Interesting though, I notice my TVA bond interest is reported in box 1 of my Fidelity 1099-INT, even though it is supposed to be included to also be considered a US Govt Bond by my state (NC) . NY does too .
IF that is your situation (it's in box 1 of a 1099-INT), then you'd have to handle it in the NY interview portion. In my NC software, there is a place during the interview that I can tell indicate in the software that I have other "Deductions from North Carolina Income" and I can place it there and describe what bonds are involved.
But this would only be in a situation where you hold the individual FFCB & FHLB & TVA bonds, and their bond interest is reported in box 1 of a 1099-INT. Check your broker's supplemental information to see what box they report this interest in...
(now I have to review myself whether it is worthwhile to amend my old NC tax returns for the last 3 years....and I'm puzzled why the TVA interest is not in box 3 of the 1099-INT...that could be an IRS requirement of some kind, for some reason, not yet discovered)
____________________________
Other....1099-DIV situation for NY:
...,....from my recent reading about NY, they seem to have a 50% asset limit for taking a NY deduction for US Govt interest from Bond Funds. i.e, if you have US Govt/TVA/FFCB & FHLB that is reported on a 1099-DIV form, that comes from Mutual fund holdings, then the Mutual Fund the holds the bonds must have at least 50% of it's assets in those US Govt/TVA/FFCB & FHLB holdings...otherwise, you cannot take the NY deduction for those US Govt/TVA/FFCB & FHLB bond dividends. that 50% of assets limit does not apply to NY-issued holdings.
See the second entry on page 3 of:
(Reference gone..no longer valid)
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
