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Strategies & Market Trends : The Covered Calls for Dummies Thread
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To: FaultLine who wrote (381)5/2/2001 6:47:01 AM
From: alanrs   of 5205
 
Regarding taxes, all of my option activity has been in taxable accounts, due to high commissions at the other institutions. However, this experience has prompted me to move all my accounts to Scottrade since I realize that going forward I should be doing this in protected accounts. Furthermore, since the market is down so much I have begun to shift some of the traditional IRA into my ROTH, paying taxes on the much reduced value of the securities. If the market hits a rough patch next year I'll shift more over. I like Scottrade because (among other things) they sometimes improve on my limit orders, both for options and stocks, sometimes by a lot.
I watched my Dad remove a chunk of money from a retirement account last year and pay huge taxes even though he's 73 and completely retired. It taught me not to assume that my marginal tax rate will be less at some future date.

Regarding being called away, thanks for all the feedback. I had read the lengthy McMillan post, and that was my understanding until my friend opined different. My grandson was playing with his kids at the time and I may not have explained my situation clearly. (Or maybe I had beans in my ears, who knows.)

And Mike B.-Sorry buddy, you'll have to get your own options someplace else. ;>)

ARS
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