Hi - I have a related question and hope you could please help me understand how TurboTax Premier works in this topic.
On my CA return, TurboTax asked two questions about Tax Exempt Interest and Dividends. Namely:
Question 1: Tax exempt interest from California sources of $xxxx transferred from your federal return. Is any of this interest from funds with less than 50% of their assets invested in California and US obligations? (Then, I am supposed to answer Yes/No to the question. If yes, I am supposed to provide an amount of exempt interest not meeting the 50% requirements.)
Question 2: US obligations exempt-interest dividends of $yyy transferred from your federal return. Are any of these dividends from funds with less than 50% of their assets invested in California and US obligations? (Again, I am supposed to answer Yes/No and, if Yes, provide an amount.)
I was able to figure out $yyy in Question 2 is derived from 1099-DIV and provide an amount. So no problem there.
But I was unable to do the same about $xxx in Question 1 from either 1099-DIV or 1099-INT and couldn't answer the question.
Would you please shed light on from where and how $xxx was calculated? I need to know which funds were being referred to in order to determine whether they met the 50% requirement.
Thank you greatly for your help,
Thomas
