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dsurkin
dsurkin
Level 2
February 13, 2022
Question

Form 1041, in-state municipal bond dividends

  • February 13, 2022
  • 1 reply
  • 3 views

I've got a NY Form IT-205 and I entered tax-exempt municipal bond dividends. The entire amount comes from NY bonds, so I repeated the same number in the box labeled "in-state." Nevertheless, the software counts it all as NY taxable interest. I see that someone posted the same question from last year and it was never answered. Does anyone have an answer to this?

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1 reply

dsurkin
dsurkinAuthor
Level 2
February 14, 2022

Tech Support gave me the answer. I had to go to General and mark the return as Multi-State. Once I did that, then a new drop-down box appeared next to items of income, and I could designate the In-State municipal bond dividends as attributable to NY.

Too bad they don't have better help screens; it would have saved me a lot of aggravation.

    qbteachmt
    qbteachmt
    Level 15
    February 14, 2022

    Thanks for providing this guidance.

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