New York Interest Income on US Gov Bonds

Article ID: 33407  

Question
New York Interest Income on US Gov Bonds

Answer

Interest income on U.S. government bonds
Include the amount of interest income from U.S. government bonds or other U.S. government obligations that you reported on line 2. (This may be all or part of the line 2 amount, or it may be zero.)

Dividends you received from a regulated investment company (mutual fund) that invests in obligations of the U.S. government and meet the 50% asset requirement each quarter qualify for this subtraction. The portion of such dividends that may be subtracted is based upon the portion of taxable income received by the mutual fund that is derived from federal obligations.

Contact the mutual fund for further information on meeting the 50% asset requirement and computing your allowable subtraction (if any).


Article Details
Views: 686 Created on: Jun 15, 2013