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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

 
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3 Replies

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

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

DianeW777
Employee Tax Expert

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

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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dmertz
Level 15

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

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

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