What is "U.S. Dividend Income"?

I had an accountant do my 2007 taxes. I am doing my 2008.

He had an entry on my NYS return (line 31, where you subtract things that were on your Federal return but are not subject to NY tax) labeled "U.S. Dividend Income". What on earth is that?

Could it possibly be mutual funds that invested in Municipal bonds, so their dividends are tax free?

Reply to
Kevin
Loading thread data ...

"Kevin" wrote

Nope. It's mutual funds that invested in US - Federal - securities most likely.

Treasury securities.

Take a look at last year's brokerage statements and most often the supporting documents from the broker - you know, the stuff that gets thrown away - that usually spells out the percentage of investments in different state's bonds and/or federal investments.

Reply to
Paul Thomas, CPA

in article gpj9s1$ttj$ snipped-for-privacy@news.motzarella.org, Kevin at snipped-for-privacy@rocketmail.com wrote on 3/15/09 1:47 PM:

I would guess it is "dividend income" that originated from U.S. Government securities. It is not uncommon to receive a list of Mutual funds that shows what percentage of the dividends comes from there and they are always state tax exempt.

Uncompensated advice guaranteed correct or double your money back

Frank S. Duke, Jr. CPA Cincinnati, OH USA

Reply to
Frank S. Duke, Jr.

You mean line 31 of

formatting link
Isuspect.

It seems to me some interest on US obligations could have gone on line 28. "Dividends you received from a regulated investment company (mutual fund) that invests in obligations of the U.S. government and meet the 50% asset requirement each quarter qualify for this subtraction. The portion of such dividends that may be subtracted is based upon the portion of taxable income received" is from page 86 of

formatting link
along withother info explaining line 28.

See

formatting link
page 87(S-1) at the bottom of column 2. I wonder what such obligation wouldbe called a dividend rather than interest.

Reply to
DF2

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.