Re: IRA Help for a Professional Poker Player
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Also, why wouldn't I want to just take the money and invest it on my own. Then I don't have to worry about some stupid 10% early withdrawal fee in case I need the money?
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Cuz IRA profits are protected from taxes until you withdraw the money. So you can make tons of money in stocks, money you have no intention of touching and watch it grow, safe from Uncle Sam greedy IRS people. If you really are going to be making 250k, how likely is it you will need to grab some of your IRA money? Hopefully it is very unlikely.
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