Stock Tax Question

Forum|Forum|5 years ago
December 16, 2020
5 replies
32 views

Hi Everyone, I have a question about stock tax. Do I have to pay state taxes on stocks? (I know you’ll have to pay short or long term capital gains for stocks but after paying the capital gain do i also have to pay state tax by the way I live in New York queens)

Not A Product Question

Opus 17

Level 15

New York State taxes all your income at the same rate. Your capital gains will be added to your other income and taxed according to your tax bracket, NY does not have a reduced rate for long term capital gains.

Francisco2019Author

Level 3

Can you give an example:

(If I make $50,000 in a long term Stock Gain Then I’ll pay 15% For Long Term Capital Gain. Is that all I have to pay for taxes or I’ll also need to pay New York State tax? If so How can I find the tax rate for New York State tax?)

thank you

NCperson

Level 15

you would also have to pay NY state tax

review this link to determine the tax rates in NY state which are dependent on you filing status and income... looks like it could be in the 6% range, give or take.

https://www.tax.ny.gov/pit/file/tax_tables.htm