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Unlike401(k) and traditional IRAplans, you cannot deduct contributions to a Roth IRA from your taxable income. But this is offset by the fact that gains and distributions are tax-free after you reach the qualified retirement age (59½). This is great for people who think that they will ...
1099-B, Proceeds from Broker and Barter Exchange Transactions records any gains and losses. Due to the person paid:by February 15 (sometimes March 15 in special circumstances). Due to the IRS: by February 28 through mail, or by March 31 if submitted online. ...
Electing mark-to-market accounting, a requirement for trader status, can lead to paying excessive taxes before realizing gains on securities, and the election is irrevocable. Trading in your own nameand claiming trader status provides no asset protection or estate planning benefits. ...