If schedule B interest income requires a state code, what do I input if there is more than one state?

Forum|Forum|6 years ago
June 3, 2019
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TurboTax Deluxe Windows

DavidD66

Use "Various" if it's an option. If it's not an option, and assuming it's a small amount, just pick a state other than your state.

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Periwinkle65

Various is not a choice on the TT worksheet. I have a fairly large amount of muni interest-- some in my home state along with other states.

Please advise how to handle this so that I don't have to pay state taxes on all the interest income from this source.

Thanks,

JBA

SteamTrain

Employee

You are supposed to handle that during the interview... in the actual 1099-DIV, and/or 1099-INT form that has the tax-exempt $$ reported on it.

An "XX" on the worksheet would allow you to move on....but if a significant amount of the $$ came from your own state's bonds, you should be breaking your own state's $$ during the interview as you edit the 1099-INT or-DIV that shows the tax exempt $$. (BUT, MN, CA, and IL have severe restrictions on doing this with any tax exempt $$ on a 1099-DIV form).

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Example for box 12 $$ on a 1099-DIV for a NC resdient....similar procedure for box 8 $$% on a 1099-INT).

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