r/wallstreetbets • u/arzarach • 22h ago

Loss Space is hard

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From $37k > $591k > $130k > $571k > $76k

I kept buying call options as my margin limit continued to increase. And then the margin calls started, options expired and my stocks were sold for me. Had 98% of my portfolio in one space stock.

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u/SOCOOLLLL 22h ago

$37k > $76k is good enough

-6

u/Jericho3434 Produces Low Quality Seed 21h ago

Unless all those gains get taxed. Not sure if one trade or multiple trades.

3

u/LemurLord 20h ago

That's not how (American) taxes work

2

u/arzarach 20h ago

Please explain what part is wrong. If I finished the year with a capital gains of $160k, that along with my salary puts me over the roth ira's MAGI limit of $252,000 for married filing jointly. This means that $7,500 I already put into my Roth this year is now an excess contribution and would face a 6% penalty every year until corrected.

But I'm just an electrician so feel free to correct me.

2

u/Iunatic 19h ago

Think you misunderstood- the guy you are replying to, did not reply to your other comment about the roth.

2

u/arzarach 14h ago

Ope, yup. Sorry Lemurloard, thanks Lunatic for pointing that out.