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February 18, 2025
Question

Does money withheld when I withdraw from a mutual fund count as estimated taxes or is that already shown by entering my vanguard document info

  • February 18, 2025
  • 3 replies
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    3 replies

    Employee
    February 18, 2025

    Tax withheld is reported on your Vanguard 1099-R and entered into the program when you report it in TurboTax. 

    February 18, 2025

    Yes, it is already shown. If you have federal tax withheld from your mutual fund distribution and you entered that when completing your tax document (1099-R or 1099-B, 1099-INT). For all but the 1099-R, you will need to check a box that says 'I have more boxes' and the federal withholding will open for you to enter the amount.

     

    If you entered your withholdings it will be carried to the appropriate place on your 1040 and be counted as a payment.

     

    @maxinenegley 

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    Employee
    February 19, 2025

    Estimated tax payments are not the same as tax withholding.  Tax withholding is not to be reported as an estimated tax payment.