I started trading stocks in 2021 and it looks like I am going to report a short term capital gain for the year. When I complete my 2021 tax return and determine that I owe taxes based on the capital gain, will I be subject to a penalty? Thanks
PS: I have received a refund every year I've filed tax returns.
the rules for avoiding the penalty for paying in too little during the year.
there will be no penalty if withholding and timely estimated tax payments
1) equal or exceed 90% of 2021 tax
or
2) equal or exceed 100% (110% if your 2020 adjusted gross income was more than $150K) of your 2020 tax
or
3) the balance due after subtracting withholding (but not estimated tax payments) from 90% of your 2021 tax is less than $1,000
or
4) 2021 tax is less than $1,000
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