You'll need to sign in or create an account to connect with an expert.
Is this from a municipal bond fund?
IF the exempt dividends are from multiple states, for a Municipal Bond Fund (usually reported on a 1099-DIV, box 11):
…..you only break out your own state's $$, any US territories (like Puerto Rico), and all other stares are totaled together as one entry as "Multiple States" ("Multiple States" selection is at the end of the list of states).
________________
An example for an NC resident, with $1000 in box 11 of a 1099-DIV:
NC 100
PR 50
Multiple States 850
______________________________
Note: CA and MN residents cannot do a breakout unless the fund in question holds at least 50% of it's assets in that state's bonds. IL doesn't allow it at all for Muni bond funds...only if you own individual IL bonds.
____________
ohhh, and UT has special extra exclusions... Utah residents can also exclude bond interest from fully non-income-taxing states and DC (AK, FL, NV, SD, TX, WA , WY ) ,,,might be something about ND bonds for residents of UT too, but I'm not sure why those might be involved yet.
TurboTax uses the term "More than one state” for the desktop (download/CD) software and "Multiple States" in the online program.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
NNGAL
Returning Member
saalves2424
New Member
884bf787ef63
New Member
beanorama
Level 3
koonsup
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.