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beach61
Returning Member

Listing States for Exempt Interest Dividends

My residence is NC.  My 1099-DIV, Box 12 "Exempt Interest Dividends" lists amounts for each state (all 50) ranging from $0.11 to $47.66.  Do I select "single state - NC" or do I need to select "multiple states" and enter the amount for each of the 50 states?  The total for Exempt Interest Dividends is $409.85.

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1 Reply

Listing States for Exempt Interest Dividends

@beach61   You never do all of the staes indivuidally

 

You only enter the $$ amount for NC, any US Territory, and the remaining $$ amount is lumped together as one value for "Multiple States".

 

IF the amount from NC is small, it may not be worth the effort to break out the NC amount.   i.e. if NC is 2% of that $410, that means you'd indicate $8.20 as being from NC, thus reducing your NC income by $8.20.  Since NC is taxing income at ~4%....that means you saved yourself $0.33 in NC taxes.   Big whoop!

 

So just either

1) select the top bullet point, and scroll to the bottom of the list of states and select "Multiple States" for all of that 409.85 and be done with it..

..OR..

2)  select the second bullet point and break out the NC amount, and any US Territory (usually Puerto Rico, but occasionally Guam), and the remaining amount is just "Multiple states"

 

See the two procedures below:

___________________________

 

1099-DIV_TaxExempt_State_Online_1.png

_____________________________

 

1099-DIV_TaxExempt_State_Online_2.png

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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