Good day. I live in MA and will be filing an MA state return. I received a 1099-INT from a popular bank covering interest I receive from CDs and a High Yield Savings Account. The import worked great. I chose to "Edit" the entry just to review and confirm everything was imported correctly, but after clicking "Continue”, I get a screen I've never seen before.
The screen says, “Do any of these uncommon situations apply?”, with one of the options being, “My state (ME, MD, MA, NH, NJ, or WV) doesn't tax all of this interest.”. When I click the drop down, I see there is an option for MA, called, "MA Bank" (see screen shot attached)
I live in MA and I am filing an MA state return. So, since MA is listed here, should I choose “MA Bank” from the drop-down menu for any 1099-INT I have? I always get a little nervous because it says it's an "uncommon situation", but since I do live in MA, and MA is listed for this "uncommon" situation, does this mean I definitely should choose the option for MA (called "MA Bank")?
Also, what kind of impact does choosing "MA Bank" actually have on my federal and/or MA state return? Could it change the return? I read the "Learn More", but didn't really understand it. Thank you!
