topic How do I determine what portion of my capital gains came from U.S. obligations for tax filing? in State tax filing

How do I determine what portion of my capital gains came from U.S. obligations for tax filing?

chico_tbtax — Tue, 24 Mar 2020 01:07:30 GMT

Hello Tax Support Team,

TurboTax State section is asking to provide the portion of the total capital gains that came from U.S. obligations. How do I determine what portion of my capital gains came from U.S. obligations?

I can determine the portion of the total ordinary dividends that came from U.S. obligations because it is reported by each of the mutual funds as additional information for tax purposes (% of dividends from U.S. government securities).

Thank you for your help.

Regards,

/Chico

Re: How do I determine what portion of my capital gains came from U.S. obligations for tax filing?

KarenJ2 — Tue, 24 Mar 2020 12:17:38 GMT

I would call your broker. They would know the answer.

Re: How do I determine what portion of my capital gains came from U.S. obligations for tax filing?

Hal_Al — Tue, 24 Mar 2020 22:08:52 GMT

If your mutual fund co. didn't report that with the dividend info, there probably was none.

Re: How do I determine what portion of my capital gains came from U.S. obligations for tax filing?

chico_tbtax — Tue, 24 Mar 2020 22:02:44 GMT

I will reach out to them. Thank you. /Chico

Re: How do I determine what portion of my capital gains came from U.S. obligations for tax filing?

chico_tbtax — Tue, 24 Mar 2020 22:08:36 GMT

This is the first time that I was aware of this question. This is the first time that I notice turbo-tax ask this question; and I have been using turbo-tax for many years. I wonder if this is a common question in turbo-tax for Maryland state.

Regards,

/Chico.

Re: How do I determine what portion of my capital gains came from U.S. obligations for tax filing?

MaryK4 — Wed, 25 Mar 2020 02:46:27 GMT

For Maryland, capital gains from the sale or exchange of U.S. obligations should be included- Dividends from mutual funds that invest in U.S. Government obligations also are exempt from state taxation. However, only that portion of the dividends attributable to interest or capital gain from U.S. Government obligations can be subtracted.

@chico_tbtax

Re: How do I determine what portion of my capital gains came from U.S. obligations for tax filing?

RR-fromMaryland — Sun, 19 Apr 2020 22:27:46 GMT

On my 1099-Div from my brokerage firm, I have an item from a mutual fund called "Exempt Dividend". Do I enter this when turbo tax ask about (state) U.S. Obligations? I only see items marked "Exempt dividend" and Non-qualified dividend. Do either of these go in the box for capital gains came from U.S. obligations on the state form?

Re: How do I determine what portion of my capital gains came from U.S. obligations for tax filing?

Hal_Al — Sun, 19 Apr 2020 22:59:38 GMT

@RR-fromMaryland

All amounts on a 1099-Div are in numbered boxes. Enter them that way at the 1099-Div screen. Exempt dividend are in box 11.

When you first reach the 1099-Div screen, you need to click the box "my form has info in more than just these boxes" to get to box 11

Re: How do I determine what portion of my capital gains came from U.S. obligations for tax filing?

RR-fromMaryland — Mon, 20 Apr 2020 02:58:39 GMT

Actually, I was asking about the state tax form where it asks about U.S. Government obligations. Where on my brokerage form do I find how much to enter?

Re: How do I determine what portion of my capital gains came from U.S. obligations for tax filing?

Hal_Al — Mon, 20 Apr 2020 10:46:15 GMT

@RR-fromMaryland

That's not on the 1099-Div. Even if you get a consolidated tax statement from the broker, it may not be there. Look in the foot notes.

Otherwise, you'll have to ask the broker for it. It's usually available on their web site.