The SC state tax form allows deductions for interest from US Obligations. This is identified in Line m that states:
"Line m: Interest from US obligations
Enter the interest income from US obligations that you reported as income on your federal Income Tax return. US obligations include savings bonds, treasury notes, and treasury bills. For more information see South Carolina Revenue Ruling #16-2 at dor.sc.gov/policy.
Interest income from the following obligations are taxable for state purposes:
• Federal Home Loan Mortgage Corporation (Freddie Mac)
• Federal National Mortgage Association (Fannie Mae)
• Government National Mortgage Association (Ginnie Mae)"
I don't see where TurboTax ever prompts you to input this information. Every year I have to manually add it to the tax form. Where does Turbo Tax ask for this information??
Thanks!
