How Does Turbo Tax Mac Version handle taxes for Tax Exempt Vanguard funds

Nan2C — Wed, 09 Mar 2022 21:14:50 GMT

Vanguard sends a letter with specific % for each TAX Exempt fund.

I couldn't figure out how to enter it within the UT state tax. I imagine I filed paying taxes on all of it.

Please give me step by step details for the Desktop Version. Specifics for each question or dropdown box within Turbo Tax.

for example if 85% of a funds gains are taxable in Utah (and Fed tax free) What is it that turbo tax is asking for.

I only know the % I do not know what states the funds are invested in.

I want to know if Turbo Tax is a good choice for me next year. This year I just got it over with, found it not user friendly on this specific detail

Thank you

Re: How Does Turbo Tax Mac Version handle taxes for Tax Exempt Vanguard funds

AmyC — Wed, 09 Mar 2022 22:37:33 GMT

Those are entered in two places.

1) 1099-INT form box 3- those go in the properly right away, as long as they are on a 1099-INT -in the proper box.

2) 1099-DIV form box 11, enter in the federal income section for 1099-DIV. Follow these steps:

If only Utah -Click the drop down and select Utah OR
If more than Utah -Check the box earned tax exempt in more than one state
- Dropdown, select Utah, enter amount of dividends. For example: $1,000 in dividends x 85% Utah = $850 entered in box
- Next dropdown, select bottom selection, more than one state, enter the rest of the money $1000-850 = $150 in box
- Done