Hello,
I make about 110k in los angeles. After deductions and 401k contributions, I estimate my taxable income to be about 81k. However I was selling some options this year some of the shares were called away. I have about 48k in long term capital gains, and 20k in short term. Can someone help me calculate how much I'd owe? Also I wasn't aware of the quarterly tax payments, I haven't made any this year regarding the capital gains. Should i make some now to avoid a penalty?
Thank you
California Capital Gains Tax Help
byu/Careful-Cake-6711 intax
Posted by Careful-Cake-6711
2 Comments
In CA it is all income tax. Only federal distinguishes capital gains from ordinary income.
Making a late estimated payment as soon as possible will save you on the interest the state levies at 10%.
https://cdtfa.ca.gov/taxes-and-fees/interest-rates.htm