I know NH recently changed their rules about Interest and Dividends. When filling out my taxes, there is a dropdown for 'NH nontaxable interest, taxable to federal' but no details to help me understand if that applies to me. Can you explain the change to me please?
It looks like the new law change will take place for next year's taxes. For tax periods beginning on or after January 1, 2025, New Hampshire taxpayers are no longer required to pay the state's Interest and Dividends Tax, this will affect your next year's tax return for 2025.
However, some interest may be taxable on a federal tax return, but it is not taxable by your state. Such as interest on Federal Obligations (like Treasuries), which are taxable on your Federal Tax return but not taxable by your state. This information (interest & dividends) will flow from your federal tax return.
.
Click here for the New Hampshire tax returns to report interest and dividends.
It looks like the new law change will take place for next year's taxes. For tax periods beginning on or after January 1, 2025, New Hampshire taxpayers are no longer required to pay the state's Interest and Dividends Tax, this will affect your next year's tax return for 2025.
However, some interest may be taxable on a federal tax return, but it is not taxable by your state. Such as interest on Federal Obligations (like Treasuries), which are taxable on your Federal Tax return but not taxable by your state. This information (interest & dividends) will flow from your federal tax return.
.
Click here for the New Hampshire tax returns to report interest and dividends.