Question

Municipal Bond Tax Exempt Interest Income

Forum|Forum|2 years ago
March 9, 2024
1 reply
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Is South Carolina Municipal Bond Tax Exempt Interest Income "exempt" from South Carolina income tax if that is my state of residence? I entered all the state specific information, but did not see any adjustments to the SC tax forms.

SteamTrain

Employee

Yes, it should be SC exempt.

But if the SC state amount ended up being a small $$ amount, the change may not have been enough to affect the actual SC tax assessed.

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And a side note, in case you are overworking, you only break out the SC $$ and any US territories (like Puerto Rico, Guam etc)....the remainder is lumped together a "More than one state" (or Multiple States if you are using Online software).

Example for an NC resident: