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View Full Version : State tax for Ohio for foreign capital gain and foreign earned interest on the amount


progtick
Oct 3, 2011, 08:34 AM
Does one have to pay state tax on foreign capital gain and foreign interest that was earned during that year?

AtlantaTaxExpert
Oct 3, 2011, 12:48 PM
Yes. Like the IRS, Ohio takes the world-wide income of all of its residents.

Ohio taxes capital gains (foreign or domestic) and interest (foreign or domestic) as ordinary income.

Now, if you are a non-resident, then only income earned while working IN Ohio is subject to Ohio income tax.

progtick
Oct 3, 2011, 08:53 PM
@AtlantaExpert, at what rate?

ebaines
Oct 4, 2011, 05:38 AM
Ohio's income tax has nine tax brackets that range from 0.587% to 5.95%, depending on your income level. The top bracket kicks in at $200K income. Several municipalities also levy their own income tax, so depending where you live you may have to pay that as well.

AtlantaTaxExpert
Oct 4, 2011, 06:24 AM
Thanks, ebaines!