Calculating US OBLIGATIONS THAT ARE ALLOWED TO BE A TAX CREDIT IN MARYLAND HAS TO BE DONE ASSET BY ASSET BY CONTACTING THE CREATOR OF THE ASSET, E.G. ISHARES, Vanguard, ETC. TO OBTAIN A DOCUMENT SIMILAR TO THIS ONE BELOW. from VANGUARD. IT IS A LOT OF WORK AND SOME OF THESE FINANCIAL FIRMS ARE MEAN AND WILL NOT HELP WITH THIS NOR TELL ME WHERE TO FIND THIS FOR THEIR ASSETS!!
Here is the beginning language from the VANGUARD document that answers the question as a better explanation of what I have to learn for the remaining ETFs. on my 1099 THAT I EARNED A DIVIDEND. I also own XLK & XLI & they are the two EFTs left I’m not sure about how to do the calculations/WHERE to find the data. I did get a spreadsheet from SPDR that does list these two but I don't know how to interpret what they gave me..... I can send it but it is large so please advise if I should send... Hoping you have been down this road and can offer some insights. Tks
Below is the intro language from the Vanguard document TITLE ABOVE here as help to understand the issue.
U.S. government obligations
income information
Important tax information for 2024
This tax update provides information to help clients properly report state and local tax liability on ordinary income
distributions received from mutual fund investments in 2024.
On the next page, you’ll find a list of Vanguard funds that earned a portion of their ordinary dividends from
obligations of the U.S. government. Direct U.S. government obligations and certain U.S. government agency
obligations are generally exempt from taxation in most states.1
Percentage of the fund’s total ordinary dividends derived from U.S. government obligations in 2024.
A state or local tax office or a tax advisor can help determine whether your state allows the exclusion of some
of or all the income earned from mutual funds that invest in U.S. government obligations. If your state allows an
exclusion, refer to the next page for the percentage of ordinary dividends derived from U.S. government obligations
that may be excluded for each fund that was invested in. To determine the portion of dividends that may be exempt
from state income tax, multiply the amount of “ordinary dividends” reported in Box 1a of Form 1099-DIV by the
percentage listed in the following table.
The amount of each ordinary income distribution you received is reported on your 1099:
• For Vanguard brokerage accounts: In the detail portion of your 1099 Tax Statement, see Details for Dividends
and Distributions. For each fund, subtract from the Total Dividends and distributions any Long-term capital
gains, or any Nondividend distributions, or both.
• For Vanguard legacy mutual fund accounts: See your 1099-DIV Box 1a, Total ordinary dividends
Has anyone here found better info on how to do this? I still have ETFs that I can't figure this tax credit out for. Thanks
