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Subject Author Date
Tax withheld by Vanguard Stubby 12-10-2007
Posted by Stubby on December 10, 2007, 1:20 pm
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 I asked Vanguard to withhold tax from some mutual fund sales. They did and
transactions came through (1-step update) that made my register show a
security named "Cash" with a negative balance exactly equal to the tax
amount.

I'm not sure how to handle this. Because I was laid up at tax time, I used
a CPA and didn't have the strength to go over his work. I know I had a
whopper of a tax bill and have to make hefty quarterly payments this year.
But did the money withheld by Vanguard make it through to the IRS (and MA)?
Did I over pay? How do I get Quicken to clear the Cash balance? Thanks
for the help.



Posted by R. C. White on December 10, 2007, 4:33 pm
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 Hi, Stubby.

We are not the people you should be asking this question!

First, look at your tax return. It should show on Line 64 (Form 1040 for
2006) the TOTAL amount withheld for the year from BOTH your wages (on Forms
W-2) and your investments (on Forms 1099). In my TurboTax data file, this
amount is backed up by details on TurboTax's "Tax Payments Worksheet",
showing the amounts that came from the various withholding conduits (W-2,
W-2G, 1099-R, 1099-MISC, 1099-INT, DIV and OID, etc.). You should have
something similar in your file, including documentation from Vanguard.

Then discuss this with your CPA.

Finally, if you don't get answers that satisfy you, talk to Vanguard.
Actually, you and your CPA should be able to interpret Vanguard's statements
to determine exactly what Vanguard did with your money.

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Quicken 2008 Deluxe in Vista Ultimate x64)

> I asked Vanguard to withhold tax from some mutual fund sales. They did
> and
> transactions came through (1-step update) that made my register show a
> security named "Cash" with a negative balance exactly equal to the tax
> amount.
>
> I'm not sure how to handle this. Because I was laid up at tax time, I
> used
> a CPA and didn't have the strength to go over his work. I know I had a
> whopper of a tax bill and have to make hefty quarterly payments this year.
> But did the money withheld by Vanguard make it through to the IRS (and
> MA)?
> Did I over pay? How do I get Quicken to clear the Cash balance? Thanks
> for the help.


Posted by Stubby on December 11, 2007, 9:09 am
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Thanks for the reply, Mr. RC. My CPA is not interested in Quicken or
TurboTax (well, maybe for $200 per hour!).
Vanguard was at least able to tell me that the withholding amount was gotten
by selling additional shares. I will attempt to check that they put through
the appropriate 1099's etc so the IRS is happy.
I need to figure out a way to spell this out in Quicken -- that was my
question.


> Hi, Stubby.
>
> We are not the people you should be asking this question!
>
> First, look at your tax return. It should show on Line 64 (Form 1040 for
> 2006) the TOTAL amount withheld for the year from BOTH your wages (on
Forms
> W-2) and your investments (on Forms 1099). In my TurboTax data file, this
> amount is backed up by details on TurboTax's "Tax Payments Worksheet",
> showing the amounts that came from the various withholding conduits (W-2,
> W-2G, 1099-R, 1099-MISC, 1099-INT, DIV and OID, etc.). You should have
> something similar in your file, including documentation from Vanguard.
>
> Then discuss this with your CPA.
>
> Finally, if you don't get answers that satisfy you, talk to Vanguard.
> Actually, you and your CPA should be able to interpret Vanguard's
statements
> to determine exactly what Vanguard did with your money.
>
> RC
> --
> R. C. White, CPA
> San Marcos, TX
> (Retired. No longer licensed to practice public accounting.)
> rc@grandecom.net
> Microsoft Windows MVP
> (Currently running Quicken 2008 Deluxe in Vista Ultimate x64)
>
> > I asked Vanguard to withhold tax from some mutual fund sales. They did
> > and
> > transactions came through (1-step update) that made my register show a
> > security named "Cash" with a negative balance exactly equal to the tax
> > amount.
> >
> > I'm not sure how to handle this. Because I was laid up at tax time, I
> > used
> > a CPA and didn't have the strength to go over his work. I know I had
a
> > whopper of a tax bill and have to make hefty quarterly payments this
year.
> > But did the money withheld by Vanguard make it through to the IRS (and
> > MA)?
> > Did I over pay? How do I get Quicken to clear the Cash balance?
Thanks
> > for the help.
>



Posted by R. C. White on December 11, 2007, 11:58 am
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Hi, Stubby.

> My CPA is not interested in Quicken or
> TurboTax (well, maybe for $200 per hour!).

If your CPA is not interested in YOU then you need a different CPA!

> I need to figure out a way to spell this out in Quicken -- that was my
> question.

As said so often here, it's a two-step process:

Step 1: Understand what happened in the Real World.

Step 2: Record that in Quicken.

