Booyah Breakdown: Taxing Questions

Editor's note: As a special feature for March, TheStreet.com offers an ongoing series on everything you need to know about taxes. Today is part 13.

The Booyah Breakdown has been getting a ton of mail these last few weeks, thanks to the recent taxes for traders articles and Subprime 101 piece. So today we're going to address some of your questions and comments.

More Trader Tax Issues

Do you know if traders can set up SEP IRAs for themselves? I've heard conflicting info on this.

You need earned income to contribute to an IRA. But in most circumstances, a trader generally doesn't have earned income. In addition, even a trader who elects to mark to market does not pay self-employment tax. So a trader generally cannot contribute to a retirement plan. ...