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Need to pay state tax on mutual fund sale? |
Sold some mutual fund holdings in my IRA recieved somewhere around 7K. Federal withholdings were taken out plus a penalty of 10%. though state taxes were never taken out and I need to pay them. I recieved somewhere about $4,400 after the intial withholdings so I am looking to find out where I need to pay my state tax I live in NJ You will need to report that on your NJ tax return. You will need to report the full $7,000. You should receive a 1099-R from the mutual fund company. It will have the exact amount to report on your tax returns. |
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