A 1099-DIV says I have x amount of exempt-interest dividends. The information from the fund breaks it down by my primary state and "US territories". I know the US territories from a current fact sheet includes Guam, Virgin Islands, and Puerto Rico, but I don't have percentages for each of those, just the sum of them (a whopping 4.94%). I didn't really want to enter them as "more than one state" because that then implies taxable. Can I lump all of it under one of the territories (e.g. Guam), or what should I do? Or just put the full total under my primary state? Too bad turbo tax doesn't have a "US Territories and Possessions" in the dropdown. 🙂
Unless you live in a U.S. or Foreign Possession, just pick one of the choices in the drop-down menu (e.g. U.S. Virgin Islands).
The only reason the program asks this question is to determine whether the exempt-interest dividends are subject to your state's tax - they will be tax-free for federal purposes no matter where they were sourced.
Exempt-interest dividends from a state other than your own will be taxed by your state.
Unless you live in a U.S. or Foreign Possession, just pick one of the choices in the drop-down menu (e.g. U.S. Virgin Islands).
The only reason the program asks this question is to determine whether the exempt-interest dividends are subject to your state's tax - they will be tax-free for federal purposes no matter where they were sourced.
Exempt-interest dividends from a state other than your own will be taxed by your state.