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If you are an individual who is exempt from Medicare taxes, you still may be subject to the Net Investment Income Tax if you have Net Investment Income and also have modified adjusted gross income over the applicable thresholds.
Your best strategy is simple. First, look at your retirement investments as a whole, including IRAs, 401(k)s and other investments that are in regular accounts. Then, put those investments that would normally rack up the most taxes into your tax-sheltered accounts, where you'll benefit the most from the tax advantages. Put those investments that rack up the lowest taxes into regular investment accounts. That way, you'll pay the lowest taxes overall.