I am not clear how NYS handles income from certain federal agency bonds: FFCB and FHLB (Federal Farm Credit Banks Funding Corp and Federal Home Loan Bank). Googling has taken me down the rabbit hole. Once I know whether the income is taxable, I guess I'll also need to understand where to subtract it out.
We were invested in both this year.
The FHLB bond was purchased in Sept but called in Feb, so , so there was interest income and also the return of principal, with. The FFCB bond is ongoing so it simply shows interest income. My consolidated tax statement shows amounts under"interest income," and "bond premium" (box 11), short term realized gain or loss,""amortization and accretion for fixed income."
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Federal Farm Credit Banks Funding Corporation states: Under the Farm Credit Act, Farm Credit Debt Securities and the interest thereon are exempt from state, local and municipal income taxes.
NY Modifications lists both as nontaxable for the interest received. Verify all that you have against what NY allows.