1099- Div Line 12 exempt interest dividends --no details available from Schwab

Forum|Forum|1 year ago
February 20, 2025
3 replies
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I have exempt interest dividends on Line 12 of my 1099-DIV downloaded from Schwab. TurboTax then asked which state or states are the dividends from. Schwab's composite statement had no further details and when I contacted Schwab they say they do not have any supplemental information like that and referred me back to TurboTax. I live in Michigan, do I just select Michigan? Can I somehow skip this question? Or should I be pressing Schwab further?

Best answer by SteamTrain

@jeffm5

NO...you do not select MI.

1) Easiest: if $$ in box 12 are less than (say)$200-or-$300, you just scroll to the bottom of the list of states and select "Multiple states" (yeah...dumb...your one state is "Multiple states").

2) OR.....yes, you'd have to press Schwab for some listing for each bond fund you own.

(For an example: See the first PDF file that Fidelity publishes for their funds here Fidelity Mutual Fund Tax Information - Fidelity )

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If you do go to try route #2: You select the second bullet point, and then a series of boxes shows up, where you only break out your MI-related sub portion of the box 12 $$, and any US Territories, and the remainder of box 12 $$ is what remains and is lumped together simply as "Multiple States".

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See an example below for an NC resident:

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SteamTrainAnswer

Employee

@jeffm5

NO...you do not select MI.

1) Easiest: if $$ in box 12 are less than (say)$200-or-$300, you just scroll to the bottom of the list of states and select "Multiple states" (yeah...dumb...your one state is "Multiple states").

2) OR.....yes, you'd have to press Schwab for some listing for each bond fund you own.

(For an example: See the first PDF file that Fidelity publishes for their funds here Fidelity Mutual Fund Tax Information - Fidelity )

__________________

See an example 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.*

DavidD66

Do not select Michigan, unless it was from Michigan. Scroll down in the list of states and select "Multiple States". That's all you need to do.

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jeffm5Author

Thank you for your comments. I actually had to contact my investment advisor who was able to tell me what fund produced the exempt income. Then I found the state and territory information from the fund itself (in this case a Vanguard fund).