If I received a net realized gain on the sale of my stock (3 of which are dividend paying stocks), and I fall into the 10-15% tax bracket, will I also be exempt from Illinois state taxes? Do I need to report these gains on the Illinois Tax Form?
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Yes, you will have to pay Illinois income tax on the gains. Even though they are taxed at 0%, the gains are included in your Adjusted Gross Income (AGI). Your federal AGI is used as the basis for determining your Illinois taxable income. Illinois does tax capital gains differently than other income.
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