Sorry if this is the wrong sub for this question. If it is, maybe someone could recommend a more appropriate sub.
I just sold all my shares in a mutual fund I have had for many years. This is in a non-tax advantaged account, so I have been paying taxes on all distributions (dividends and capital gains) since my initial investment. All of these distributions were re-invested.
Now, since I sold all my shares, I'm trying to figure out if I need to increase my paycheck withholding or start making estimated tax payments, so as not to pay a penalty during next year's tax season. I don't think I will get any statement showing my cost basis until next tax season, which will be too late to do anything to avoid a penalty.
Has anyone else had to deal with this after selling shares in a mutual fund? Does anyone know of any resources to determine how much to increase tax payments now to avoid a penalty?