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Is exempt-interest dividends non- taxable in Fed and State ?

@iborton 

 

Yep..with the Online software you have to pay to see the actual forms to check them out.  IF you start using the desktop software instead (Full Windows or MAC computers only), on that you can look at the actual forms and worksheets at any time you want to.

 

 IF you are uncertain, perhaps you should just tag all of it as coming from "Multiple States".  Unless you specifically have been investing in your own state's bonds, there is usually little to gain by breaking out your own state....unless box 11 on the 1099-DIV, or box 8 on the 1099-INT is pretty big.

 

Example:  You have $1000 in box 11 of a 1099-DIV form, and you find out that 2% of that came form your own state's bonds.  2% of $1000 is $20.....so if I break out $20 as my state, and $980 as multiple states, I reduced my own state taxable income by $20, and save myself a whole $1 in taxes (5% income tax in my state)

 

____________*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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