The google spreadsheet is here.

This spreadsheet assumes you bought $10,000 of each fund on 12/31/2021, and then calculates the taxes based on how many dividends the fund produced based on your marginal tax rate throughout the year. To use this sheet, just make a copy and update your marginal tax rates and state tax rates on the first tab.

I still do all of these things:

1. Calculate federal tax on non-qualified dividends and 199a dividends, column S.

2. Calculate federal tax on qualified dividends, column T.

3. Calculate federal tax on any long term capital gains, column U.

4. Calculate state tax on all dividends (qual/non-qual/199a/CG), column V.

5. Calculate federal deduction of 20% of the 199a dividends, column W.

6. Calculate state deduction of 20% of the 199a dividends, column X.

7. Sum all taxes, column Y.

8. Calculate Tax Efficiency (All taxes - foreign tax paid / $10,000), column AA.

9. Calculate total cost (Tax efficiency + expense ratio), column AC, copied to E.

This year I used the ICI format data from all three companies, so the inputs work the same. In prior years I was using different inputs for different companies, but this year is all the same. The input fields are still shaded green. I added a trends tab that aggregates my data from the past 3 years, with a sparkline so you can see the total cost trend. Note that the prior years (2020-2021) will not automatically update if you change the tax rates on the first tab.

These conclusions are the same as last year:

- Real Estate ETFs and fixed income funds are pretty tax inefficient and would be better in a tax deferred or tax free account

- Value funds are also relatively inefficient

- US Large Cap and US Small/Mid Cap are very efficient

- Differences between Vanguard and iShares are mostly insignificant except for a few funds

- For the prior two years, IAGG had been much more efficient than BNDX, but in 2022 the result was the opposite.

- Last year, international funds across Vanguard and iShares were really inefficient, but 2022 was more like 2020. In 2021, even for high bracket taxpayers holding international funds in a taxable account added somewhere in the range of a 40-50 basis points of cost, but this did not repeat in 2022.

- That being said, international funds had some pretty different numbers between iShares and Vanguard within the same classes but there is not a clear pattern. IXUS looked great this past year.

- Avantis funds are generally higher total cost, which isn't surprising given their higher expense ratio and value tilt