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calcohenbbk
New Member

I want to enter Ohio's Share of Exempt dividends

 
1 Best answer

Accepted Solutions
Hal_Al
Level 15

I want to enter Ohio's Share of Exempt dividends

You get the percentage that was attributable to Ohio,  from your mutual fund company. If they did not provide a breakdown, you have no way to allocate the Ohio portion (if any). You may have to ask for the breakdown or find it at the MF web site. Most do not automatically send those out any more. Here's a sample https://content.usaa.com/mcontent/static_assets/Media/TaxExemptFunds.pdf?cacheid=1527577470_p

If your mutual fund company provided you a breakdown, by state, you are only interested in your home state (Ohio)*. Multiply the % for your state by your total tax exempt dividends to get a $ amount (you can't enter the % in TurboTax [TT]). When asked which state, check the box "I earned tax exempt dividends in more than one state". In the drop down menu, select your state and enter the $ amount you calculated. In the 2nd box, select "More than one state" (at the bottom of the scroll down list) and enter the remaining dollar amount.

*Your state will tax all the dividends except the dividends from municipal bonds  from your state. You actually want to add the % (if any) from Puerto Rico, Guam, and Virgin Islands, as Ohio does not tax them either. Add those amount to Ohio and enter as Ohio dividends. TT will not handle it if you enter Puerto rico (and the others) as Puerto Rico.

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2 Replies
Hal_Al
Level 15

I want to enter Ohio's Share of Exempt dividends

You get the percentage that was attributable to Ohio,  from your mutual fund company. If they did not provide a breakdown, you have no way to allocate the Ohio portion (if any). You may have to ask for the breakdown or find it at the MF web site. Most do not automatically send those out any more. Here's a sample https://content.usaa.com/mcontent/static_assets/Media/TaxExemptFunds.pdf?cacheid=1527577470_p

If your mutual fund company provided you a breakdown, by state, you are only interested in your home state (Ohio)*. Multiply the % for your state by your total tax exempt dividends to get a $ amount (you can't enter the % in TurboTax [TT]). When asked which state, check the box "I earned tax exempt dividends in more than one state". In the drop down menu, select your state and enter the $ amount you calculated. In the 2nd box, select "More than one state" (at the bottom of the scroll down list) and enter the remaining dollar amount.

*Your state will tax all the dividends except the dividends from municipal bonds  from your state. You actually want to add the % (if any) from Puerto Rico, Guam, and Virgin Islands, as Ohio does not tax them either. Add those amount to Ohio and enter as Ohio dividends. TT will not handle it if you enter Puerto rico (and the others) as Puerto Rico.

View solution in original post

cpaeacsep
Returning Member

I want to enter Ohio's Share of Exempt dividends

all of the interest is ohio tax exempt interest and is not taxable for federal income taxes. how to i enter same?

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