Tax Exempt Interest Question?


J

JJ

I have tax exempt interest from a Vanguard fund. I'm using Turbo Tax and it
asks me to select the state that the Interest originated?
There is nothing on the 1099-INT to indicate what the answer is. I live in
Wisconsin and Vanguard is in Pennsylvania. Is it one of those??
Thanks,
 
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P

Paul Thomas, CPA

JJ said:
I have tax exempt interest from a Vanguard fund. I'm using Turbo Tax and
it asks me to select the state that the Interest originated?
There is nothing on the 1099-INT to indicate what the answer is. I live
in Wisconsin and Vanguard is in Pennsylvania. Is it one of those??


It might be as simple as looking at the fund name.....If it's the Vanguard
Pennsylvania Municipal Bond Fund........then it's specific to your state.
Otherwise, go to the Vanguard site and see what the tax attributes are.
Most likely it's a mixed fund, and you'll have to see what the allocation is
for your state.

Muni income is tax free on Federal, but only the muni interest from your
state is tax free in your state (most states work like that).
 
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D

default

JJ said:
I have tax exempt interest from a Vanguard fund. I'm using Turbo Tax and
it asks me to select the state that the Interest originated?
There is nothing on the 1099-INT to indicate what the answer is. I live
in Wisconsin and Vanguard is in Pennsylvania. Is it one of those??
Thanks,
Either in a separate mailing or included with your 1099 Vanguard has
supplied you with literature which gives you that information..
 

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