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If your 401(k) has reasonably low expenses, your investment plan calls for some tax inefficient holdings (such as bonds or real estate or REIT), then I would suggest that you put your tax-inefficient investments in the 401(k) and stick to tax-efficient investments in a taxable account (e.g., Vanguard Total Stock Market Fund, Vanguard Tax-Managed International (stock) Fund). (Rule of thumb: fill up your retirement accounts before making taxable investments for retirement, but for the part of your retirement investments that don't fit in retirement accounts, have those that spill out to taxable be reasonably tax efficient.)

However, if you want REIT exposure that is not offered in your 401(k), or some other investment that is not reasonably tax efficient that isn't offered by your 401(k), you might consider non-deductible contributions to a Traditional IRA (and hold on to a copy of the tax forms where you record the non-deductible contributions so you don't lose you tax basis when you finally start withdrawing from the Traditional IRA or if you do a Roth conversion) and then hold that tax inefficient investment in the Traditional IRA.

Individual stocks, especially those that don't pay dividends, could be good choices for taxable accounts.

We don't know what future tax laws will be. However, it is possible that at a future date you might be "lucky" enough to qualify for a Roth conversion. If you do that, the part of the balance being converted from Traditional to Roth that corresponds to your tax basis (after-tax contributions) will not be taxed, but the part corresponding to gains and pre-tax contributions would be taxed at ordinary tax rates for the year in which the conversion is done. But, until then, by having tax-inefficient investments "sheltered" in an IRA, the income or dividends thrown off by those investments could be reinvested without any tax drag, at least until the Traditional IRA is either converted or funds pulled out.
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