Frederick Jorden wrote:
- quote -

Yes, you add them together. I also should have added, that
if you were the resident of a state other than Michigan,
such as here in CA, you would have to add back to the CA tax
return, the exempt interest dividend you excluded on your
federal return as CA taxes the income from other states'
obligations.

--
Alan
http://taxtopics.net

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A.G. Kalman wrote:
- quote -

Is it reportable with tax exempt municipal bond interest.
Seems like adding apples and peas.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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"MB_" <mel[at]prodigy.invalid.net> wrote:

- quote -

Nontaxable distributions are NOT the same as tax exempt
income. Tax exempt income, as reported in your example, is
usually not taxable on the Federal return but it must be
reported. You also have to be careful about reporting it on
your state return - most states only allow it to be tax
exempt if it is from the state of your residence. For
example, if I live in MD and decide to buy a VA State bond,
the earnings are Federally tax free but are entirely taxable
to MD.

Gene E. Utterback, EA

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"MB_" <mel[at]prodigy.invalid.net> wrote:

- quote -

Tax exempt is not the same as non-taxable. They got it right.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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MB_ wrote:

- quote -

Box 3 reflects any part of a distribution that is a return
of your cost basis. You use any amount in Box 3 to reduce
your cost basis in the applicable asset. The $269.60 is not
a return of your basis. It is just what it says: a tax
exempt dividend. You report it with other tax exempt
interest on Line 8b of the tax return.

--
Alan
http://taxtopics.net

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"MB_" <mel[at]prodigy.invalid.net> writes:

- quote -

No, it's shouldn't. That line on the 1099-DIV is for
"return of capital" distributions, which have absolutely
nothing to do with tax-exempt interest, which is what that
mutual fund is throwing off.

- quote -

No. You read the TT directions and see how to report
interest that is federally tax-exempt.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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I recently received my Ameritrade 1099.

The figures are correct EXCEPT:

Line 3, non-taxable distributions, says $0.00

But, later on in the details list, under Tax Exempt
Dividends, it indicates Nuveen Mich Prem. Income Mun Fd
Com.,(NMP), $369.60

These figures are accurate and according to the info. from
NMP it should be reported. So, shouldn't this be listed
under line 3??

When I list it (I use Turbo Tax), don't I list it under Line
3??

MB

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