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christinam222
New Member

Does anyone know if I can put that California Long-Term Tax-Exempt Shares ARE IN FACT us government interest? I see they are exempt but I am not sure if I can click that.

 
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CarolC
Level 6

Does anyone know if I can put that California Long-Term Tax-Exempt Shares ARE IN FACT us government interest? I see they are exempt but I am not sure if I can click that.

California Long-Term Tax-Exempt Shares sounds like a California bond fund.  This is not U.S. Government interest, such as Treasury Bills, Treasury Notes, Treasury Bonds, TIPS, and FRNs.

Generally, this interest is exempt from taxes on your California and your federal tax return.  This tax-exempt interest should be reported in Box 8 of Form 1099-INT, Interest Income.  See the screenshot attached below for where to find this in TurboTax.  The interest may be reported in Box 10 of Form 1099-DIV, Dividends and Distributions.  If so, you will report this in the 1099-DIV section of TurboTax.

See the TurboTax FAQ below for steps on entering your interest income.  Click "See entire answer" for the full page view.

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3 Replies
CarolC
Level 6

Does anyone know if I can put that California Long-Term Tax-Exempt Shares ARE IN FACT us government interest? I see they are exempt but I am not sure if I can click that.

California Long-Term Tax-Exempt Shares sounds like a California bond fund.  This is not U.S. Government interest, such as Treasury Bills, Treasury Notes, Treasury Bonds, TIPS, and FRNs.

Generally, this interest is exempt from taxes on your California and your federal tax return.  This tax-exempt interest should be reported in Box 8 of Form 1099-INT, Interest Income.  See the screenshot attached below for where to find this in TurboTax.  The interest may be reported in Box 10 of Form 1099-DIV, Dividends and Distributions.  If so, you will report this in the 1099-DIV section of TurboTax.

See the TurboTax FAQ below for steps on entering your interest income.  Click "See entire answer" for the full page view.

christinam222
New Member

Does anyone know if I can put that California Long-Term Tax-Exempt Shares ARE IN FACT us government interest? I see they are exempt but I am not sure if I can click that.

I cannot thank you enough for your answer. Fantastic information and you have helped me so much. I now understand the difference. Ok now they did not sent me a 1099 INT but they did send me a 1099 DIV and I have entered that info (this amount is in box 10). So I have it reported on DIV but not INT is that ok?
CarolC
Level 6

Does anyone know if I can put that California Long-Term Tax-Exempt Shares ARE IN FACT us government interest? I see they are exempt but I am not sure if I can click that.

@christinam222 Perfect!  You got it!
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