0 sats \ 4 replies \ @Jonathan_Adly OP 8 Jun 2023 \ parent \ on: Your thoughts on unchained IRA bitcoin
From what I understand (feel feel to correct me) is you can withdraw it anytime and pay taxes on earnings.
If you want to avoid the taxes, that’s when the age matter.
So, if I need it and sell. I don’t lose anything. If I didn’t need and got to the right age, then all those earnings are tax-free.
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0 sats \ 2 replies \ @031ef7d322 8 Jun 2023
You pay taxes on gains no matter what. You pay a lot of extra taxes if you cash out early.
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0 sats \ 1 reply \ @Jonathan_Adly OP 8 Jun 2023
The whole point of ROTH IRA is that you don’t pay taxes on gains…
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10 sats \ 0 replies \ @021da48107 8 Jun 2023
It's more complicated then that. The money you put into the Roth IRA you can withdraw any time, because you already paid taxes on it. The gains/earnings work differently, more info here. Basically if you don't have a qualified withdrawal you have to pay taxes on the earnings, and a 10% penalty.
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0 sats \ 0 replies \ @FrickFrickFrick 8 Jun 2023
If that is the case I think it would be worth it. Maybe Bitcoin IRA's are different in that way? I was under the impression you cannot withdraw once its locked into an IRA though so it may be something to clarify with Unchained. They have good customer support and client on boarding so I bet they will be able to get you an answer pretty quick.
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