I just found out in my IRA account at Schwab, I can not trade any option spreads or Iron Condors on any Index.

My response:

It is not that you cannot trade these in your IRA. It is that Schwab will not let you. Big difference. I trade these in my IRA all day long and twice on Sundays. (joke).
 
If you are willing to switch brokers you can as well.

Big name brokers like Schwab like to protect themselves. They know that the general public is not sophisticated enough to be able to trade options much less sell options so in order to “protect” their customers they limit what types of trades you can do in your IRA account.

If it’s my money, I should be able to do whatever I want with it.

I used to have an IRA account at Fidelity. I had to “qualify” to be able to sell options in that account. There are different levels of options qualifications. They actually asked me several questions about my option trading experience before I could sell options in that IRA account.

Even then, I was severely limited in what types of trades I could do. Covered calls and credit spreads were OK, anything more complicated was not. Their order screen would not even take an option trade with more than 2 options.

So I switched my IRA (which is a Roth IRA in case anyone was interested), to an option friendly broker. No hassle, no questions, no fuss. My account was opened and I can do any trade I want. Even futures!

Selling options and complex trades are allowed in your retirement accounts. The bigger brokers do not allow it because they do not want to get sued if you blow up your account. But there are other brokers who do allow it.

I even know people with Real Estate in their IRA account.

Option Selling In Your IRA is a post from Option Selling.
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