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TurboTax Div Worksheet for Maryland / (and any other state and Fed tax exemptions)
Hello. Following TurboTax instructions, when I enter my box 12 federal 1099DIV, these are exempt from Federal tax being state municipal bonds. One DIV account does not include MD as any bond holder in its portfolio, and Im having to assume they are fully taxed by MD (all payments made from other states). However I have one account that does have MD bond parties, and the question on the state calc allocations seems to be reverse (even in popup TT help example with CA). For example I am resident state ID MD and on $20000 exempt, I enter the 4%related to MD, but the totals on TT State seem to be missing the larger amount 96% amount on MD taxes,
1) MD 4% $800
2) XX 96% $19200
The TT system / example show you need state MD first, then all others XX on next line, so only 4% is transferring to MD section and 96% as not MD state taxed. Am I using TT incorrectly, is there a bug, or are my assumptions wrong? Thxs any guidance recommendation