CA Tax-Exempt Interest Not Working Correctly in TurboTax Premier?

Forum|Forum|2 years ago
March 19, 2024
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On the Federal section, I have specified California as the state for Tax-Exempt Interest (from Vanguard Consolidated1099) - it's 100% CA since it's from CA Municipal Money Market Fund.

On the CA state section, I have also specified "No, All Funds are 50% or More invested in California or US Obligations". I noticed that the checked box does not stick... it always remains blank even after I check it and go back to look.

However, the Schedule CA does not seem to exclude the CA tax-exempt amount because it uses the amounts from 1099-DIV Box 1a; if I understand correctly, this is the total amount that includes Box 12 - Exempt-Interest Dividends.

Is there a bug here, or, am I mistaken in my understanding about Box 1a including Box 12 amount?

Thanks for any help in advance!

Best answer by neworchid

It's working correctly. Box 12 is not included in Box 1a .... so the tax-exempt amount is not added to nor is part of the Taxable amount computation in Schedule CA.

neworchidAuthorAnswer

It's working correctly. Box 12 is not included in Box 1a .... so the tax-exempt amount is not added to nor is part of the Taxable amount computation in Schedule CA.

juleyh

My 1099-INT on line 8 ...Tax Exempt Interest s $0.00, so why is the figure for Tax Exempt Interest Dividends showing instead?

I do not know what you refer to wth box 12 or 1A bc my 1099 s not broken out into boxes.

juleyh

I think Box 1a & 12 are on the 1099 DIV in T-Tax. However, that does not answer my question because the figure I am referring to would be showing on 1099-INT, which it is not.