Tax Exempt Funds and 1099-int?

JJ · Joined: 25 Aug 2007 Posts: 29

I have non-retirement money in a Vanguard tax-exempt fund. The fund is a
municipal bond fund that invests in multiple states. They provided me with
a 1099-INT and a info sheet on tax-exempt interest dividends broken down by
state. For Wisconsin the percentage is 1.46%.
If I read the instructions correctly, I take the total 1099-INT, apply the
1.46% and then create two entries from that. One with my state listed and
the balance with XX entered as originating state.
Lets say the total was $100. Does that mean $1.46 is excluded from WI state
tax but the balance of $98.54 is subject to state taxes? Or is my logic
flawed? I hope!

Thanks,
Joe

Archived from group: us>taxes

Paul Thomas, CPA · Joined: 25 Aug 2007 Posts: 3094

"JJ" wrote
>I have non-retirement money in a Vanguard tax-exempt fund. The fund is a
>municipal bond fund that invests in multiple states. They provided me with
>a 1099-INT and a info sheet on tax-exempt interest dividends broken down by
>state. For Wisconsin the percentage is 1.46%.
> If I read the instructions correctly, I take the total 1099-INT, apply the
> 1.46% and then create two entries from that. One with my state listed and
> the balance with XX entered as originating state.
> Lets say the total was $100. Does that mean $1.46 is excluded from WI
> state tax but the balance of $98.54 is subject to state taxes? Or is my
> logic flawed? I hope!

Ya got it.

457 to Roth IRA rollover 1099-R tax question - discrepancy Today I started filling out my form 1040, and noticed 2 discrepancies in the 1099-R forms we received. This year, we rolled over $4,325 directly from my Ohio Deferred Compensation 457 retirement plan to a Vanguard Roth IRA. We never got a check or anyth

Mutual Assets Securities, Government/Corporate Tax-Exempt, T Global Institutional Fund Analytics - Pension Assets Prognostic CWM WORLDWIDE - Principal Assets Ascribe. A Certificate means of the Directors opinion that, having made due and careful enquiry, the working capital available to the Company

tax exempt interest reported on 1099-INT I see that tax exempt interest is now being reported on 1099-INT (per the Tax Increase Prevention and Act?). The 1099 instruction say to include accrued interest received and OID, though I read somewhere that OID reporting is on hold. The

Comingling IRA funds I thought sure I have read someplace that the tax law change a couple of years ago now allows the rollover of comingled funds (old 401K + new into a new 401K. Is this the case, because I now can't find any mention of that in Pub 590 or any

Business Funds... On January 6th of this year 2006, I started doing some work from home as a Sole Proprietor, I have applied for Illinois DBA license through the business registration form. I opened a bank account in the name of the business to make sure even though the bu