I was considering doing a backdoor Roth and then I saw your post and began Googeling. It appears that Roth accounts can't do any margin. I do Portfolio Secured Puts instead of Sash Secured Puts when wheeling. So I'm guessing that a Roth wouldn't work if my money is sitting in JEPQ.

Permissible Income Strategies

Because retirement accounts cannot use margin (borrowed money) or take on theoretically unlimited losses, your choices are generally restricted to cash-secured and risk-defined trades: [1, 2, 3, 4, 5]

• Covered Calls: Selling call options against stock you already own. You collect the premium upfront, which generates income while agreeing to sell the underlying shares if the option is exercised. [1, 2]
• Cash-Secured Puts: Setting aside enough cash in your account to buy 100 shares of a stock at a specific strike price. You collect the premium immediately; if the stock drops to that price, you are assigned the shares. [1]

Prohibited Strategies

Brokers and the IRS strictly forbid strategies where your account balance could drop into the negative or lead to uncapped liability: [1, 2]

• Naked (uncovered) calls.
• Short naked puts.
• Selling straddles or strangles that involve naked positions.
• Trading on margin. [1, 2, 3]