I'm going to use this journal thread to document my (weekly) performance figure from my personal account which is an IRA that I opened in the mid-90s (now an mIRA). I've never taken a withdrawal from this account and the account has seen 18 years of organic growth with 4 negative years. I've done 5 transfers over the years and landed at IB yet again. I am not going to discuss compounded returns to date as my detractors won't believe it, or they'll claim they've done better. I'll likely post during the day when positions are traded, but I doubt that I'll have the time to post fills in real-time, but I'll attempt to post the calls as close to RT as possible. Regardless, the vast majority of trades will be in volatility, not D1 in futures or single name. I'll post my PortfolioAnalyst %return each week, without fail, on Saturday morning. Attached is last week's performance. I had a good end to the week, but have a arbitrage running and the MTM doesn't reflect rates. IOW, IB's MTM could use some improvement. +3.98% return. Strong start to the year, but the marks on the arb hurt performance.
I'll partially redact the account number but show that the account performance relates to only one account. My son trades a taxable account at IB, which is a joint-account held by my wife and me. These are the only (2) accounts that I control at IB.
Have you converted to Roth? I believe the contribution and conversion rules were changed a few years ago? I, too, have an IRA at IB. Don't trade it much but I think I'll start soon. I do regret not converting to Roth a few years ago. I still can of course, but then you have to wait 5 years to withdraw. I'm 61 so I don't have a penalty other than paying income tax, which sux because 90% of what's in there was taxable income from years ago. I was always way over the income limit to contribute much. Anyway, good luck. Not that you need it!
I don't know enough about the Roth, but my guy at MER told me that I could not contribute due to income. I should convert, if I can, as I am not concerned with yearly contributions. I need the mIRA availability, and I don't know if that's impacted.
Yeah, just the fact that (as far as I know) with a Roth setup you could run that account up to millions and never pay a dime of fed tax. Could be a limit though. I need to read the rules again. Maybe a smart ET IRA and tax guy could chime in? I'd love to know the practicality of it.
At the very least I think you would have to wait until 59 1/2 to withdraw, or you get a 10% penalty. Still the whole idea of compounding returns in a reg IRA without yearly tax consequences is awesome. G/L!
The recent personal tax cuts are not permanent and expire at the end of 2025 as I understand it. This should be incentive to convert to a Roth at lower tax rates before then. It is hard to imagine that they will make these cuts permanent with the exploding national debt.