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Gambling on Sports? Open a Roth IRA and "gamble" where winnings are tax free forever.
Posted on 2/14/22 at 12:54 pm
Posted on 2/14/22 at 12:54 pm
(no message)
This post was edited on 2/14/22 at 12:55 pm
12
Posted on 2/14/22 at 12:56 pm to they call me horse
not as fun
Posted on 2/14/22 at 12:56 pm to they call me horse
quote:
Gambling on Sports? Open a Roth IRA and "gamble" where winnings are tax free forever.
Yeah, cause gamblers are never known to take profits right?
Posted on 2/14/22 at 1:02 pm to they call me horse
You still pay taxes on Roth IRA's. You just pay them up front and not on "winnings".
So not really sure the point of the thread.
So not really sure the point of the thread.
Posted on 2/14/22 at 1:03 pm to they call me horse
Ok horse
Posted on 2/14/22 at 1:04 pm to they call me horse
Uh, you pay taxes when you deposit in a Roth.
OP:
OP:
This post was edited on 2/14/22 at 1:05 pm
Posted on 2/14/22 at 1:05 pm to they call me horse
holy god you suck on every board
Posted on 2/14/22 at 1:06 pm to they call me horse
I bet you are real fun at parties
Posted on 2/14/22 at 1:07 pm to they call me horse
quote:
Roth IRA
lol poor
Posted on 2/14/22 at 1:14 pm to they call me horse
Roth IRAs have trustees. I don't think you can convince Chuck Schwab to take the under in the next Lakers game.
Posted on 2/14/22 at 1:16 pm to bbap
quote:
You still pay taxes on Roth IRA's. You just pay them up front and not on "winnings".
So not really sure the point of the thread.
He posts every thought that enters his head.
Posted on 2/14/22 at 1:16 pm to bbap
quote:
You still pay taxes on Roth IRA's. You just pay them up front and not on "winnings".
So not really sure the point of the thread.
When you gamble on sports you are using after tax money.
If you win, you pay taxes on winnings.
When you put after tax money in a Roth any "winnings" that you have are tax free forever.
Including winnings that you make on your winnings.
You're welcome.
Posted on 2/14/22 at 1:25 pm to they call me horse
You're an embarrassment to the horse names.
Posted on 2/14/22 at 1:26 pm to they call me horse
My financial planner is also my bookie so I’m good to go!
Posted on 2/14/22 at 1:47 pm to they call me horse
quote:I can gamble away a lot more than $6K a year
Gambling on Sports? Open a Roth IRA and "gamble" where winnings are tax free forever.
Posted on 2/14/22 at 3:03 pm to Winston Cup
quote:
lol poor
I would venture to guess there is more money put into via backdoor Roth's than standard ways.
Since majority of people never contribute
Posted on 2/14/22 at 4:28 pm to they call me horse
A Roth IRA and sports gambling both require the allocation of your income.
The purchase of a banana and a Cigarette boat also both require the allocation of your income.
An IRA and betting on sports has about the same amount of similarity as does a banana and a Cigarette boat.
The purchase of a banana and a Cigarette boat also both require the allocation of your income.
An IRA and betting on sports has about the same amount of similarity as does a banana and a Cigarette boat.
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