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February 7, 2025
Question

ETRADE Mutual Fund & Federal Tax Info - do I need to enter every state that paid dividends? The amount is very small, less than $1 in most states.

  • February 7, 2025
  • 1 reply
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    1 reply

    SteamTrain
    Employee
    February 7, 2025

    No, You can just scroll to the end of the top State Selection dropdown and select "Multiple States" for all of it.

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    If your state has an income tax, and the % is large enough for your state, you "Can" (if you want...i.e. not required),  you can use the second drop down and indicate the $$ amount for your own state, and any US territories  (Puerto Rico, Guam), and the amount left over is just all "Multiple States" (  or "More than one state" if listed that way).

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    Note that for Illinois, you aren't allowed to break out the IL $$ for Bond Funds...only for actual IL bonds you own separately.

    CA and MN have high % limits on when you can break out those $$ from Bond Funds  (CTmight too, but I haven't checked into that).

    UT has special rules that allow you to also exclude any $$ from any state that does not tax UT bonds.

     

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