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That would be due to the fact that some states exempt federally tax exempt interest if the interest is from a bond, note, or other debt obligation issued by their states.
If you do not know the source, you can select the "more than one state" option.
What are you asking?
If you enter the K-1 into your individual income tax return properly, then the result will flow to your state return.
Turbo Tax is asking for a State when it shows K-1 Box 14 Code A dollar amount. Do I use the state of my residence? The Trust is administered in a different state.
That would be due to the fact that some states exempt federally tax exempt interest if the interest is from a bond, note, or other debt obligation issued by their states.
If you do not know the source, you can select the "more than one state" option.
PERFECT, thank you so much!!!
The answers are unclear to me. So I would use the beneficiary state or the fiduciary's state? Both states are known, and they are different states.
It could very well be neither as the state that paid the tax-exempt interest is the one you would select.
Again, if that is more than one state, then you can choose that from the dropdown (which you can do, regardless, if you do not know which state paid the interest).
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