supplemental infö from my mutual fund lists percentages for direct federal income: (US Treasury, Student Loan Marketing Assn, Federal Home Loan Banks, Tennessee Valley Authority, Federal Farm Credit Banks and other Direct Sources)
it also lists percentages for Indirect Federal Income also called Government Agency Income (Fannie Mae, Ginnie Mae, Freddie Mac and other Indirect Sources)
Which of these sources has income which I can subtract on my Illinois return?
Thank you!
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Only the first percentage is excludable from your Illinois return. According to Illinois Publication 101, Income Exempt from Tax, at https://www2.illinois.gov/rev/research/publications/pubs/Documents/pub-101.pdf (page 6), income from FNMA (Fannie Mae), FHLMC (Freddie Mac) & GNMA (Ginnie Mae) securities is NOT exempt from Illinois income tax. Actual U.S. Treasury securities & the entities under the first percentage are all listed as exempt on pages 3 & 4 of that publication. (Be sure to follow TurboTax Illinois instructions on this exclusion; per regular IL instructions you may need to send in a copy of the form with those percentages.)
Only the first percentage is excludable from your Illinois return. According to Illinois Publication 101, Income Exempt from Tax, at https://www2.illinois.gov/rev/research/publications/pubs/Documents/pub-101.pdf (page 6), income from FNMA (Fannie Mae), FHLMC (Freddie Mac) & GNMA (Ginnie Mae) securities is NOT exempt from Illinois income tax. Actual U.S. Treasury securities & the entities under the first percentage are all listed as exempt on pages 3 & 4 of that publication. (Be sure to follow TurboTax Illinois instructions on this exclusion; per regular IL instructions you may need to send in a copy of the form with those percentages.)
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