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Level 2

Mutual Fund and UIT Supplemental Tax Detail

Hi,

Please advise what do I do with the ‘Mutual Fund and UIT Supplemental Tax Detail’ report included in my 1099-DIV.  My state is VA.  The report has 6 columns: CUSIP, Security Description (about 15 entries), Direct Fed Income $10.44, Indirect Fed Income $62.50, State of residence (VA), Resident state amount $373.20, Other state amounts $7,245.57, and Unvail amounts $0.  

1) Do I need to report these amounts w/ Fed and State?   

2) If so, where and how to enter the amounts? 

Thank you so much!   

2 Replies
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Expert Alumni

Mutual Fund and UIT Supplemental Tax Detail

The 1099-DIV that you received represents dividends that were received by various mutual funds.  The Mutual Fund and UIT Supplemental Tax Detail includes CUSIPS representing the different mutual funds, and the other information allocates distributions generated by your home vs. other states.

 

At this time there is not a requirement to enter this on your tax return.

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Level 7

Mutual Fund and UIT Supplemental Tax Detail

JohnB5677 has it right with, possibly, one clarification.  VA allows you to exclude interest and dividends on both United States and Virginia obligations from your state taxable income. (https://law.lis.virginia.gov/admincode/title23/agency10/chapter110/section142/)

Your actual 1099-DIV provides the requisite information about United States interest and dividends, but does not have a field for state obligations.  That would appear in that Supplemental information.  (It also typically is provided as a percentage of your dividend on a mutual funds website in their tax area, though it can take some digging.)