Last year I was penalized because I had a sizable capitol gains distribution at the end of the year. Even though I paid the estimated tax on time, the assumption by the IL Dept of Revenue was that the income was earned evenly throughout the year. I talked to a person on the phone and he told me there was a form for reporting this uneven income. I cannot find the form. Will the Deluxe version be able to handle this situation.
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you may want to go back and file an amended return with form 2210
complete step six the annualized income method.
if the capital gain dividend was received in December then it would only be reported in the 4th column.
however note that you have to break down each component of your income (what makes up line 9 on the IL-1040) for the first 3 months, first 5 months, first 8 months the 4th column line 38 should be line 9
Illinois could ask for proof.
here's a link to IL-2210 instructions.
https://www2.illinois.gov/rev/forms/incometax/Documents/currentyear/individual/il-2210-instr.pdf
no guarantee Illinois will abate the penalty.
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