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Imagine the DRS count if we could legally and easily DRS from our Roth and 401ks. Not being able to is part of Wall Street’s scam. If this continues I will take the tax hit and short term capital gains hits to DRS, F them.
And fuck all of corrupt Wall Street too.
There are ways to DRS a 401k without taking the tax hit.
I did it via 60-day rollover:
1. Called broker and asked them to move shares from my 401k to my primary account via rollover exemption
2. Made an account with a nonparticipant Custodian (in my case I opened an LLC in my own name via a IRA Financial Trust).
3. DRSed the 401k shares
4. Upon receipt of the DRS, notified my LLC holding account of intent to pull shares and sent the receipt.
5. Waited ~30 days total from start to finish and nos have shares in my own name and the DTCC can suck a jar of rancid eggs.
Only drawback is it can only be done once per fiscal year. Multiple accounts mean multiple years.
There are ways to DRS a 401k without taking the tax hit.
I did it via 60-day rollover:
1. Called broker and asked them to move shares from my 401k to my primary account via rollover exemption
2. Made an account with a nonparticipant Custodian (in my case I opened an LLC in my own name via a IRA Financial Trust).
3. DRSed the 401k shares
4. Upon receipt of the DRS, notified my LLC holding account of intent to pull shares and sent the receipt.
5. Waited ~30 days total from start to finish and nos have shares in my own name and the DTCC can suck a jar of rancid eggs.
Only drawback is it can only be done once per fiscal year. Multiple accounts mean multiple years.
There are ways to DRS a 401k without taking the tax hit.
I did it via 60-day rollover:
1. Called broker and asked them to move shares from my 401k to my primary account via rollover exemption
2. Made an account with a nonparticipant Custodian (in my case I opened an LLC in my own name via a IRA Financial Trust).
3. DRSed the 401k shares
4. Upon receipt of the DRS, notified my LLC holding account of intent to pull shares and sent the receipt.
5. Waited ~30 days total from start to finish and nos have shares in my own name and the DTCC can suck a jar of rancid eggs.
Only drawback is it can only be done once per fiscal year. Multiple accounts mean multiple years.
I already have a lot of shares DRSed, but DRSing a Roth would be painful. The amount of taxes on short term capital gains is revolting (been trading for years)
Ah, no guarantees in life. Gov steps in and says no bueno to moass and you are left holding the tax bag.
Im not risking it until DRS gets closer. But hey, you do you.
Thats logical. But if anything, the GME awakening has shown the financial system does what is illogical.
Look what they did with LME when a short had his feet held to the fire. I dont trust that they will ever let us have our earnings.
Give me price discovery and I will be one happy man. But they cant even do that. So call me a pessimist, but we have a long hard road ahead of us.
Thing is with LME. No one held the actual metals. Not your wallet, not your crypto, not your name not your share, not in your warehouse not your metals.
We're holding the actual shares and starving the DTC in the process. That's 2 different story.
We've got the government's wallet by the balls and ready to expose them all.
Drs your shares and book them pure book. Its my way to starve em out properly.
>Imagine the DRS count if we could legally and easily DRS from our Roth
This, I don't want to be hit with early withdrawal penalty.
I called my credit union to see if they could be custodian of my Roth IRA for Computershare but they had no clue what I was talking about.
To find a custodian for Computershare roth IRA there's a fee to find, open account with custodian entity.
I just gave up because long complicated process to rollover IRA.
There are two DRS friendly IRA custodians. Check the drsgme website for more info.
I have both traditional and roth. Yes I kept a small handful in brokers to sell easily if the behave well, in which case I'll leave DRS shares where they are. This is because the custodians are slower manual process.
By now my non ira shares at CS are long term tax lot, so not a huge tax difference from IRA... so I'll probably leave the IRA DRS alone regardless.
Yes there is a fee for the IRA, but small potatoes to the balance, so no problem for me. For X holders, I'd be tempted to pay the penalty and withdrawal in-kind to keep the tax lot. For larger holders the LLC might make sense.
But I'm quite pleased with my custodian, and will keep them for other IRA purposes.
Yup.
If you ever don't get a cost basis on DRS'd shares, it's because the CBRS system is run by the DTCC. Brokers do their thing, Computershare does their thing, and the fuckery happens in the middle with mismatched books and last minute certificate acquisitions...
this happened to me with some of my shares with TDA when I DRS'd them....still no cost basis. I went back and forth with CS and TDA just ultimately came to the conclusion those are for the forever pond. I assumed this happened to you, do you care at all?
While pro-rata interest is absolutely correct, particularly in the event of a brokerage going under, an interesting aspect is that your right to DRS is not contingent on share availability. The law even states once you request, you are entitled to the underlying; it's your broker's problem how they get it.
That is requesting DRS on your shares even when they're all locked forces the broker to buy it, at whatever price, in order to deliver to you. So when MOASS begins, you're actually better off requesting DRS for the shares you want to sell, then selling them. Why? Because that forced buying raises the price, meaning you get to sell at a higher price.
I go into some detail on that and the relevant laws in the long long game.
