I want to add California's % of interest/dividends to several mutual funds. I can't find where I enter the % or the dollar amount. Where is it? The software help app tells me to jump to 1099 DIV. Where is the entry field? Thanks
You edit the 1099-DIV form and make sure all the boxes are filled in as shown on your paper 1099-DIV....then as you Continue form the main form, there will be a page wehre you indicate the CA-Related bond $$ amounts
BUT...be careful
CA doesn't allow you to indicate those CA-related $$ amounts...unless the Mutual fund you owned held at least 50% of it's assets in CA bonds.
1) If none of the funds held that 50% minimum, then on a page after the main 1099-DIV form, there is a page that asks what states the tax-exempt Dividends came from, you would just select the top bullet point and scroll to the bottom of the list of states and select "Multiple States".
2) IF one or more of the Mutual funds you own DID happen to hold more than CA-Bond % minimum.......you still select the first bullet point as "Multiple States".....then select the second bullet point, and break down the exact $$ amount that was due to CA (and any US Territories) for just the Mutual funds that met the minimum holding, and all the rest of the $$$ are just lumped together as "Multiple States".
See below...example is for an NC resident...and keep your paperwork about those fund % values in case CA wants to check up on you.....you may not be able to find that data later.
_______________________
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You edit the 1099-DIV form and make sure all the boxes are filled in as shown on your paper 1099-DIV....then as you Continue form the main form, there will be a page wehre you indicate the CA-Related bond $$ amounts
BUT...be careful
CA doesn't allow you to indicate those CA-related $$ amounts...unless the Mutual fund you owned held at least 50% of it's assets in CA bonds.
1) If none of the funds held that 50% minimum, then on a page after the main 1099-DIV form, there is a page that asks what states the tax-exempt Dividends came from, you would just select the top bullet point and scroll to the bottom of the list of states and select "Multiple States".
2) IF one or more of the Mutual funds you own DID happen to hold more than CA-Bond % minimum.......you still select the first bullet point as "Multiple States".....then select the second bullet point, and break down the exact $$ amount that was due to CA (and any US Territories) for just the Mutual funds that met the minimum holding, and all the rest of the $$$ are just lumped together as "Multiple States".
See below...example is for an NC resident...and keep your paperwork about those fund % values in case CA wants to check up on you.....you may not be able to find that data later.
_______________________
_________________________