What is New York State Income Tax Rate For Capital Gains?
Question by Titus Pullo: What is New York State Income Tax Rate For Capital Gains?
I did my own taxes for the first time this year. Using tax software, I plugged in what my refund would be if I had no stock sales in 2006. BTW, my tax bracket is 15% and I’m in New York.
Without Capital Gains:
Federal Refund : $ 400 and State Refund : $ 1460
Capital Gains of only $ 4416.
Federal : $ 260 (I owe) and State Refund : $ 1037
According to an online Capital Gains calculator I used, my Federal tax should be $ 662 (which explains why my refund went from $ 400 to minus $ 260). What I can’t understand is why my State refund dropped so drastically.
Best answer:
Answer by garyg7
That appears to be right if you are a New York City or Yonkers resident.
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Unlike the federal government, most states, New York included, do not tax capital gains differently than regular income. Your tax went up by $ 423 because your income went up by $ 4416. Like the previous answerer said, this seems right (without knowing anything else on your return).