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It's easy to fund from outside accounts, transfer an existing IRA, or roll over an old 401(k). You'll get 1% on top, no matter how much you transfer. Or with Robinhood Gold, you'll get 3% (rollovers and transfers get 3% until April 30).

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ac04 said:

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absolutely not, turning off the buy button for GME during that whole fiasco alone is enough to disqualify them for me. would not deposit anything there for any reason.

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since with Gold the first $1000 of margin is "Free", that what I plan to do is transfer $2k into the taxable account, enable margin, buy $3k of SGOV, and then the $1k on margin will earn me ~5% or ~50/yr, and pay for 2/3 of the Gold fee

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Algorithmic Epiphany said:

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PFOF is in the crosshairs of the SEC to be banned, similar to what UK and Canada have already done.

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Robinhood removed the buy button for GME because it affected their actual customers Citadel and the like, and the consumers of Robinhood are not the customers of robinhood, the consumers are the product, that's why it's "free".

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Robinhood has gamified investing, turning into a new version of degenerate gambling. Just one more leveraged trade and I'll be whole again!

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You do you guys, pain is the only thing that brings maturity.

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Algorithmic Epiphany said:

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I remember when PokerStars or other poker tables would offer bonus money to play with when you put money in.

Same.Energy.

It's gambling, degenerate gambling, controlled by a "house" that profits off users and "I'm gonna win this next hand" mentality while having the ability to tilt the programming in their favor on a whim at any point.

Robinhood FRONT RUNS everything on their platform. Dafuq is wrong with you people.

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Let's say you have $100,000 in a Traditional IRA, $7,000 of which came from non-deductible contributions. Because you've already paid taxes on $7,000, the IRS will not require you to pay taxes on that amount twice. Some retirement savers believe that, since they've already paid taxes on that amount, they can then convert $7,000 to a Roth IRA without paying taxes again. By law, though, you cannot dictate that your Roth conversion will only use those after-tax funds.
If you'd like to convert $7,000 to a Roth IRA, you will need to calculate how much of your IRA funds are actually taxable. The IRS requires you to include the value of all your non-Roth IRAs as the basis. The formula for tax purposes looks like this:

• (non-deductible amount) / (total of all non-Roth IRA balances) = non-taxable percentage
• (amount to be converted to Roth IRA) x (non-taxable percentage) = amount of after-tax funds converted to Roth IRA

In other words, 7% of the $100,000 is non-taxable since you already paid taxes on those $7,000. But if you want to convert $7,000 to a Roth IRA, in reality, the converted amount comes from 93% pre-tax funds and only 7% after-tax funds. You'll have to pay taxes on 93%, or $6,510, of the converted amount. By the same token, that means $6,510 of the original non-deductible $7,000 is still in the Traditional IRA, and any future after-tax contributions to your non-Roth IRAs will further complicate your Pro-Rata percentage, making future withdrawals messier than you might assume.

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ac04 said:

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GME up ~100% pre-market overnight market. robinhood turns off the buy button and cancels all existing orders. real nice shop

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BOATS has its own risk controls to prevent stocks from trading more than 20% above or below the price established near the end of an extended hours trading session. Public exchanges have similar controls to prevent extreme price movements during market hours, including Limit Up and Limit Down halts.

BOATS uses price bands based on the 7:30 PM ET market price to help mitigate large price movements. This means individual securities in the 24 Hour Market won't trade outside these pricing bands. BOATS may also reject orders with limit prices outside of these price bands.

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ac04 said:

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great news, it wasn't actually robinhood, those are just the rules their ****ty broker uses in their fake overnight market!

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OldArmyCT said:

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That 3% is taxable, right? No matter what account it goes in. That matters to old guys on Medicare, especially if you have a large account.

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