Each state has different rules for the taxation of capital gains. Some use the same rate as for other taxable income, some tax short-term gains at one rate and long-term gains at a different rate, and some don't tax capital gains at all.
In the space provided, enter the tax rate you think your state will apply to your securities transactions. You can enter just the short-term or just the long-term tax rate. The Capital Gains Estimator will save these state tax rates with the scenario you're creating.
Where do I find the state tax rate to use?
Try the following to determine your state tax rate:
- Use the rates applied by your state last year.
- Enter the rate at which state income tax will be withheld from your securities transactions, if applicable.
- Find the tax rate by reviewing the Individual Income Tax dialog instructions for your state. Tax rate information for most states is available from the Federation of Tax Administrators website.
Notes
- The calculations for state tax don't include ESPP or ESOG sales and can't include ordinary income from such sales.
- The Capital Gains Estimator calculations are intended to provide estimates only.
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