRAs... Does anybody know what the penalty for withdrawing money early from an IRA is? It's probably going to be different depending on type since there are factors like direct rollover IRA contributions having not been taxed (yet) and Roth IRA contributions being after tax.