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Goverment bonds interest not taxable in the state of MInnesota

where do I take the deduction turbo tax says wait tell you get to the state.

 

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Goverment bonds interest not taxable in the state of MInnesota

Should be in the Federal area where you make the selection....as long as they were actual US Treasury Bonds/Notes or US Savings bonds.

 

For individual bonds you hold, the entry for that interest is in box 3 of a 1099-INT form. And the software knows what to automatically do with it from there-on for the state.

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For US bonds interest held in Mutual Fund Bond accounts, that are collections of bonds, those $$ show up in box 1a of a 1099-DIV. For those, if you want to subtract the US Treasury interest from state taxation, you need calculate the sub-portion of the box 1a $$, that came from US Treasury obligations yoru self...using whatever data the financial provider/brokerage supplies separately as to what % came from US treasuries.  If you have multiple funds that  fed $$ into the box 1a value, you need to calculate them separately, and total them together.  

Then on the page after the main form, there is a selection box you need to select, indicating that a Portion of the $$ on the 1099-DIV from came from US Government interest......then a page or tow later you enter that amount, and that $$ amount will automatically be subtracted from State taxable income on the state forms.

 

____________*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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