1099-B Box 12 Which state is your exempt interest dividend from?

[cvtd]

I live in NYS.  I have a 1099-B with Box 12 in the amount of $576.66.  How do I answer the question this question:   "Which state is your $576.66 of exempt-interest dividend from?"  Do I choose "Multiple States"?

[SteamTrain]

@cvtd 

That's actually a 1099-DIV......within the consolidated 1099-B.

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For the box 12 $$ on a 1099-DIV

1)  "Mutiple States" is the easy selection for the first "one state" bullet point...then move on if you want.   "Multiple States" is selected because (usually) one or more bond funds fed into that value, and the $$ came from bonds scattered all over the country.   (Picture 1 below)

OR...for some more work, you can sometimes get a small reduction in state taxes if you break out the $$ that came just form NY bonds, and any US Territories.  BUT, you have to calculate the exact amounts yourself, from whatever supplemental data sheets the Brokerage, or Mutual bond fund publishes separately.

2)  Once you calculate those exact amounts, you select the second bullet point and enter appropriate $$ amounts in the boxes it presents...note the you would only specify NY, any US territories, and the remainder is all just "Multiple States"...(See picture 2 below for a supposed North Carolina resident).   IF the NY and US Territory amount is small ( say ~$20)...it may not affect your NY taxes more than $1 or $2.

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[cvtd]

How do I calculate the except interest dividends based on these figures?  What do  do with the excluded amounts?

[SteamTrain]

@cvtd 

That means that, out of the total $576.66 in box 12, You can assign 58.34 to NY and 22.63 to US Territories.

Thus, using my second example....you'd break it up as:

NY    58.34

PR    22.63

Multiple States:   495.69

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You just use Puerto Rico (PR) for the second entry, since TTX doesn't have gross "Territories" selection....it's likely it's all PR anyhow

[baldietax]

thanks for this detail on territories - I'd never thought about munis from territories being exempt on my VA taxes, just updated the table for a couple of funds with a little PR/VI and got a few bucks back!

[cvtd]

Thank you for the thorough explanation.  Problem solved.