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- Form 1041, in-state municipal bond dividends
Form 1041, in-state municipal bond dividends
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dsurkin
Level 2
02-12-2022
07:32 PM
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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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dsurkin
Level 2
02-14-2022
09:38 AM
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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
Level 15
02-14-2022
01:15 PM
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Thanks for providing this guidance.
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