This is my first year in retirement and a good part of my income comes from my Vanguard taxable account. How do others figure out their estimated quarterly taxes to pay for federal and state taxes?
In my main Vanguard account I have a 4 fund portfolio. Total stock, S&P 500, Total Bond, and a tax free fund. I also have a Cash Plus account that has VUSXX (treasury bonds). What I'm looking for is how do others navigate the Vanguard website to figure out their estimated taxes?
What I've been doing so far:
- For Cash Plus, I simply look at all gains (paid out or not) in the last quarter and pay normal federal income tax on all that. No state income tax since it is all VUSXX
- For the Brokerage account I go into 'Taxable Gains' in the pull down menu and I pay regular tax on interest income, and long term cap gains on dividends. From some research I believe dividends are mostly qualified so long term cap gains.
- For the Brokerage account I also go into 'Realized Gains/Losses' pull down menu and look at the last quarter numbers and pay the long and short term cap gain taxes if I sold any
Is there more to it? is there an easier way? am I doing it right? I wish there is an easy button where it will show me what I owe for short and long term cap gain taxes on all my accounts and subaccounts. Or better yet, I wish Vanguard just withholds the federal and state taxes for me. I'm okay doing it quarterly just wish there is a simpler method. Thoughts?
In my main Vanguard account I have a 4 fund portfolio. Total stock, S&P 500, Total Bond, and a tax free fund. I also have a Cash Plus account that has VUSXX (treasury bonds). What I'm looking for is how do others navigate the Vanguard website to figure out their estimated taxes?
What I've been doing so far:
- For Cash Plus, I simply look at all gains (paid out or not) in the last quarter and pay normal federal income tax on all that. No state income tax since it is all VUSXX
- For the Brokerage account I go into 'Taxable Gains' in the pull down menu and I pay regular tax on interest income, and long term cap gains on dividends. From some research I believe dividends are mostly qualified so long term cap gains.
- For the Brokerage account I also go into 'Realized Gains/Losses' pull down menu and look at the last quarter numbers and pay the long and short term cap gain taxes if I sold any
Is there more to it? is there an easier way? am I doing it right? I wish there is an easy button where it will show me what I owe for short and long term cap gain taxes on all my accounts and subaccounts. Or better yet, I wish Vanguard just withholds the federal and state taxes for me. I'm okay doing it quarterly just wish there is a simpler method. Thoughts?
Statistics: Posted by Oatmeal — Fri Oct 11, 2024 8:58 pm — Replies 0 — Views 52
