It’s 2 yrs later- any new successes? [PERCENTAGE OF Capital Gains FROM US GOVERNMENT SECURITIES]

Forum|Forum|2 years ago
February 23, 2024
1 reply
0 views

It’s 2024, any new thoughts/solutions on how to exclude the portion of Mutual Fund (Vanguard or any) Capital Gains attributable to U.S. obligations when entering info for my Maryland state return? The footnote on my VSMGX 1099 states “PERCENTAGE OF INCOME FROM US GOVERNMENT SECURITIES 12.79% “. I assume generally that’s for Dividends BUT it states “INCOME” which could mean DIV and CGs right? I too called Vanguard and they didn’t want to comment.

SteamTrain

Employee

Sorry, but I've always interpreted that to mean just the dividends from that fund that went into box 1a of the 1099-DIV. Then I calculate the US-$$ amount from that particular fund (Plus any other Funds if I hold others with US Govt securities), and enter that amount on the follow-up page....where you check a box for "A portion of these dividends is US Govt interest".

If it isn't just dividends, then millions of people have been claiming wrong amounts. Vanguard computer calc people certainly know the rules, and only include US Treasury interest/dividends. At a certain point, you probably have to rely on Vanguard reporting the numbers correctly to all their customers.

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