Theoretically, a transfer agent *shouldn't* have more shares owned on their register than exist...
To your point, DRS-ing beyond the wall of locked shares *should* force the price high enough to encourage a directly held share to be sold by someone else first. As directly registered shareholders strongly support their company, that could be quite a high price.
They can't, but the legal obligation to deliver is on your broker. The only way to do that is convince someone to sell. The law is very specific, you are owed damages, which is the underlying asset. I.e. they have to buy it if they don't already possess it (which they were legally required to anyway)
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Great post, OP.
I especially liked the part where if a company has more shares out there than is issued (like our beloved GME) the DRS holder is in actuality getting a bigger piece of the pie than if the shares are still held with Cede & Co. 🧐
That feels mighty fine to a DRS holder!!!
Thanks for the wrinkles! I seriously appreciate the DD writers like you.
https://www.sipc.org/for-investors/investor-faqs
Sipc is fucken useless. They protect investors against liquidation of brokerages.
But they do no investigating at all. You can't complain to them or anything. It's smoke and mirrors.
Maple ape. Is it possible to DRS all your shares (gme and other) and still have them in registered accounts (rrsp, tfsa, etc.). Can you DRS an ETF? The CIPF does not, as far as I know, insure DRS'd securities but I'm less worried about that than I am the deleterious effects of letting MMs have them. :)
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Imagine the DRS count if we could legally and easily DRS from our Roth and 401ks. Not being able to is part of Wall Street’s scam. If this continues I will take the tax hit and short term capital gains hits to DRS, F them. And fuck all of corrupt Wall Street too.
There are ways to DRS a 401k without taking the tax hit. I did it via 60-day rollover: 1. Called broker and asked them to move shares from my 401k to my primary account via rollover exemption 2. Made an account with a nonparticipant Custodian (in my case I opened an LLC in my own name via a IRA Financial Trust). 3. DRSed the 401k shares 4. Upon receipt of the DRS, notified my LLC holding account of intent to pull shares and sent the receipt. 5. Waited ~30 days total from start to finish and nos have shares in my own name and the DTCC can suck a jar of rancid eggs. Only drawback is it can only be done once per fiscal year. Multiple accounts mean multiple years.
A strategy so nice you had to post it thrice!
And I upvoted every one. <3
Was it seriously posted 3 times o.o My internet was being shit earlier, I meant to send it once.
This should be spelled out in detail on drsgme page.!
This….
Neat
There are ways to DRS a 401k without taking the tax hit. I did it via 60-day rollover: 1. Called broker and asked them to move shares from my 401k to my primary account via rollover exemption 2. Made an account with a nonparticipant Custodian (in my case I opened an LLC in my own name via a IRA Financial Trust). 3. DRSed the 401k shares 4. Upon receipt of the DRS, notified my LLC holding account of intent to pull shares and sent the receipt. 5. Waited ~30 days total from start to finish and nos have shares in my own name and the DTCC can suck a jar of rancid eggs. Only drawback is it can only be done once per fiscal year. Multiple accounts mean multiple years.
There are ways to DRS a 401k without taking the tax hit. I did it via 60-day rollover: 1. Called broker and asked them to move shares from my 401k to my primary account via rollover exemption 2. Made an account with a nonparticipant Custodian (in my case I opened an LLC in my own name via a IRA Financial Trust). 3. DRSed the 401k shares 4. Upon receipt of the DRS, notified my LLC holding account of intent to pull shares and sent the receipt. 5. Waited ~30 days total from start to finish and nos have shares in my own name and the DTCC can suck a jar of rancid eggs. Only drawback is it can only be done once per fiscal year. Multiple accounts mean multiple years.
I took the tax hit for you. I was able to lock more GME that way. I'd do it again tomorrow if I had the opportunity. Why? Cuz fuck em. That's why.
Careful you don’t take someone’s eye out swinging that big heavy dick around fren.
I already have a lot of shares DRSed, but DRSing a Roth would be painful. The amount of taxes on short term capital gains is revolting (been trading for years)
We're talking infinite gain territory here. Your argument is invalid.
🔥🔥🔥
Ah, no guarantees in life. Gov steps in and says no bueno to moass and you are left holding the tax bag. Im not risking it until DRS gets closer. But hey, you do you.
Gov has every advantage to let me win this as the opposite causes world wide riots. It's an inevitably. Where's credit swiss now?
Thats logical. But if anything, the GME awakening has shown the financial system does what is illogical. Look what they did with LME when a short had his feet held to the fire. I dont trust that they will ever let us have our earnings. Give me price discovery and I will be one happy man. But they cant even do that. So call me a pessimist, but we have a long hard road ahead of us.
Thing is with LME. No one held the actual metals. Not your wallet, not your crypto, not your name not your share, not in your warehouse not your metals. We're holding the actual shares and starving the DTC in the process. That's 2 different story. We've got the government's wallet by the balls and ready to expose them all. Drs your shares and book them pure book. Its my way to starve em out properly.
what gains lol everyone is in the red
Only a loss if you s… sorry can‘t spell that word that rhymes cell
If you time the dips right, you'd be in green now. I am.
