My 1099-INT form lists the total interetst I've received from US Agency, Corporate and Treasury bonds. How do I remove the Agency and Treasury bond interest from my CA state tax form?
$$ in box 3 from Treasury bonds get removed automatically...the software knows what to do with those $$
Fed Agency $$ in box 1 though?? Like TVA bonds or Fed Home loan bank?
Someone with knowledge of the CA software might know if there's a spot in the CA interview to take those $$ out. (For my NC software, I have to use Forms Mode with the desktop software to remove those $$ from state...but so far I've just ignored the "Agency" $$)
@ee-ea or @macuser_22 do you know how to remove Federal "Agency" $$ (showing in box 1 of a 1099-INT) from CA taxable income...somewhere in the CA interview?
I just figured this out. Go to your state TT tax section, under Investments and choose Interest and Dividends. Then choose "continue" to get to the "Any other Adjustments" page for Interest and you manually type in "US Agency Bonds" and then the total amount of that interest. Scary to think how many people have been paying state tax on Agency bonds since the typical 10990-B INT statements don't break them out like they do with standard US Treasuries.
Great to see that the CA tax Q&A and menu selections provide a way to do that.
My NC state Q&A doesn't. It has some adjustments for other stuff, but not for US Agency interest.