My 2019 1099 DIV includes 20% of my dividends (about $2,000) which are exclusively from US government securities, and thus exempt in my CA state tax.
How best to enter this info and get the state exception in Turbotax?
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In California you can only exempt dividends from a mutual fund if more than 50% of the fund is invested in federal and California obligations.
Thanks! exactly what I too know.
The dividends I am asking about are from a fund 100% invested in federal and California obligations. so, they are CA state tax exempt!
Hence, my question is about how to do it in Turbotax...
please advise. Thanks again!
DID you eve figure it out? Perhaps too late, but since your fund qualifies:
1) You have to have a listing or do calculation of exactly how many $$ came from US Obligations for that fund. Those $$$ are a part of box 1a, not box 11 . Then Edit that 1099-DIV form, and you step past the main page, and on a followup page there is a checkbox you need to check that says "A portion of these dividends is US Government Interest" ...and
2) as you "continue" from that page you'll be able to enter the exact $$ amount you calculated previously (normally it's the first page after that checkbox page...but can be a page or two later if you checked more than one box on that page)
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