for a multi-fund 1099-div with just one fund having U.S. gov't obligations, how to compute dollar amount form box 1a?

[peawilly]

example: 3 funds and 1099-div box 1a says $5000. One fund 's U.S. government obligation is 8% for just that one fund, whose actual portion of the $5K is $2K. How does TT know what to do?

[Mike9241]

TurboTax doesn't know the 1a amount. You'll notice that on a typical 1099-DIV, there is no 1a. Some funds provide their own version of the 1099 with the amount of US interest provided.  States have therir own rules for some types of US securities. US governement agency debt securities may pay interest that is not state-exempt

Some funds will provide no guidance. 

[peawilly]

Thank you for your response. Both of my fund companies have a box 1a. In their guideline documents they have a percentage listed for each fund and the instruction to take that as percentage of box 1a. TT then simply asks for that amount per fund. That situation is why I ask my question. 

I'm thinking of using the detail section of the consolidated 1099-DIV to break out what a box 1a should be for each fund and then report the sum of the exclusion amounts and report that for the consolidated 1099-DIV government exclusion.

[baldietax · Accepted solution]

"I'm thinking of using the detail section of the consolidated 1099-DIV to break out what a box 1a should be for each fund and then report the sum of the exclusion amounts and report that for the consolidated 1099-DIV government exclusion."

is exactly what you need to do.  Enter the 1099-DIV as provided and in the questions after you will be asked how much $ of the 1099-DIV Box 1a is US Gov.  You have to calculate that total offline based on whatever funds and their respective percentages make up your 1099-DIV.

[peawilly]

Thanks for the vote of confidence. Let's hope that the state of Minnesota approves of my methodology when I file my state taxes.

[baldietax]

this guidance from Vanguard may be helpful also

https://investor.vanguard.com/content/dam/retail/publicsite/en/documents/taxes/usgo-2025.pdf