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February 28, 2022
Question

How to report tax-free income as single consolidated territory/posession number

  • February 28, 2022
  • 1 reply
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My state of residence allows municipal bond income from U.S. territories and possessions to be state income tax-free, just as it allows municipal bond income from that state's municipal bonds to be state income tax free.  I own a state specific municipal bond fund that provides investors with tax information by (1) specific state (2) all other states, and (3) U.S. Territories and Possessions.  In 2021, I received income in all 3 categories.  There's no break down by specifically named territory or possession.  How can I enter this single, consolidated number for territories/possessions into turbo tax deluxe so that I accurately report income received and not have to pay state income tax on the income I receive from the territories and possessions?  If I include that income with the income from the specific state, I expect  the state will detect the discrepancy.  If I include it in the "all other states" category, I end up paying state income tax on the amount.  By the way, I contacted the mutual fund company and they say they don't have that information available to investors.

    1 reply

    SteamTrain
    Employee
    February 28, 2022

    [Duplicate]

     

    Best to keep this conversation over here:

     

    How to report tax-free income from territories/pos... (intuit.com)

    ____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*