Help me combine accounts to simplify things

[disneysteve]

Don’t forget to download statements and be sure you will be able to access tax documents come tax time.

With Ally maybe you transfer everything out but leave the account open (assuming no fees) until 2026 taxes are done.

Unless it’s not an issue - I’ve been thinking about doing this with my CapOne since it only has 6k now. But unclear how to get tax documents next year.

You'll still get a 1099 even if you closed the account.

 

[disneysteve]

Next step taken. I've initiated a transfer of our Schwab joint brokerage account into our Vanguard joint brokerage account. There's truly no reason to have both and I'd much rather have everything at Vanguard (75% of our portfolio is already there). The Schwab account holds less than 1.5% of our assets.

Once this and the Ally transfer go through, that will be 2 accounts down and 3 line items on my portfolio spreadsheet.

 

[HarveyS]

Consider taking some capital gains this year, depending on your other income. You may end up paying 0% or 15%.

 

[disneysteve]

Consider taking some capital gains this year, depending on your other income. You may end up paying 0% or 15%.

Yep. I’ve already done that. I sold some of the inherited stock. Later in the year I might do more depending on where things stand.

 

[scrabbler1]

I know this will seem small, but when my friend did an in-kind asset transfer from one brokerage account to another one (to combine them), fractional shares of some mutual funds got automatically liquidated before the whole number of shares got transferred. This became somewhat annoying at tax time (I do his taxes) because he had all these tiny redemptions with even tinier cap gains or losses, with the cost basis sometimes tough to find.

 

[disneysteve]

I know this will seem small, but when my friend did an in-kind asset transfer from one brokerage account to another one (to combine them), fractional shares of some mutual funds got automatically liquidated before the whole number of shares got transferred. This became somewhat annoying at tax time (I do his taxes) because he had all these tiny redemptions with even tinier cap gains or losses, with the cost basis sometimes tough to find.

I'll watch for that. Thanks.

 

[disneysteve]

My transfer of our Schwab brokerage to our Vanguard brokerage was finalized today. That got one more line off of my spreadsheet.

Of course, there is the annoying complication of interest earned on the Schwab account after the transfer was initiated, so there is now 6 cents sitting in that account. I'll wait a few days and transfer that out and close out the account. I'll need to do the same with the Ally account in a few days when the May interest gets posted.

 

[disneysteve]

Quick update

As noted, I closed the Ally high yield savings account. I transferred the Schwab taxable brokerage assets into our Vanguard taxable brokerage.

The next step was converting my small traditional IRA at Schwab into a Roth at Schwab. Once that was settled, I transferred those assets into my existing Roth at Vanguard.

That's 3 accounts off my original list. Step by step getting things tightened up. Easier for me to keep track of. Easier for my wife to deal with if anything happens to me.