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phxr9
New Member

Charles Schwab 1099-INT

Turbo Tax is asking for my State ID for Box 8 on my Charles Schwab composite, except there is no State ID on my Schwab form? What can I do?

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2 Replies
RobertB4444
Employee Tax Expert

Charles Schwab 1099-INT

Enter the federal ID number.

 

@phxr9 

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Charles Schwab 1099-INT

State ID for box 8 $$??

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Box 8 $$ are for interest received from Municipal bonds you own.

The follow-up page asks what state those $$ came from....not for an ID number.

 

IF the Muni bonds you own in that account were issued by states other than your own, or if you live in a non-income-taxing state...you just go to the bottom of the list of States and select "Multiple States"

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IF you live in an income-taxing state, and some of the bonds you own were issued by your own state (and any US territories), you can sometimes save yourself some state taxes by breaking out those $$ from your own state as follows  (example for an NC resident, using Desktop software)

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1099-INT_TaxExempt_StateSelect_desktop.png

 

 

____________*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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