@ jtaxuser
I don't know how your particular broker showed you the Box 12 amount; i.e., whether you have a separate 1099-DIV for each mutual fund, or whether you have a single 1099-DIV that adds up the exempt dividends for those 3 funds. If you only have a single combined 1099-DIV for the mutual funds where the exempt dividends from all 3 are added into one amount on your 1099-DIV, you'd have to first allocate the amounts for the 3 funds to figure the total NY state exempt dividends.
As an example, let's use Funds A, B, C. And for this example, say the broker added the exempt dividends from all 3 and put the total in Box 12 as $970 and provided the breakdown of the dividends in your info somewhere. Let's say Fund A had $400 in exempt dividends, Fund B had $250, and Fund C had $320. Then to figure the amount exempt in a particular state using hypothetical percentages:
Fund A: $400 exempt dividends , with 79% state exempt, equals $316 state exempt.
Fund B: $250 exempt dividends with 59% state exempt, equals $147.50 state exempt
Fund C: $320 exempt dividends with 100% state exempt, equals $320 state exempt
So in this example, if the total amount of $970 exempt dividends for all 3 funds is shown in Box 12, then 783.50 would be state exempt.
Again, I'm a fellow user, not a tax expert. But that's my understanding of how that works.
