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christistaxess
New Member

I earned exempt-interest dividends but my 1099-DIV doesn't have a state listed and I cannot find it in the supplemental info.

 
2 Replies
JotikaT2
Expert Alumni

I earned exempt-interest dividends but my 1099-DIV doesn't have a state listed and I cannot find it in the supplemental info.

You can also try going to the website for your brokerage.  Many times they may have the information available online as well.

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SteamTrain
Level 15

I earned exempt-interest dividends but my 1099-DIV doesn't have a state listed and I cannot find it in the supplemental info.

IF you can't find that data, or the exempt-interest dividends amount is small, you can just chose "Multiple States", at the end of the list of states , for all of it...and move on.

 

IF you do find the list, sometimes it's not worth  the effort unless box 11 on the 1099-DIV is large, or perhaps if you invested in a fund that invested in only your own state's bonds.

 

Example:  Box 11 on the 1099-DIV is $1000, and I live in NC. (AND box 11 represents only one Mutual bond fund) The information the fund provided me indicates that 1.5% was from NC bonds and 0.5% was from Puerto Rico bonds  (You only break out your own state and any US territories).   Doing the allocation breakdown, that $1000 would be divided up as

 

NC..........................$15

PR..............................$5

Multiple States....$980

 

So $20 is not added to my NC tax return, as income, and I may have saved myself a whole $1 in NC taxes for my effort since NC taxes income at ~5%.

 

If box 11 comes from multiple funds, then you have to calculate the amount for each one separately and total them.....or just assign the whole amount as "Multiple States" .

 

Warnings:  IL does not allow an IL breakout for Bond Funds exempt interest.  CA and MN have severe restrictions on when a breakout is allowed...depending on how much of that resident state's bonds the Fund owns....and UT allows residents to include other states bonds as long as the other state does not tax UT bonds (essentially AK, FL, TX, SD, WY NV, WA) 

*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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