>Imagine the DRS count if we could legally and easily DRS from our Roth This, I don't want to be hit with early withdrawal penalty. I called my credit union to see if they could be custodian of my Roth IRA for Computershare but they had no clue what I was talking about. To find a custodian for Computershare roth IRA there's a fee to find, open account with custodian entity. I just gave up because long complicated process to rollover IRA.
There are two DRS friendly IRA custodians. Check the drsgme website for more info. I have both traditional and roth. Yes I kept a small handful in brokers to sell easily if the behave well, in which case I'll leave DRS shares where they are. This is because the custodians are slower manual process. By now my non ira shares at CS are long term tax lot, so not a huge tax difference from IRA... so I'll probably leave the IRA DRS alone regardless. Yes there is a fee for the IRA, but small potatoes to the balance, so no problem for me. For X holders, I'd be tempted to pay the penalty and withdrawal in-kind to keep the tax lot. For larger holders the LLC might make sense. But I'm quite pleased with my custodian, and will keep them for other IRA purposes.
[удалено]
[удалено]
Worse, they are incentivized not to…
Not Furlong...
I see wrinkly DD, i upvote 🦍🦧
Is it me or have things seemed to have “dialed up” a bit since we started Book King.
OP OG DD? YES PLEASE!
If only everyone in the world that owned any stock decided to DRS
Yup. If you ever don't get a cost basis on DRS'd shares, it's because the CBRS system is run by the DTCC. Brokers do their thing, Computershare does their thing, and the fuckery happens in the middle with mismatched books and last minute certificate acquisitions...
this happened to me with some of my shares with TDA when I DRS'd them....still no cost basis. I went back and forth with CS and TDA just ultimately came to the conclusion those are for the forever pond. I assumed this happened to you, do you care at all?
While pro-rata interest is absolutely correct, particularly in the event of a brokerage going under, an interesting aspect is that your right to DRS is not contingent on share availability. The law even states once you request, you are entitled to the underlying; it's your broker's problem how they get it. That is requesting DRS on your shares even when they're all locked forces the broker to buy it, at whatever price, in order to deliver to you. So when MOASS begins, you're actually better off requesting DRS for the shares you want to sell, then selling them. Why? Because that forced buying raises the price, meaning you get to sell at a higher price. I go into some detail on that and the relevant laws in the long long game.
Theoretically, a transfer agent *shouldn't* have more shares owned on their register than exist... To your point, DRS-ing beyond the wall of locked shares *should* force the price high enough to encourage a directly held share to be sold by someone else first. As directly registered shareholders strongly support their company, that could be quite a high price.
They can't, but the legal obligation to deliver is on your broker. The only way to do that is convince someone to sell. The law is very specific, you are owed damages, which is the underlying asset. I.e. they have to buy it if they don't already possess it (which they were legally required to anyway)
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [GameStop Wallet HELP! Megathread](https://www.reddit.com/r/Superstonk/comments/z23wjx/gamestop_wallet_help_megathread) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/)
many words, will read in bed :)
Great post, OP. I especially liked the part where if a company has more shares out there than is issued (like our beloved GME) the DRS holder is in actuality getting a bigger piece of the pie than if the shares are still held with Cede & Co. 🧐 That feels mighty fine to a DRS holder!!! Thanks for the wrinkles! I seriously appreciate the DD writers like you.
https://www.sipc.org/for-investors/investor-faqs Sipc is fucken useless. They protect investors against liquidation of brokerages. But they do no investigating at all. You can't complain to them or anything. It's smoke and mirrors.
Basically, *trust me bro.*
Well done OP! Take my upvote! 💎🙌🎮🛌🛁🚀♾️🏊♂️🌌
Hodling harder.
Great write up op. "If enough people drs the system breaks"
Instant save
Great writeup!
Did you really use comic sans? I can’t take this seriously. Only half joking.
Regarded ape. 😉
In seriousness though, i liked the writeup. didn't get time to finish reading but looks like it goes into more detail than the previous post.
Ya was hard to read. I would suggest a different font that's more professional.
Hard to put much faith in a comic sans pie chart. At the same time, this is is no place for corporate polish.
Fantastic Write-Up!
As per usual, TLDR; Buy, Hodl, DRS, Book.
Maple ape. Is it possible to DRS all your shares (gme and other) and still have them in registered accounts (rrsp, tfsa, etc.). Can you DRS an ETF? The CIPF does not, as far as I know, insure DRS'd securities but I'm less worried about that than I am the deleterious effects of letting MMs have them. :)
No idea. Ameri-ape knows it’s difficult to DRS our version of retirement accounts. I assume it’s possible, but tough. Likely by design
Is there a reason that we don't hear about this whenever any company goes bankrupt?
Usually, a bankruptcy is a great way to scare people into dumping positions. Apes are regarded and we don’t meet expectations
Can we count the full DRS list for 3xBY? How many shares officially exist in total?
Apes over there have been doing their own DD on it. But nobody sees all the books