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Subject Author Date
Turbotax help? Jeff 02-21-2007
Posted by Jeff on February 21, 2007, 1:19 pm
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 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




Posted by Bert Hyman on February 21, 2007, 1:23 pm
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 Willliam@naol.com (Jeff) wrote in

> 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!

It would be just two entries, one for the portion of the income
derived from sources in your own state, and another for the remainder
of the income.

You should have received information from your fund showing what
portion of the income was from each state.

--
Bert Hyman | St. Paul, MN | bert@iphouse.com

Posted by Route 101© on February 28, 2007, 12:46 am
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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.


> Willliam@naol.com (Jeff) wrote in
>
>> 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!
>
> It would be just two entries, one for the portion of the income
> derived from sources in your own state, and another for the remainder
> of the income.
>
> You should have received information from your fund showing what
> portion of the income was from each state.
>
> --
> Bert Hyman | St. Paul, MN | bert@iphouse.com



Posted by Bert Hyman on February 28, 2007, 8:43 am
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askme@for.it (Route 101©) wrote in

> 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. ..............................

Is that true for ->all states?


>> Willliam@naol.com (Jeff) wrote in
>>
>>> 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!
>>
>> It would be just two entries, one for the portion of the income
>> derived from sources in your own state, and another for the
>> remainder of the income.
>>
>> You should have received information from your fund showing what
>> portion of the income was from each state.

--
Bert Hyman | St. Paul, MN | bert@iphouse.com

Posted by Route 101© on February 28, 2007, 12:33 pm
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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.


> askme@for.it (Route 101©) wrote in
>
>> 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. ..............................
>
> Is that true for ->all states?
>
>
>>> Willliam@naol.com (Jeff) wrote in
>>>
>>>> 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!
>>>
>>> It would be just two entries, one for the portion of the income
>>> derived from sources in your own state, and another for the
>>> remainder of the income.
>>>
>>> You should have received information from your fund showing what
>>> portion of the income was from each state.
>
> --
> Bert Hyman | St. Paul, MN | bert@iphouse.com



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