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kobele
New Member

Do I owe any federal tax on a municipal money market fund?

 
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4 Replies
IreneS
Intuit Alumni

Do I owe any federal tax on a municipal money market fund?

Interest you receive on an obligation issued by a state or local government is generally not taxable.

Municipal bond funds provide investors with interest that is exempt from federal income taxes. This income may also be exempt from state and local taxes for investors who reside in the issuing state or locality.





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imcagcs
New Member

Do I owe any federal tax on a municipal money market fund?

Turbo is calculating Federal tax on my municipal bond interest
Dehca
New Member

Do I owe any federal tax on a municipal money market fund?

I am having the same issue.  How do you make Treu tax charge interest on municipal bong funds?

SusanY1
Employee Tax Expert

Do I owe any federal tax on a municipal money market fund?

The interest needs to be entered in as "Box 8" interest not Box 1 interest for TurboTax to recognize that it is not taxable.  

Delete the current interest entry and when re-entering be sure to select the box or link that indicates ""My form has info in more than just Box 1" to open up those entry areas. 

 

@imcagcs

@Dehca

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