Trading Futures and Taxes

[Rocky Mtn Trader 10]

This may not be the proper place to ask this question, but here it goes...

 

Is there any way to set up a trading account, receive money through the account and not get taxed so heavily? I know the IRS wants their share, but come on.

 

If anyone knows of a way and doesn't want to post a reply...please private message me. I would appreciate it.

 

Thanks.

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[Rocky Mtn Trader 10]

I've read something online about using a Roth IRA for a trading account? Can anyone help?

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[brownsfan019 17]

I've read something online about using a Roth IRA for a trading account? Can anyone help?

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You can trade in any IRA, but you have to have a broker that offers it. Here's how it works with futures:

1) Open regular brokerage account

 

2) Then open a custodial IRA account at a firm that works w/ your broker

 

3) Trade away

It sounds easy and is in theory. Sometimes getting the custodian to do their job is not always easy or quick. And, be prepared for extra fees, that's how the custodian makes their $.

 

If it helps, Open ECry offers this feature, but there are other brokers that do it as well. Sometimes you just have to ask b/c it requires more work for everyone to do it, but it can be done!