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Turbo-premier K1 box 5. I entered K1 interest. Turbotax asks right below : "Interest from U.S. Obligations in box 5" What is this? it is not on form k1; what/where?
i have interest and put it in box 5 as usual. what does the question for US Obligations mean and where is it used?
Same question for Box 6B as it also asks for amount US Obligations under entering the Qualifying dividends
i don't remember these two questions and their impact
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If any of the interest or dividend income were from U.S. obligations, it would be mentioned in a note on or attached to the K-1.
Interest on U.S. obligations is taxable on your federal return, but some states exempt it from state tax.
If there is no notation on the K-1 that the interest or dividend amounts were from U.S. obligations, enter zero when asked for the amount by TurboTax.
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Since had No foreign "interest" so used same number identifying all as USA - none identified on 1099's
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your answer was correct on interest, but dividends?
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Can you please verify/clarify the answers to the original questions:
"i have interest and put it in box 5 as usual. what does the question for US Obligations mean and where is it used?
Same question for Box 6B as it also asks for amount US Obligations under entering the Qualifying dividends."
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In the absence of any note, leave the boxes blank that ask for "Interest from U.S. obligations."
As I mentioned in my original answer, interest from U.S. obligations is sometimes treated differently on the state level. That's why the boxes are included in the entry.
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Can you clarify what exactly an "obligation" is?
Thanks! I have exactly the same question on my 2021 taxes.
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US Obligations are government issued notes, Treasury bills and US bonds.
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