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What to do with GA state tax with unexpected short-term capital gain tax in 2021?

My husband and I both have W-2 jobs. In Nov.2021, we made a large amount of short-term capital gain with our stocks, so we probably own much more tax than the 2021 GA state tax withholding through W-2 jobs. What should we do with it? Is there a deadline to make up for what we own?

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3 Replies

What to do with GA state tax with unexpected short-term capital gain tax in 2021?

You have to pay your tax liability by April 18. 

What to do with GA state tax with unexpected short-term capital gain tax in 2021?

Is there similar penalty as the federal tax that if we own too much we will have to take?

MinhT1
Expert Alumni

What to do with GA state tax with unexpected short-term capital gain tax in 2021?

Yes, Georgia has a penalty for underpayment of estimated taxes, which equal to 9% per year of the underpayment amount.

 

Please read this Georgia Revenue document for more information.

 

 

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