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Question

How to enter state taxable amount of mutual fund dividend with percentage of federal interest state excludable

Forum|Forum|1 year ago
April 2, 2025
1 reply
0 views

Example of issue: mutual fund dividend 1,000 entered in federal. Twenty percent federal interest is exempt in my state. The entire 1,000 flows through as state income. Cannot find where to enter the negative adjustment.

TurboTax Home & Biz Windows

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Why is part of the dividend exempt from state tax? Are you talking about a percentage of the dividend that is from U.S. government securities? If that's what you mean, here's how to enter it in TurboTax.

After you enter the information from the 1099-DIV, click Continue. The next screen asks "Do these uncommon situations apply?" Check the box that says "A portion of these dividends is U.S. Government interest" and click Continue. On the next screen you will be able to enter the U.S. Government interest.