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State estimated tax payments
Old 04-12-2021, 01:58 PM   #1
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State estimated tax payments

My income fluctuates a lot due to lumpy capital gains distributions, dividends, occasional self-employment income, and options trading income. My tax software (H&R Block) has a simple, easy-to-use feature that will let me determine roughly what my federal estimated tax payments should be for 2021, but it doesn't do this for my state ET payments (even though I've downloaded and installed the state tax software that plugs into it).

For those whose incomes are fairly lumpy year-to-year, how do you figure out what your state estimated tax payments need to be? Is there a good online calculator that works for every state (I'm in GA)?
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Old 04-12-2021, 02:10 PM   #2
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Originally Posted by Sojourner View Post
My income fluctuates a lot due to lumpy capital gains distributions, dividends, occasional self-employment income, and options trading income. My tax software (H&R Block) has a simple, easy-to-use feature that will let me determine roughly what my federal estimated tax payments should be for 2021, but it doesn't do this for my state ET payments (even though I've downloaded and installed the state tax software that plugs into it).

For those whose incomes are fairly lumpy year-to-year, how do you figure out what your state estimated tax payments need to be? Is there a good online calculator that works for every state (I'm in GA)?
I have used this in the past for Georgia and it was pretty good. Looks basic on the first page, but when you put the basics in...the loaded pages will have a lot of data you can edit.

Georgia Income Tax Rates for 2021 *look about 1/2 way down the page at #2.
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Old 04-12-2021, 02:34 PM   #3
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TurboTax calculates for me, but, basically it just takes what you paid in 2020 and divides by 4. Pay quarterly. This gets you to the safe harbor of 100% of last year's taxes.
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Originally Posted by Sojourner View Post
My income fluctuates a lot due to lumpy capital gains distributions, dividends, occasional self-employment income, and options trading income. My tax software (H&R Block) has a simple, easy-to-use feature that will let me determine roughly what my federal estimated tax payments should be for 2021, but it doesn't do this for my state ET payments (even though I've downloaded and installed the state tax software that plugs into it).

For those whose incomes are fairly lumpy year-to-year, how do you figure out what your state estimated tax payments need to be? Is there a good online calculator that works for every state (I'm in GA)?
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Old 04-12-2021, 02:35 PM   #4
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I have used this in the past for Georgia and it was pretty good. Looks basic on the first page, but when you put the basics in...the loaded pages will have a lot of data you can edit.

Georgia Income Tax Rates for 2021 *look about 1/2 way down the page at #2.
Ahh, this looks great. Thanks @EFB5!
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Old 04-12-2021, 06:34 PM   #5
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Originally Posted by Sojourner View Post
My income fluctuates a lot due to lumpy capital gains distributions, dividends, occasional self-employment income, and options trading income. My tax software (H&R Block) has a simple, easy-to-use feature that will let me determine roughly what my federal estimated tax payments should be for 2021, but it doesn't do this for my state ET payments (even though I've downloaded and installed the state tax software that plugs into it).

For those whose incomes are fairly lumpy year-to-year, how do you figure out what your state estimated tax payments need to be? Is there a good online calculator that works for every state (I'm in GA)?
i don't know about your state but in Illinois as with the feds i just pay 100% of my previous year's tax bill in 4-equal installments. i'd rather owe than get a refund. but since the bulk of income is via 1099-Rs and all of that is not taxable in Illinois...yet...our tax bill is very, very small. but the principle applies.
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Old 04-13-2021, 02:18 AM   #6
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TurboTax calculates for me, but, basically it just takes what you paid in 2020 and divides by 4. Pay quarterly. This gets you to the safe harbor of 100% of last year's taxes.
I used to try to estimate closely each quarter, but now I just pay one fourth for quarters 1 thru 3 - and only look really close in quarter 4.

I started with TurboTax but I’ve since built an Excel spreadsheet for Federal and state estimated taxes. In it I track my wages (zero now), dividends, interest, muni payouts, Roth conversion contributions, foreign taxes paid (est), and cap gains all year - and project same for fourth quarter and dial in my estimated taxes with the quarter 4 payment. I also fine tune my fourth Roth conversion contributions to make sure I stay within the top of the 22% bracket with serious consideration to IRMAA thresholds. I can get very close with estimated taxes using my spreadsheet.
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Old 04-13-2021, 05:21 AM   #7
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I like and use this one for federal and state- 2021 calculations are available

https://www.irscalculators.com/tax-calculator
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Old 04-13-2021, 06:06 AM   #8
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Originally Posted by Sojourner View Post
My income fluctuates a lot due to lumpy capital gains distributions, dividends, occasional self-employment income, and options trading income. My tax software (H&R Block) has a simple, easy-to-use feature that will let me determine roughly what my federal estimated tax payments should be for 2021, but it doesn't do this for my state ET payments (even though I've downloaded and installed the state tax software that plugs into it).

For those whose incomes are fairly lumpy year-to-year, how do you figure out what your state estimated tax payments need to be? Is there a good online calculator that works for every state (I'm in GA)?
Our state taxes are very simple, since cap gains are treated as regular income. Might be that simple for you too?
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