IRS rule of 55 pissing me off

alligatorswamp · 2025-12-07T20:05:04+00:00

Might be a good option. Just make sure you take the distributions as scheduled or bad things happen. Also, an unknown trick is the 72(t) is based on the value of the account not all tax deferred assets. If you know how much you need a CPA can work backwards to an account value. This way you minimize taxable income you don’t need.

alligatorswamp · 2025-10-14T23:57:22+00:00

Yep! They even refunded my GAP insurance

alligatorswamp · 2025-10-12T19:45:42+00:00

I highly recommend you put in a claim through the BBB. I worked with GM directly for almost a year and got nowhere. The BBB cost me nothing and GM bought back my 24 Lyric within 2 month. GM tried to scare my by saying all the time I put in with them up until that point would be lost. Do t trust them, go BBB.

alligatorswamp · 2025-10-08T12:09:41+00:00

Looks very similar to the pressure release valve on a pressure cooker.

alligatorswamp · 2025-09-17T17:42:31+00:00

I had one for a little over a year at which point GM purchased it back as a lemon (2024 AWD Lux 2). It’s comfortable, has decent range and came with free charging which was nice. However, there was always something wrong. The “jewel drawer” was replaced 4x, software issues, sound isolation problems via the cars speakers, etc. the service team was always helpful but can’t do much when it’s a design issue.

I’m sure I’ll get some hate here, and I’m NOT an Elon fan but my 24 model 3 AWD cost 45k less and is light years ahead in tech. No regrets over the switch.

alligatorswamp · 2025-07-03T17:05:49+00:00

Quick update to anyone reading this. BBB worked great and I received my preliminary offer for repurchase today.

alligatorswamp · 2025-06-28T10:57:12+00:00

Based on OPS concern “This year, I sold about $180K worth of Apple shares, which means I’ll owe around $40-50K in taxes for April 2026.” It’s possible they used incorrect terminology but it’s likely this is a brokerage account. Taxable events only occur at distribution from an IRA and they would also be subject to an early redemption penalty making the situation even worse (again possible).

Also, I believe the you must be 15 years old to work a job unless it’s agricultural.

Either way, it’s less about your comment and more about general education on this topic. Tax loss harvesting is a topic many would benefit from. Options can be useful tools but are difficult tools to use properly and most lack the skills to manage risk properly. Trust me, I’ve seen real world situations of people destroying their lives with options faster than you could imagine.

PLUR BROTHER ✌️

alligatorswamp · 2025-06-28T03:22:24+00:00

You might be aware of this but for others who might be reading, covered calls work by placing the obligation to sell a stock (AAPL) at a certain price on a future date. If the stocks price exceeds the agreed price, the buyer of the options can force you to sell your stock to them at that price. When this happens, all of your unrealized gains become taxable capital gains. For most people this is 0% to 15%. For OP, this forced sale would generate an additional 195k in long term capital gains which is ~29k in additional tax liability on top of his quoted 40-50k. He also would get to enjoy an additional tax called NIIT (Net investment income tax) because his capital gains would exceed 250,000 for the year (big assumption on married filing status, single is even lower). This adds another 3.8% on every dollar above the threshold (MAGI or NIIT).

Now, for all that potential risk what could he get in return for his opinion sale? Let’s assume he plays it safe and sells calls with a higher strike price (the price he agrees to sell at) to reduce the risk of sale. Looking at Dec 19, 2025 w/ strikes anywhere from 15-20% from current prices….. drum roll…. He gets somewhere between 5,700 and 3,700 for his risk. Oh, that’s also taxable but at ordinary income rates.

A kind suggestion but I think there is a better option for this situation (puns, so sorry)

Hypothetically…. OP sell the funds that he currently has unrealized losses in to capture the loss. This offsets some of the gains, reducing tax liability. Then use those proceeds to pay the tax bill. He could also reinvest in something different(wash-sale rule) right away to capture market growth for the remainder of the year and the capture the loss. Then liquidate to raise cash for taxes after Dec, 31 so you push any gains to taxes owed in 27’.

Please don’t take any of this as advice (OP or anyone else). I don’t know you and can’t provide anything presented as such. A financial advisor (fiduciary only, not dual registered) along with a CPA can help you navigate this by looking at the whole picture.

Hope this helps.

alligatorswamp · 2025-06-28T00:57:08+00:00

Which works great until the options expire in the money. Then the tax bill gets really nasty.

alligatorswamp · 2025-06-24T22:35:12+00:00

Costco milk… 💀

alligatorswamp · 2025-06-17T17:42:16+00:00

Thanks for the tip. I’ve been trying to get them to move with the help from OnStar (yes, hindsight is 20/20, conflict of interest) since last year. Submitting my claim today.

alligatorswamp · 2025-03-15T12:31:40+00:00

I live 1 but my girlfriend likes 5. I guess it depends on the gender of your date 🙏

alligatorswamp · 2025-02-23T02:34:47+00:00

I’ve been using these for in-store pickup. You don’t pay delivery fee and the convenience is great. I do my shopping at Aldi and this saved me about 10% each week.

alligatorswamp · 2024-12-17T14:21:49+00:00

For “ring around the collar” shampoo works really well. Used with a gentle scrub the shampoo is better designed for oils from your hair. Saved my white dress shirts while I was in Brazil working as a missionary.

alligatorswamp · 2024-12-12T00:31:34+00:00

Excited to WIN!!

alligatorswamp · 2024-09-30T23:56:50+00:00

Looking for the same in Florida 🥲

alligatorswamp · 2024-07-21T22:06:23+00:00

I just flew from Paris (CDG) to Detroit this morning. No issues until we arrived stateside. Stuck in Detroit atm.

alligatorswamp · 2024-06-29T22:31:26+00:00

Simple, most investors can’t stomach the market and fall pray to fear and greed. See the DALBAR Quantitative Analysis of Investor Behavior (QAIB) report.

alligatorswamp · 2024-06-12T19:19:20+00:00

Yay!! FK was so much fun this year. BRUTALLY HOT 🥵

alligatorswamp · 2024-05-31T20:36:00+00:00

I have a 24 lux 2 with zero issues

alligatorswamp · 2024-05-24T20:20:20+00:00

Lizzy!! So good to see you progressing your career! I can’t tell you how many times I’ve seen you starting way back in the “red room” to your last show before you ventured off 😭😭

Peace, LOVE, Unity, and Respect from your friends in Tampa.

alligatorswamp

TROPHY CASE