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State tax filing
If you had capital gain distributions in one or more of your investment accounts (Mutual Fund and/or Stock) Arizona tax needs to know whether your shares are covered or non-covered (I wish Arizona's Cap Gain wksht form would just use the terminology of "covered vs. non-covered!!"). Column B is where you key in amt. that came from non-covered shares and column C is where you key in amt. that came from covered shares.
Now, what is covered vs. non-covered? Check out this URL from Vanguard that defines covered vs. non-covered shares: <a rel="nofollow" target="_blank" href="https://investor.vanguard.com/taxes/cost-basis/covered-noncovered">https://investor.vanguard.com/tax...>
I had to go to my Mutual Fund website and look at the detail on my fund that distributed gains to see the cost basis information. It identified which shares were covered vs. non-covered. Another way you can tell is if you never received a 1099-B from your fund or stock custodian then you most likely had only non-covered shares that had the gain distribution. If you received a 1099-B then you had gains from covered shares and that form will show you the breakout of covered and sometimes even the non-covered.
On the Arizona Cap Gains Wks in TurboTax
If you had covered and non-covered you need to key amts. into both columns B & C
If you had only covered, key in the amt. in column C and key zero into the column B
If you had only non-covered, key in the amt. in column B and key zero into the column C
Now, what is covered vs. non-covered? Check out this URL from Vanguard that defines covered vs. non-covered shares: <a rel="nofollow" target="_blank" href="https://investor.vanguard.com/taxes/cost-basis/covered-noncovered">https://investor.vanguard.com/tax...>
I had to go to my Mutual Fund website and look at the detail on my fund that distributed gains to see the cost basis information. It identified which shares were covered vs. non-covered. Another way you can tell is if you never received a 1099-B from your fund or stock custodian then you most likely had only non-covered shares that had the gain distribution. If you received a 1099-B then you had gains from covered shares and that form will show you the breakout of covered and sometimes even the non-covered.
On the Arizona Cap Gains Wks in TurboTax
If you had covered and non-covered you need to key amts. into both columns B & C
If you had only covered, key in the amt. in column C and key zero into the column B
If you had only non-covered, key in the amt. in column B and key zero into the column C
‎June 4, 2019
9:16 PM