Where can I find the state listed for 1099-DIV and/or 1099-INT?

[proia007]

Where do I find the state because my 1099-DIV and/or 1099-INT doesn't have a state listed?

[DawnC0]

When Your 1099-INT/DIVs do not have a state listed..........

Even if these dividends or interest won't be taxed on your federal return, we still have to ask about them because most states will tax dividends or interest that are paid by another state. Exempt-interest dividends are usually interest payments on state or municipal bonds.

You can find the state on more detailed info sent from your financial provider. Contact them if you don't have this paperwork.

You can select More than one state and continue if you: 

 - Live in a state with no income tax (AK, FL, NV, SD, WA, WY)

 - Live where exempt-interest dividends from other states aren't taxed (District of Columbia, IN)

 - Have a small amount of exempt-dividends and aren't concerned with extra state tax. Your state will tax these dividends or interest if you don't live in an area listed above.

[DawnC0]

Are you still having a problem?  

[rfeuille]

Turbo tax says; "

You can select More than one state and continue if you:

• Live in a state with no income tax (AK, FL, NV, SD, WA, WY)
• Live where exempt-interest dividends from other states aren't taxed (District of Columbia, IN)
• Have a small amount of exempt-dividends and aren't concerned with extra state tax (your state will tax these dividends or interest if you don't live in an area listed above)"

However, it won't let me do it since it says "The total amount you entered doesn't equal your reported exempt-interest dividends in Box 11 of your 1099-DIV."

My situation is that I have a very small amount and I don't want to bother with entering all the states details and don't mind the extra state tax.

How do I do this?

Again, I tried "select More than one state and continue" but it won't let me...

Any ideas?

[DMarkM1]

Click the button "I earned interest exempt dividends in more than one state" and then in the first "State" box use the drop down to select "Multiple States" and put the entire amount from box 11 in the box next to that selection.

[rfeuille]

Awesome, that works!

Thank you DMark.

[jnjtarpley]

Why isn't Texas listed as a state that doesn't have income tax?

[BillM223]

@jnjtarpley

"Why isn't Texas listed as a state that doesn't have income tax?"

What list are you talking about? Where is this in TurboTax? Is it Online or in the CD/download software? What part of the interview are you in? The 1099-INT or -DIV? What is the heading on the screen that has this list? Is the list in a pulldown menu or in a Learn More link?

Remember that we in the Community cannot see your tax return nor the screen you are on, so please help us help you.

[k-gehlert]

I have less than $30 on two statements.  One has 26 states with percentages for two separate funds (most less than 5%). Is there an easier way to do this for small amounts?

[Cynthiad66]

This is considered de minimis and unreasonable for reporting purposes.

In general, a de minimis  is one for which, considering its value and the frequency with which it is provided, is so small as to make accounting for it unreasonable or impractical. De minimis benefits are excluded under Internal Revenue Code section 132(a)(4) and include items which are not specifically excluded under other sections of the Code. 

You do not need to file returns for these various states except for the state that you live in.  The filing requirement for most states exceed $5,000.00 of income.  So to avoid errors on the state returns do not enter the various states from the 1099INT.

If you want to just pay taxes on the $30.00,  add the interest to your state.

[rw34394]

After contacting my brokerage, I researched the actual mutual fund holdings lists.

I have $10.44 of "exempt dividend/exempt dividend AMT" from a mutual fund with 2,054 holdings that add up to 100.04% (some of them are 0.0000%).

I have another $6.80 of "exempt nonqual div" from another mutual fund with 16,153 different holdings (and their website does not give the % breakdown).

Am I realistically expected to break all these down and enter them by each state? (For $17.24 of exempt dividends?)

How do I get around this in Turbo Tax?

[MarilynG1]

@rw34394 You can report the State Interest/Dividends to your Resident State and pay tax on the income there.

See the post from @Cynthiad66:

"This is considered de minimis and unreasonable for reporting purposes.

In general, a de minimis  is one for which, considering its value and the frequency with which it is provided, is so small as to make accounting for it unreasonable or impractical. De minimis benefits are excluded under Internal Revenue Code section 132(a)(4) and include items which are not specifically excluded under other sections of the Code. 

You do not need to file returns for these various states except for the state that you live in.  The filing requirement for most states exceed $5,000.00 of income.  So to avoid errors on the state returns do not enter the various states from the 1099INT.

If you want to just pay taxes on the $30.00,  add the interest to your state."

[rw34394]

Yes, but as I am using Turbo Tax Federal first, I need to enter all the exempt dividends by % of state info here first, then it will come up when I use Turbo Tax State for California taxes, right?

Should I only be concerned about exempt dividends from all non-CA states and lump them into "more than 1 state" and then call out the CA specific exempt dividends by itself?

For the amount that has no breakdowns (out of the 16000 holdings), do I just put that amount under "more than 1 state"?

[DianeW777]

Yes, you really only need to be concerned with your resident state exempt portion. Only the tax exempt dividends that apply to CA state or city bonds percentage should be exempt from CA, all other tax exempt dividends are taxed to your state. Only that percentage will be applicable for your resident state of CA to be sure you are not taxed on that portion.