Capital gain tax quarterly

[dhk214]

Hello All, I'd like to clear some of my doubts that I have as tax newbie T_T

1.So I came across "Capital Gain Tax" which I never had to pay until I made stock investment during 2021.

I do have some gain but overall, loss is greater than the gain. The only gain I made fall into the reporting due date of September 15, 2021. Does this mean I have to submit 1099B form before September 15 to make a capital gain payment? 

2. If my gain is not significant, (Less than $4000, stock gain + cryptocurrency gain) and I have more loss than $5000.  can I report capital gain tax when I report my tax return? In my knowledge, Brokers issue out forms that I can use submit when I do my yearly tax return.

Basically, I am really confused between reporting quarterly and yearly I guess...

Please help T_T

I appreciate you all!

[Mike9241]

 If my gain is not significant, (Less than $4000, stock gain + cryptocurrency gain) and I have more loss than $5000.  can I report capital gain tax when I report my tax return?

In my knowledge, Brokers issue out forms that I can use submit when I do my yearly tax return.

yes, they do. usually what they refer to as a consolidated 1099 - reports capital gains/losses, dividends,  interest and other income from your securities activity.  this only applies to US brokers. if you are doing crypto through offshore activity/internet you may have to do your own computations and get no US tax reporting forms.

in this scenario, there is no tax on your capital gains because gains and losses are netted and you have a net loss.

whether you have to make estimated tax payments is unknown. it depends on whether or not you have taxes withheld and whether or not they are sufficient

There will be no federal penalties for not paying in enough taxes during the year if withholding
1) and timely estimated tax payments equal or exceed 90% of your 2021 tax
or
2) and timely estimated tax payments equal or exceed 100% of your 2020 tax (110% if your 2020 adjusted gross income was more than $150K)
or
3) the balance due after subtracting taxes withheld from 90% of your 2021 tax is less than $1,000
or
4) your total taxes are less than $1,000

state laws differ

[Hal_Al]

You do report capital gains or losses until such gains/losses are "realized".  That is you do report gains and losses until you actually sell the socks.  You do not report that your investments have gone up or down in value.

You do not submit form 1099-B.  You broker sends you a 1099-B, after the end of the year if you sold any investments during the year.  The 1099-B is only informational. Your gains/losses are reported on form 8949 and Schedule D.  

You can wait to report your gains when you file your tax return.  Quarterly payments are not required for the first year you have gains.  See estimated tax discussion at 

https://ttlc.intuit.com/community/taxes/discussion/how-do-i-caclulate-and-pay-my-quarterly-taxes/00/...