There is no easy answer for you. Direct federal obligations I understand and agree - those are deductible. US bonds, T-bills, notes are all non-taxable to NY.
The indirect part is my problem. If the fund is truly indirect funds, then it gets complicated. Some states allow indirect while others do not as a deduction.
New York Tax Treatment of Interest Income on Federal, State is a bit more complicated with this statement: The subtraction modification applies only if the fund meets the 50% "U.S. Obligations" asset requirement under section 612(c) (1) of the Tax Law.
You can skip the indirect funds or you can research them to determine if they meet the requirements.
Reference:
SEC regarding the above mentioned fund
Indirect general obligations. - Law.Cornell.Edu
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