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Enter U.S. Government Interest (DIV)

Forum|Forum|6 years ago
March 21, 2020
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This screen during the 1099-DIV process asks "Enter the amount of the dividends reports on Form 1099-DIV for XXX that represents interest from US Government obligations." How do I know? Do mutual funds for municipals count? Isn't everything in box 11 (exempt-interest dividends) related to the government in one way or another? TT isn't being very descriptive here.

Best answer by SteamTrain

For example, when TurboTax asks me what is considered US GOVERNMENT, it it asking out of what's in Box 11, or is it asking for what is NOT already in box 11?

CAREFUL HERE GUYS !

......for a 1099-DIV, the US Govt Bond interest/dividends that the software is referring to , will be be part of box 1a, depending on what funds you actually own. Box 11 is only for Muni's (or the US Territory bonds...Puerto Rico, Guam..etc)

The mutual fund you are invested in will provide that information on some paperwork they usually provide on their website for each mutual fund that has US bonds in it (usually as a PDF). They only provide a % of distribution for each particular mutual fund (usually a bond fund) and you use the % and the "Supplemental Information" on your consolidated 1099-B to calculate the exact $$ amount.

Here's how Fidelity delineates their US Govt Bond info:

https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/taxes/2019-gse-letter-sai-funds.pdf

J

JotikaT2

This information is provided by your brokerage on your 1099-DIV statement or as supplemental information provided with the 1099-DIV.

You will need to review your statement to determine what should be entered.

If they have not provided the amount on another page of the form, they usually will include an additional page that breaks out the applicable percentage. You may need to calculate the amount yourself based upon the percentage provided.

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jason100Author

Still confused. The page doesn't indicate what of the exempt interest qualifies as US GOVERNMENT -- e.g. do mutual funds of municipal bonds count? What else?