Capital gains need to be factored into the advisability of selling the sale of brokerage funds. How much capital gains in your TRP brokerage funds?
Not sure how much input you desire but it would be helpful to have at least approximations for some of the following informaition: age, desired asset allocation, approximate portfolio size including spouse/partner if applicable, current funds in retirement and brokerage accounts (percentages of portfolio for each asset class).
Sorry to hear about the health issues. Based on your age and health considerations, it might be best not to sell your T. Row Price funds due to the tax considerations.
The sale of stock and bond funds and cash in a brokerage are subject to a capital gains tax. Since you have long term funds, your stock funds will likely have significant unrealized capital gains and thus significant capital gains tax if you sell all of the stock funds. Your bond funds should have fewer capital gains listed and could potentially have capital losses depending on when you purchased the shares.
You can find how much the capital gains will be if you sell all of your funds at T. Rowe Price by signing in to your account, then selecting the taxes tab and then the unrealized tab. Under cost basis you will see listed for each of your funds the total unrealized gain/loss if you sell all your shares in that particular fund.
For someone following this thread who wants to limit capital gains can sell selected shares that have minimal capital gains or capital losses. One way to do that is to list your shares by the Specific Lot Identification method.
Yes. You will receive tax information on proceeds that you receive each year including capital gains and dividends. You can see that information by seletng the T. Row Price taxes tab selecting the realized tab.