Trying to do Step 2 before Step 1 is a mistake. :>(

Did you look at line 64 on your 2006 return? Does that number include the
amount withheld by Vanguard?

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Quicken 2008 Deluxe in Vista Ultimate x64)

> Thanks for the reply, Mr. RC. My CPA is not interested in Quicken or
> TurboTax (well, maybe for $200 per hour!).
> Vanguard was at least able to tell me that the withholding amount was
> gotten
> by selling additional shares. I will attempt to check that they put
> through
> the appropriate 1099's etc so the IRS is happy.
> I need to figure out a way to spell this out in Quicken -- that was my
> question.
>
>
>> Hi, Stubby.
>>
>> We are not the people you should be asking this question!
>>
>> First, look at your tax return. It should show on Line 64 (Form 1040 for
>> 2006) the TOTAL amount withheld for the year from BOTH your wages (on
> Forms
>> W-2) and your investments (on Forms 1099). In my TurboTax data file,
>> this
>> amount is backed up by details on TurboTax's "Tax Payments Worksheet",
>> showing the amounts that came from the various withholding conduits (W-2,
>> W-2G, 1099-R, 1099-MISC, 1099-INT, DIV and OID, etc.). You should have
>> something similar in your file, including documentation from Vanguard.
>>
>> Then discuss this with your CPA.
>>
>> Finally, if you don't get answers that satisfy you, talk to Vanguard.
>> Actually, you and your CPA should be able to interpret Vanguard's
> statements
>> to determine exactly what Vanguard did with your money.
>>
>> RC
>>
>> > I asked Vanguard to withhold tax from some mutual fund sales. They
>> > did
>> > and
>> > transactions came through (1-step update) that made my register show a
>> > security named "Cash" with a negative balance exactly equal to the tax
>> > amount.
>> >
>> > I'm not sure how to handle this. Because I was laid up at tax time, I
>> > used
>> > a CPA and didn't have the strength to go over his work. I know I had
> a
>> > whopper of a tax bill and have to make hefty quarterly payments this
> year.
>> > But did the money withheld by Vanguard make it through to the IRS (and
>> > MA)?
>> > Did I over pay? How do I get Quicken to clear the Cash balance?
> Thanks
>> > for the help.


Posted by Eric on December 11, 2007, 3:48 pm
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1. You sold shares with a gain or loss to be recorded in Q as a sale.
2. Vanguard sold MORE shares to cover taxes they paid on your behalf.
A. That was an additional sale with more gain or loss.
B. Transfer cash out of V into the appropriate Q tax account.
3. When V sends you the forms check that Q entries are correct.

Eric

> Thanks for the reply, Mr. RC. My CPA is not interested in Quicken or
> TurboTax (well, maybe for $200 per hour!).
> Vanguard was at least able to tell me that the withholding amount was
> gotten
> by selling additional shares. I will attempt to check that they put
> through
> the appropriate 1099's etc so the IRS is happy.
> I need to figure out a way to spell this out in Quicken -- that was my
> question.
>
>
>> Hi, Stubby.
>>
>> We are not the people you should be asking this question!
>>
>> First, look at your tax return. It should show on Line 64 (Form 1040 for
>> 2006) the TOTAL amount withheld for the year from BOTH your wages (on
> Forms
>> W-2) and your investments (on Forms 1099). In my TurboTax data file,
>> this
>> amount is backed up by details on TurboTax's "Tax Payments Worksheet",
>> showing the amounts that came from the various withholding conduits (W-2,
>> W-2G, 1099-R, 1099-MISC, 1099-INT, DIV and OID, etc.). You should have
>> something similar in your file, including documentation from Vanguard.
>>
>> Then discuss this with your CPA.
>>
>> Finally, if you don't get answers that satisfy you, talk to Vanguard.
>> Actually, you and your CPA should be able to interpret Vanguard's
> statements
>> to determine exactly what Vanguard did with your money.
>>
>> RC
>> --
>> R. C. White, CPA
>> San Marcos, TX
>> (Retired. No longer licensed to practice public accounting.)
>> rc@grandecom.net
>> Microsoft Windows MVP
>> (Currently running Quicken 2008 Deluxe in Vista Ultimate x64)
>>
>> > I asked Vanguard to withhold tax from some mutual fund sales. They
>> > did
>> > and
>> > transactions came through (1-step update) that made my register show a
>> > security named "Cash" with a negative balance exactly equal to the tax
>> > amount.
>> >
>> > I'm not sure how to handle this. Because I was laid up at tax time, I
>> > used
>> > a CPA and didn't have the strength to go over his work. I know I had
> a
>> > whopper of a tax bill and have to make hefty quarterly payments this
> year.
>> > But did the money withheld by Vanguard make it through to the IRS (and
>> > MA)?
>> > Did I over pay? How do I get Quicken to clear the Cash balance?
> Thanks
>> > for the help.
>>
>
>



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