I've large capital gains for 1st qtr 21. To avoid state penalties do I have to pay my Illinois 2021 capital gains tax on each quarters sales or can I pay it quarterly?

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1 Best answer

Level 15

Mar 6, 2021 11:03:02 AM

illinois - on a timely basis estimates and withholding must equal 100% of 2020 tax or 90% of 2021 tax.

timely basis 1/4 by 4/15/2021 1/2 by 6/15/2021 3/4 by 9/15/2021 100% by 12/31/2021 except the fourth quarter estimate can be paid by 1/15/2022

also no penalty if the balance due after subtracting withholding only from tax liability is $1000 or less/

see IL 2210.

Level 15

Mar 6, 2021 11:03:02 AM

illinois - on a timely basis estimates and withholding must equal 100% of 2020 tax or 90% of 2021 tax.

timely basis 1/4 by 4/15/2021 1/2 by 6/15/2021 3/4 by 9/15/2021 100% by 12/31/2021 except the fourth quarter estimate can be paid by 1/15/2022

also no penalty if the balance due after subtracting withholding only from tax liability is $1000 or less/

see IL 2210.

Level 2

Mar 24, 2021 1:34:35 PM

Thank You