Question

Tax exempt interest from multiple states

Forum|Forum|4 years ago
March 15, 2022
1 reply
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I have read how to enter interest on dividends to multiple states and how to apply the %-ages I get from the broker for each state, but the information from the broker doesn't match any of the examples or information you provide. The percentages from the broker don't add up to anywhere near 100% so of course the totals don't match the total dividend interest amount.

Example: Here's the info from the broker:

Fund A:

VA: 1.54%

Guam: 0.21%

Virgin Islands 5.41%

Puerto Rico 1.21%

How can I use this data to get the totals? Obviously when I multiply the %-ages by the total dividend, it will be less than 10% of the total.

T

ThomasM125

You would enter the amounts based on the percentages given, and for the balance you would choose the More Than One State option that you will see in the list of states in TurboTax.

The only state of consequence would be the state you live in, as interest from that state would likely not be taxable in that state. So, you should do some research to find out if any of the interest was from your home state.

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L

leighgeigerAuthor

Thanks for your answer - this is what I thought I was supposed to do, but I was questioning it because most of the interest comes from my state, but entering it this way made my refund go down significantly.