Turbotax help?

Question

Is there a forum for users of Turbo Tax?

I've hit a problem I need help with. After downloading my tax data from Smith Barney I am now at the Federal error checking and find that tax exempt from a SB Muni fund is appearing as an error because only part of it is from my home state and the rest from elsewhere. To deal with this, TT suggests that I enter this as 2 entries: one as the part from my state and the rest as from elsewhere. BUT, there is no easy way or link from this error screen to where elsewhere in TT that original entry was made that should be corrected. Also there is no way to temporarily move on to the next error and come back to this one later.

Since this fund's interest includes interest spread all over 50 states, what could one enter for "other than my own state"? Does not make sense to enter it as 50 separate entries!

Just griping.

Jeff

Bert Hyman · Accepted Answer

(Jeff) wrote innews:o30Dh.1497$       snipped-for-privacy@newsfe24.lga: It would be just two entries, one for the portion of the incomederived from sources in your own state, and another for the remainderof the income. You should have received information from your fund showing whatportion of the income was from each state.

JM · Answer

Yes - link:

Jeff · Answer

Thank you very much.Jeff

Jay M Apple · Answer

You have already found from JM about the group. As to declaring in TurboTax,your state is your state and other states are lumped as one with stateidentifier XX.Jay.

Jeff · Answer

Aha.  I did not nknow about XX.  Will try it.  Thanks.Jeff

Route 101ÃÂ© · Answer

And add to the amount exempt from your state tax any portion of muni interest received from Puerto Rico, Guam, and the US Virgin Islands issues...............................They also serve who only point and laugh.

Bert Hyman · Answer

Route 101ÃÂ© · Answer

Federal law prohibits any state from imposing an income tax on tax-exempt interest from any obligation issued by Puerto Rico, Guam, or the Virgin Islands. (Might also include American Samoa, but have to check that.)

.............................. They also serve who only point and laugh.

Route 101ÃÂ© · Answer

In most states, interest income received from securities issued by governmental units within the state is also exempt from state and local income taxes. Moreover, interest income from securities issued by U.S. territories and possessions?Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa and the Northern Mariana Islands?is exempt from federal, state and local income taxes in all 50 states.

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Turbotax help?

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