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Question

How do I adjust my 1099 DIV income to reflect a portion of a mutual fund that is exempt in California? Target date fund had CA tax-exempt holdings that need to be exclud

Forum|Forum|2 years ago
February 10, 2024
2 replies
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TurboTax Deluxe Online

Employee

What box is it in? And what company? Is it Vanguard? I have Vanguard and know them.

Employee

And...what was the exact name of the fund the $$ came from.

Some Bond funds did not hold enough CA-specific bonds to allow the exemption. CA restricts the ability to exempt the $$ to those bond fund that hold mostly CA-Specific bonds.

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

Employee

California, and Minnesota require that the bond fund hold at least 50% of their holdings be in their own state's bonds, before you can break out that state's $$ for possible lower state taxation. Illinois, essentially, doesn't allow it at all.