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Amy309
New Member

Where do you enter potential state tax exclusions from governmental obligations for NM?

 
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2 Replies
Cindy0H
New Member

Where do you enter potential state tax exclusions from governmental obligations for NM?

When you enter this in the federal form, there is a page (see screenshot) asking about state exempt interest. Entered under Interest. There is a similar page if the amounts are entered under Dividends. (see screenshot).

Where do you enter potential state tax exclusions from governmental obligations for NM?

Warning! I don't think TurboTax does this correctly. When I entered the pittance of NM exclusion, and the slightly larger TN exclusion (my current residence), TurboTax threw an error and insisted that everything must total up. So I did the arithmetic to claim the rest was from "Various" states. Makes no difference on the Federal return, of course, but when I got to the NM forms, I found that TurboTax entered the residual $2K as additional federal income! 

 

One of the many examples over the years of why I haven't actually used TurboTax to file NM. There always seems to be some detail that Turbo does differently than the NM on-line filing program. 

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