Midpack
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From Bogleheads. Thought this might interest some here, a state tax reduction that I would have overlooked (saves me $243). The Vanguard consolidated 1099 shows % govt obligations for funds excluding MMs, which is why I would have missed it. Turns out this discussion has occurred about this time of year before. Caution: the rules are different for some states like CA, NY and CT - check your state specifics before proceeding.
https://www.bogleheads.org/forum/viewtopic.php?t=422538Bogleheads said:Hi all.
The consolidated 1099s I received from Vanguard has the government obligations and state tax information at the end for any mutual funds which the account owned and paid out income. This is lovely and makes sense and makes my life a bit easier.
Oddly, the 1099s do not include the government obligation information for VMFXX even though the "government obligations document" at https://investor.vanguard.com/content/dam/retail/publicsite/en/documents/taxes/usgoin-2024.pdf lists VMFXX at 49.37%.
There is a footnote that says that it only applies to the settlement fund, but in the cases I'm interested in that footnote does apply.
I believe this oddity existed in 2022 as well and was pointed out by someone here. [true]
Does anyone know why this oddity exists? I did note that the VMFXX ticker symbol is absent in the transaction detail where others are listed (VTSAX, etc.)
Can anyone clarify whether or not we are able to enter a subtraction for 49.37% of the VMFXX income on our state income tax return for 2023? It seems we can, but I'd appreciate confirmation.
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