Is turbox premier mistaken on treasury t-bill tax for California?

Forum|Forum|2 years ago
March 14, 2024
1 reply
5 views

My understanding is treasury t-bill purchased from platforms such as Schwab is NOT taxable in California. But

Turbotax premier added all t-bill income as taxable in California. Is Turbotax wrong? I have already filed the state tax, what should I do?

Thanks

surgerygalore

Alumni - Champ

Hello

Interest from Treasury Notes is subject to Federal taxes but is exempt from State taxes, independently of where you bought the note, in your case a T-bill, or from which state you reside. You will have to file an amended CA return. Good luck !

blahblah_gcAuthor

Level 2

Thanks for the response, isn't turbotax supposed to take care of this?

blahblah_gcAuthor

Level 2

False alarm, turbotax indeed took care of this. Tbill is not taxed in CA filing.

Is turbox premier mistaken on treasury t-bill tax for California?

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