Ive uploaded 1099 but it is prompting manual entry of exempt-interest dividends from more than 1 state. My 1099 has % not amounts, can this be done automatically in TT?

[agustina_singh]

Am I correct to be looking at this section in my 1099? "TAX-EXEMPT INTEREST DIVIDENDS BY STATE AND US POSSESSIONS" it has a ton of different states and small percentages for each - for 4 different funds. Would be extremely tedious to multiply the percentage of the total dividends to get the amount to manually enter state by state, especially if I'm supposed to add across the three funds. Is this the expectation, or is there a better way to do this?

[SteamTrain]

@agustina_singh 

1)   If the $$ amount in box 12 of a 1099-DIV isn't too large, you can just select the  "Multiple States" selection for the "...one state..." bullet point and be done with it.   That "Multiple States" selection is at the very end/bottom of the pop-up list of states.

2)   IF you do want to try a breakdown, then yes, you do have to use the % values to calculate what the amount are...BUT...you only do it for your home state, and any US Territory bond amounts..and the remaining amount is just assigned as "Multiple States".    

To do #2 for a 1099-DIV, it is critical that you must first select the first ..."one state"... bullet point and set it to "Multiple States".... and only then.... select the second bullet point to display the boxes to make the breakdown entries.

Note also, that residents of IL are not allowed to do a breakdown of states for Mutual Bond funds...and all $$ must be designated as "Multiple States".   CA and MN residents also have limitations where you must essentially have bond funds that specifically invest in their own state's bonds...otherwise all $$ must be assigned as "Multiple States".

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I'll post some pictures later this morning when I get to the computer that has my examples.

[SteamTrain]

@agustina_singh 

Here's my examples of how to do a state breakdown,  for tax-exempt $$ on a 1099-DIV form, for a supposed NC resident:

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Then the next step...but only if you want to do it.  This next step is not required, but might save some of your state taxes if your own state's bond $$ amount is significant.  For this example, the NC resident would save ~$13 in NC state taxes for his/her calculation efforts (Tax rate is ~4% for NC).