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How do you do it? There has been a lot of good posts/advise on tax loss harvesting. As far as I know, the IRS considers my own accounts as well as my wife's accounts as ONE since we files taxes jointly (MFJ).
Scenario:
Wife: 1. Employer sponsored plan (403b) is through Fidelity and we invest her monthly payroll deductions into low cost Spartan index funds. Self managed. Value at $100,000 2. ROTH IRA through Vanguard- all in index funds. Value at $ 40,000. Self managed.
Me: 1. Employer sponsored plan (401k/Profit sharing plan) is an Account Under Management (AUM) for 0.24% annual fee. Our Certified Financial Planner uses Charles Schwab. Currently invested in 6 ETFs and 15 Mutual Funds. Value at $420,000 2. ROTH IRA through Vanguard- all in index funds. Value at $40,000. Self managed.
Planning on doing a taxable account very soon. I have $75,000 to invest. I want to continue being able to do Backdoor Roth IRAs so I don't plan on transferring my AUM into a traditional IRA at Vanguard since this would subject any future Roth conversions to the Pro-Rata rule.
Do I do self directed investment instead on my 401k/Profit sharing plan in order to obtain complete control of all the accounts? This is the only account we have that is not self directed but also has the most amount invested. If I decide to continue this AUM then do I send my Financial Planner a list of outside investments so that he avoids the wash sale rule? Do I also invest in different categories of mutual funds between our Vanguard ROTH and the (soon to be) Vanguard taxable account hoping to avoid a wash sale when I do tax loss harvesting? How have you done it?
Scenario:
Wife: 1. Employer sponsored plan (403b) is through Fidelity and we invest her monthly payroll deductions into low cost Spartan index funds. Self managed. Value at $100,000 2. ROTH IRA through Vanguard- all in index funds. Value at $ 40,000. Self managed.
Me: 1. Employer sponsored plan (401k/Profit sharing plan) is an Account Under Management (AUM) for 0.24% annual fee. Our Certified Financial Planner uses Charles Schwab. Currently invested in 6 ETFs and 15 Mutual Funds. Value at $420,000 2. ROTH IRA through Vanguard- all in index funds. Value at $40,000. Self managed.
Planning on doing a taxable account very soon. I have $75,000 to invest. I want to continue being able to do Backdoor Roth IRAs so I don't plan on transferring my AUM into a traditional IRA at Vanguard since this would subject any future Roth conversions to the Pro-Rata rule.
Do I do self directed investment instead on my 401k/Profit sharing plan in order to obtain complete control of all the accounts? This is the only account we have that is not self directed but also has the most amount invested. If I decide to continue this AUM then do I send my Financial Planner a list of outside investments so that he avoids the wash sale rule? Do I also invest in different categories of mutual funds between our Vanguard ROTH and the (soon to be) Vanguard taxable account hoping to avoid a wash sale when I do tax loss harvesting? How have you done it?
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