The interest income from US treasuries held directly is exempt from state and local taxes. Box 3 of 1099-INT is used to report this income. Is a similar exemption available for bond mutual funds which invest in US treasuries? I own a US treasury bond mutual fund which pays out dividends which are reported on 1099DIV. Is a portion of this dividend exempt from state and local taxes? If yes, how do I report this on my CA tax return? Thanks a lot for your time and advice.
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