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1099-Div from my brokerage account listed income earned from obligations issued by U.S. Territories, American Samoa, Guam, etc.. Do I check box " A portion of these dividends is from U.S. government interest" and enter the income in the "U.S. Government Interest" box ?? In addition, 1099-Div listed income source breakdown by states. I suppose I would enter every state listed with the percentage of income from on Turbotax ? This fund was Vanguard INTM TM TX-Ex ADM, symbol VWIUX.
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You can enter the total amount of dividends earned from all states as shown on your 1099-Div. You don't need to list every state individually.
You can break out the portion of income that is classified as 'US Government Interest'.
Here's more info on reporting US Government Interest.
You can enter the total amount of dividends earned from all states as shown on your 1099-Div. You don't need to list every state individually.
You can break out the portion of income that is classified as 'US Government Interest'.
Here's more info on reporting US Government Interest.
Thank you. To follow up, for income source from New Jersey, do I select New Jersey in the state drop down menu and enter the percentage of income amount from New Jersey ? I would like to ensure the income from New Jersey is exempt from New Jersey income tax.
For New Jersey tax return, the income source breakdown by state table from Vanguard fund apply to capital gain? Turbotax says I can subtract the exempt amount of distributions from New Jersey and federal obligations (U.S. Territories included?) under Disposition of Property, Capital Gain Distribution.
Yes, you can select New Jersey from the dropdown and enter the % of income derived from there.
If you are a New Jersey resident, all of your capital gains, except gains from the sale of exempt obligations, are subject to tax.
Here's more details from the NJ Dept. of Revenue.
This link has detailed info on Dividends and Distributions.
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