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re: Gambling on Sports? Open a Roth IRA and "gamble" where winnings are tax free forever.

Posted on 2/14/22 at 1:02 pm to
Posted by bbap
Baton Rouge, LA
Member since Feb 2006
96341 posts
Posted on 2/14/22 at 1:02 pm to
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.
Posted by kywildcatfanone
Wildcat Country!
Member since Oct 2012
122631 posts
Posted on 2/14/22 at 1:16 pm to
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 by they call me horse
Member since Jan 2022
362 posts
Posted on 2/14/22 at 1:16 pm to
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.
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