You asked: How do I know what state my tax exempt dividends came from?

How do you find the state source of exempt dividends?

Generally, tax-exempt interest and dividend income is usually reported on year-end statements or a statement from your broker or mutual fund company; it’s usually listed on the last pages of the statement.

Which state is your of exempt interest dividends from?

It would be the state that your fund invested in to get the tax exempt dividends.

How do I enter exempt interest dividends earned from multiple states in a bond fund?

Simple answer: Yes, select multiple states (or “more than one state” on desktop software). If your mutual fund did not provide a breakdown*, you check the box “I earned tax exempt dividends in more than one state” (“Multiple States” in the online program) on the first screen after entering the 1099-INT or 1099-DIV.

How do I report tax-exempt dividends?

To report, please go to:

  1. Federal Section.
  2. Income (Select my Forms)
  3. Interest and Dividend Income.
  4. Dividend Income Form 1099-DIV.
  5. Exempt Interest Dividends Form 1099-DIV, Box 11. Complete this screen as if your Tax-Exempt Dividend Income was reported in Box 8 of a 1099-INT.
THIS IS INTERESTING:  You asked: What is considered an investment?

What are state exempt dividends?

An exempt-interest dividend is a distribution from a mutual fund that is not subject to federal income tax. … While exempt-interest dividends are not subject to federal income tax, they may still be subject to state income tax or the alternative minimum tax (AMT).

What is state tax-exempt interest?

Tax-exempt interest refers to interest income that is not subject to taxation, most notably at the federal level. Some municipal bonds may also be “triple-exempt”, where tax is not paid at the federal, state, nor local level.

What happens if my 1099-DIV and/or 1099-INT doesn’t have a state listed?

If it is not listed right on the 1099DIV (which it most often is not), then you would need to contact your broker or financial institution for more information about the funds investments and find out what states the interest was earned in. It might be listed in your year-end reports or a prospectus online.

Is Vanguard exempt from federal or state tax?

For example, if you reside in California and own shares of Vanguard California Municipal Money Market Fund, the income reported on Form 1099-DIV, Box 11, is 100% exempt from California state income tax.

Where do I report 1099-DIV line 12?

This amount is entered on Line 2a, Form 1040. Box 12 contains the Specified Private Activity Bond Dividends. This amount is included in the Box 11 amount but will be subject to the Alternative Minimum Tax and be entered on Form 6251.

How do I enter tax exempt interest in TurboTax?

You can enter Tax Exempt Interest by following these steps in TurboTax:

  1. While in your Tax Home,
  2. Enter 1099-INT,
  3. Select Jump to 1099-INT,
  4. Select Edit next to the 1099 you want to add tax exempt interest to,or select.
  5. Add to add a new 1099-INT,
  6. Select My form has info in other boxes,
  7. Fill your tax exempt interest in Box 8.
THIS IS INTERESTING:  Best answer: How can I invest $100 a month in stocks?