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capital gains count to state tax?
Edwards Finance > Capital Gains
Q. I live in California and I'm using TurboTax 2004. I sold a bunch of stock this past year and paid a big chunk of estimated taxes to the IRS to pay off the capital gains tax associated with the transaction. Now I've entered everything into TurboTax and the federal tally seems right, but when I go to my state tally it says I owe a huge amount of money. It seems that the program is counting my capital gain as part of my adjusted gross income and it thinks I owe a lot in income tax as a result. Could that be correct? I thought from a sale of stock, I would just pay federal capital gains tax and be done with it... Was I wrong?
A. -The governator would say you are wrong. That's the price for living in paradise. -My state (not CA) has the same flat tax for earned income, gains, and "tax-free" bonds. Of the third category only internal state bonds, and some kinds of federal bonds are exempt (the percentage given on a mutual fund flyer). So I've been typically getting federal refunds and owing the state, because the paycheck tax tables are geared toward employment income instead of investment income. -What made you think the gains are exempt from state tax? Yes, you were wrong.
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