What could your portfolio pay you — after tax?

Compare after-tax income from a covered call, an XSP index-call overlay (Section 1256 60/40 tax), and a covered-call ETF like JEPI. The tax drag nobody shows you before the trade.

Ticker

Price ($)

Portfolio size: $100,000

Drag to size your position — shares round to whole 100-share contracts. The after-tax yield below updates when you calculate.

Stock IV

XSP IV

DTE

Target delta

Market assumptions: implied volatility as a decimal (0.30 = 30%), days to expiry, and how close to the money you sell (0.10 delta ≈ 90% win rate).

Fed ordinary rate

LTCG rate

State rate

NIIT applies?

Your taxes, as decimals (0.35 = 35%). These drive the after-tax comparison.

Enter your position and hit calculate. Premiums are estimated with Black-Scholes from the IV you provide — illustrative, not a live quote.

Educational tool only — not investment, tax, or legal advice. This tool is not a registered investment adviser or broker-dealer and does not provide personalized recommendations. Probability of profit (POP), yields, and after-tax figures are model estimates (Black-Scholes based), not guarantees or predictions of future results. Estimates exclude commissions, fees, and slippage; your taxes depend on inputs you supply; market data may be delayed. Options involve substantial risk, including assignment and losses that can far exceed the premium received. Only you are responsible for your trades. Selling options carries substantial risk of loss. Full disclosures · Options Disclosure Document.