To avoid a wash sale, in tax advantaged accounts like a 401K, should you also be mindful of the reinvested dividends in addition to new investments of current 401K accounts? I have an old 401K from my previous employer and there are reinvested dividends every quarter. It makes me wonder if I need turbotax discounts vanguard to divert these dividends into to a “settlement account,” which I don’t recall ever seeing this option. After logging into my taxable brokerage account at Vanguard, I click on “Exchange” in the mutual fund that has a loss. Vanguard’s VTSAX, however, follows the CRSP Total US Stock Market Index.
I have never tax loss harvested before as this is the first year I have invested in a taxable brokerage account . Selling a mutual fund and buying an ETF to replace it can be similarly problematic.
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You can still TLH, but the cost basis you sold at will be the average acquisition cost of all lots you bought of that particular fund. Vanguard will NOT record carrover losses because Vanguard has no idea what you reported across the board for capital gains and losses. What about spouses and their holdings with regards to wash sale if you file married jointly? For example if you sell VTSAX and then your spouse acquires the same within 30 days as part of regular 401 contribution, would that trigger a wash sale? I use Wealthfront for my taxable accounts, and considering whether or not to just move it all to Vanguard and DIY everything. This post definitely helps to explain the how-to.
It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered. Actually, American Express card members can get a 25% discount on the desktop versions of the software from this site. I still find H&R Block At Home to be the better deal after retailers like Best Buy kick in their part. I purchased the Premium version of H&R Block at Best Buy last week – $10.00 off + $15.00 Best Buy gift card. Not bad… Especially when you factor in that H&R Block’s package is usually $10 – $15 dollars cheaper than Turbo Tax to begin with. TurboTax allows you to import your Fidelity account’s transaction information into its tax prep platform. Of course, you’ll need your Fidelity username and password to get started.
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Locks me in at a fairly low average cost and makes TLH harder unless the stock market has a serious downturn this year. You might want to log in now and set your cost basis in all of your funds to Specific ID. Shouldn’t take more than a few minutes. I don’t have all the information to give a definitive answer, Rybo, but I suspect the right answer will be to keep what you’ve got and change the cost basis from the default https://turbo-tax.org/ to Specific ID. There’s a Capital Loss Carryover Worksheet that tracks short-term and long-term capital losses separately. PoF, I am still interested in your perspective on TLH w/ index mutual funds verses index ETFs. There’s a lot there, Vikas, and it sounds like you have a good handle on things. Regarding the intricacies of the dividend schedule with the various funds, that’s beyond what I can tackle here.