How Can I Manage Automatic Tax Withholdings?
Summary of User’s Tax Concerns:
- The user is looking for a way to set up automatic tax withholding on their taxable account to avoid owing a large amount during tax season.
- Fidelity confirmed that they do not offer a feature for automatic tax withholding throughout the year.
- As a solution, Fidelity suggested that the user manually set aside money for taxes by reviewing their year-to-date tax information, which can be accessed through specific steps on the Fidelity website.
- Fidelity advised consulting a qualified tax professional for tailored tax guidance.
Here’s the full thread
Is there any way to setup automatic taxes on my account so I dont owe in as much come tax season?
Hi @Observed thanks for reaching out. Are you referring to a taxable account or a retirement account?
Taxable account
No, We do not have any feature that allows you to automatically withhold taxes throughout the year.
Should you choose to set money aside to go toward taxes manually, you can review your year-to-date (YTD) tax information page. This will display your total dividend and realized gains.
You can access this page by logging into Fidelity.com and following these quick steps:
1. From the “Accounts & Trade” tab and choose “Tax Forms & Information”
2. Click “View your YTD tax activity
3. Select your desired account and tax year
That said, we do not offer tax advice and strongly recommend working with a qualified tax professional to determine what’s appropriate for your situation. 🟢
Darn.avi well thanks anyway @FidelityKelli