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taxfan123
New Member

How to answer “Is any of this interest from funds with less than 50% of their assets invested in California and U.S. obligations?”

How to answer “Is any of this interest from funds with less than 50% of their assets invested in California and U.S. obligations?”

 

This question refers to US government interest and municipal interest earned from Betterment. Below is a screenshot of the supplemental tax form from Betterment. How would I answer the question above for each type of interest shown on the form: A) US government interest, B) in-state municipal interest, and C) out-of-state municipal interest? Thank you!

 

Betterment supplemental tax form:

Betterment supplemental tax formBetterment supplemental tax form

 

Turbotax question from CA state taxes:

CA state tax questionCA state tax question

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2 Replies

How to answer “Is any of this interest from funds with less than 50% of their assets invested in California and U.S. obligations?”

A and B would be exempt for California. 

MarilynG1
Expert Alumni

How to answer “Is any of this interest from funds with less than 50% of their assets invested in California and U.S. obligations?”

You could look at the total amount of interest/dividends you received, compared to the amount shown as US Government and California amounts on your supplemental statement.

 

If total interest is $100, for example, and Government interest is $50, and California interest is $20, then No, the interest is not from funds with less than 50% of their assets invested in CA and US obligations.

 

@taxfan123 

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