Greetings tucker39909,
Since there is no tax consequence should I still consider a index fund or should I be more risky and invest in a Nasdaq index fund or a different kind of fund all together like Oak Associates fund or T Rowe Price Mid cap growth fund?

Tax consequences are just one of many considerations when picking investments. Take a look at the index funds board FAQ and some of the posts from that board. The secret is knowing why you chose a certain fund. That is perhaps more important than the fund choice itself.

Here is a link to the FAQ:

http://boards.fool.com/Message.asp?mid=13403173

ES