Looking for some reddit clarification. I'm not sure if I can max my Roth with my income. I want to sell some stock at a loss then move the cash into my Roth. My incomplete understanding about the wash sale is causing hesitation. Here's the situation.
In my Roth I'm holding the same stock I want to sell at a loss in my Taxable. Also I have secured puts and covered calls for the underlying (in Roth).
In my Taxable I have a pile of covered calls of the stock getting ready to expire.
Do I need to wait 30 days after the Taxable option expires before I can sell? If I do sell without triggering a wash can I immediately buy secured puts(in my roth) of the stock I sold. Then after those expire (over 30 days out) I can buy the underlying. If those options get assigned (secured puts) would that trigger a wash?
Hope I'm explaining my question clearly. My understanding is that I can sell my Taxable stock at a loss (after the CC expires). As long as I don't BUY that stock 30 days after the (taxable) sale it won't trigger a wash. Buying secured puts would be OK. Would I also have to not buy the stock in my roth 30 days before the sale in my Taxable?
Sorry just trying not to make a rookie mistake and screw myself out of a tax benefit. While trying to keep a successful strategy going in my Roth.
Submitted June 04, 2024 at 12:55AM by BrownEye1129 https://ift.tt/BR3Zfrw
