I recently discovered that Vanguard reports interest on treasury bills/bonds/notes on a 1099-INT rather than a 1099-DIV.
Normally for a mutual fund which holds treasuries, there is a TT interview question which allows one to tell the software how much of the dividends is treasury interest. This would not be taxable by a state so is disregarded by the state income tax software. Is there something similar when entering treasury interest from a 1099-INT?
Also, I gather I should not subtract out the treasury interest from the total dividends on a 1099-DIV, since it was never reported on as a dividend on form to begin with?
Actually I am not sure if all brokerage houses report treasury security earnings in the same manner so comments on that are also welcome.
Normally for a mutual fund which holds treasuries, there is a TT interview question which allows one to tell the software how much of the dividends is treasury interest. This would not be taxable by a state so is disregarded by the state income tax software. Is there something similar when entering treasury interest from a 1099-INT?
Also, I gather I should not subtract out the treasury interest from the total dividends on a 1099-DIV, since it was never reported on as a dividend on form to begin with?
Actually I am not sure if all brokerage houses report treasury security earnings in the same manner so comments on that are also welcome.
Statistics: Posted by SpideyIndexer — Tue Feb 20, 2024 12:49 am — Replies 2 — Views 171