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I'm a Michigan tax preparer. In the beginning of December the funds begin publishing the capital gains for the year. %'s applicable to each state probably won't be available until the end of January. When you check out the fund you selected to see what percentage was applied to earnings in Michigan, check also for the income from Guam, Puerto Rico and the Virgin Is. Michigan allows deductions for these US possessions as well.

The difference between Michigan and allowed possessions and 100% is what is added back to your taxable Michigan income, This is taxed at 4.2%. Depending on how much you have earned, this may not be too big of a hit.

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