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pwjone1
Level 2

New York State Return - How to handle Mutual Fund that invested in US Gov Obligations?

I have some Vanguard Mutual Funds that are invested in US Government Obligations, and the Vanguard advice is to

"Check with your state or local tax office or with your tax advisor to determine if your state allows you to exclude some or all of the income you earn from mutual funds that invest in U.S. government obligations."

 

So two questions:

 

  1. Anyone know if New York State allows adjustments to mutual fund dividends that are from U.S. government obligations

  2. If so, how do I enter the exclusion on the Federal/State TurboTax Forms or Step by Step?
1 Best answer

Accepted Solutions
AmyC
Expert Alumni

New York State Return - How to handle Mutual Fund that invested in US Gov Obligations?

Please return to the federal section and:

  1. click edit next to the 109-DIV or 1099-INT.
  2. When you view the numbers and boxes, select continue,
  3.  the next screen asks Tell us if any of these uncommon situations apply to you and you select either US Government interest
  4.  the next screen asks how much from your state in Enter US Government interest
  5. continue,
  6. Tell us more about your exempt-interest dividends,
  7. choose one state, NY or more than one,
  8. continue
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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2 Replies
pwjone1
Level 2

New York State Return - How to handle Mutual Fund that invested in US Gov Obligations?

I did find this:

https://www.tax.ny.gov/pdf/memos/income/m95_4i.pdf 

 

(after much searching)

I would assume Vanguard is a "regulated investment company", and the funds in question are above 50% U.S. Government (one is 77%, another 99%) obligations, but I am not a tax-speak type of person.

AmyC
Expert Alumni

New York State Return - How to handle Mutual Fund that invested in US Gov Obligations?

Please return to the federal section and:

  1. click edit next to the 109-DIV or 1099-INT.
  2. When you view the numbers and boxes, select continue,
  3.  the next screen asks Tell us if any of these uncommon situations apply to you and you select either US Government interest
  4.  the next screen asks how much from your state in Enter US Government interest
  5. continue,
  6. Tell us more about your exempt-interest dividends,
  7. choose one state, NY or more than one,
  8. continue
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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