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?

737

Level 15

Jan 17, 2022 7:42:42 AM

You have to pay your tax liability by April 18.

Level 2

Jan 17, 2022 10:16:21 AM

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

Expert Alumni

Jan 17, 2022 11:15:52 AM

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