Yes, if your state permits it, a portion of your qualified and non-qualified dividends might be attributable to Treasury income, which could be exempt from state taxes.
If your ETF reports the percentage of its income derived from U.S. Treasury securities, you may be able to exclude that portion from your state taxable income. This information is often provided in the fund's annual statement or tax documents.
To determine the exact amount you can deduct, you'll need to:
- Check the fund's tax statement for the percentage of income derived from Treasuries.
- Review your state's tax rules regarding Treasury income and ETF dividends.
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