[luckybacon]

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-->Which account type do I choose?

I would suggest either a “roth IRA” or an “individual cash” account. A roth IRA is an account for retirement. It has many rules, but the benefits are huge. The advantage of a roth IRA is that your gains are NOT taxed. However, there are a few restrictions:

1. You cannot take out any money you’ve made over and above your deposits until you are 59.5 years old (Exception: If you are purchasing your first house).
2. There is a maximum amount you may deposit per year (this number changes and is currently at $4000).
3. You MUST ONLY deposit what the IRS defines as “earned income.” Poker earnings are unfortunately NOT “earned income.”
4. Sometimes if you make TOO MUCH money ($95k+/year), you may not qualify.

If any of those rules are violated, you may face monetary penalties. If you do not qualify for a roth IRA, you should open an individual cash account as it is just a regular account with no restrictions.

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That is in the Sticky in BFI forum under the title "Investing 101 for Trout"


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if you file as a professional u can contribute to a roth ira. If you file as a hobby, you can not