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clljones1
New Member

TurboTax tax is not subtracting dividends from U.S. obligations from my federal taxable income. Why not, and how do I fix it?

For two 1099-DIVs, I answer YES to the question Are any of these dividends interest from U.S. government obligations, and enter the amounts.  Yet the amounts never appear anywhere on a form or worksheet, and all of my dividend income is included in federal taxable income.  I need to know how to make this right!

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SteamTrain
Level 15

TurboTax tax is not subtracting dividends from U.S. obligations from my federal taxable income. Why not, and how do I fix it?

...that only affects state taxes (if you live in an income-taxing state). 

 For Federal taxes, all Federal obligation interest is still federally taxable.....it doesn't get taxed by the state.

____________*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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1 Reply
SteamTrain
Level 15

TurboTax tax is not subtracting dividends from U.S. obligations from my federal taxable income. Why not, and how do I fix it?

...that only affects state taxes (if you live in an income-taxing state). 

 For Federal taxes, all Federal obligation interest is still federally taxable.....it doesn't get taxed by the state.

____________*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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