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lwade1
New Member

Schedule B , 1099 Int Wants State ID for Box 8. I have a whole page or two of bonds from different states. What do I fill in?

 
1 Best answer

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SteamTrain
Level 15

Schedule B , 1099 Int Wants State ID for Box 8. I have a whole page or two of bonds from different states. What do I fill in?

Easiest procedure Go to the very end of the list and select "More than one state" and be done with it
___________________________________

But if the $$ that came from your home state's bonds is big (you have to calculate the exact $$ amount yourself)...I can tell you how to save some state taxes.

Example:  $1000 in box 8 of a 1099-INT.  and 2% came form your home state=$20.  Your state would tax that $20 at 5% or $1 of tax.    You could save yourself $1 by breaking out that $20 of interest from your own state's bonds.

I can tell you how to do it, but you'd need to indicate which state is your resident state, since  some state's have limitations on what can be done with Mutual bond funds tax-exempt $$

___________________
Here's how it would be broken up if you want to try it.

All you break out is your home state,  any US Territories, and all the rest is together as "More than one state"

Picture below for an NC resident

____________*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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1 Reply
SteamTrain
Level 15

Schedule B , 1099 Int Wants State ID for Box 8. I have a whole page or two of bonds from different states. What do I fill in?

Easiest procedure Go to the very end of the list and select "More than one state" and be done with it
___________________________________

But if the $$ that came from your home state's bonds is big (you have to calculate the exact $$ amount yourself)...I can tell you how to save some state taxes.

Example:  $1000 in box 8 of a 1099-INT.  and 2% came form your home state=$20.  Your state would tax that $20 at 5% or $1 of tax.    You could save yourself $1 by breaking out that $20 of interest from your own state's bonds.

I can tell you how to do it, but you'd need to indicate which state is your resident state, since  some state's have limitations on what can be done with Mutual bond funds tax-exempt $$

___________________
Here's how it would be broken up if you want to try it.

All you break out is your home state,  any US Territories, and all the rest is together as "More than one state"

Picture below for an NC resident

____________*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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