# FIFO withdrawal optimizer

> Free tools for investors who are tax residents in Spain: tax-efficient withdrawals from investment funds (FIFO), the income-tax saving of a pension plan contribution, and a fund and portfolio comparator.

Find the tax-cheapest way to withdraw a given amount of cash from Spanish investment funds.

- Spain requires **FIFO** (first in, first out) for fund redemptions: the oldest units are sold first.
- **Transfers between funds (traspasos)** are tax-deferred, so high-gain lots can be moved into a low-yield "parking" fund instead of sold.
- **Losses are blocked** while units of the same fund bought within the previous year remain (art. 33.5 LIRPF).
- The resulting plan is executable at a bank: the parking fund's own redemption, then the transfers, then the remaining sales.
- Cash figures apply the bank's **19 % withholding** at sale time, not the final tax due: that is settled later at the progressive savings-income rates (top rate 30 % since 2025, Ley 7/2024).

## Scope and limits

- Spain only: Spanish tax rules (IRPF), for Spanish tax residents.
- Informational, not financial or tax advice. Every result is an estimate.
- Not for: filing a tax return, any country other than Spain, or recommending specific products.

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Canonical page (Spanish): https://tools.sancho.vc/opfifo. Site overview: https://tools.sancho.vc/llms.txt.