Question

Income from exempt governmental obligations (Edward Jones statement)

Forum|Forum|1 year ago
July 21, 2024
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Does the income in this section get subtracted from Virginia state return? If so, do you reduce the income amount by the federal obligations exclusion amount, the federal home loan banks exclusion amount, and the federal farm credit banks exclusion amount?

LenaH

U.S. obligations are subtracted on Line 4 of Form 760-ADJ. You should enter the amount of any income (interest, dividends and gain) from obligations of the U.S. that are included in your federal adjusted gross income, but are exempt from Virginia state tax.

Income from obligations issued by the following organizations IS NOT taxable in Virginia: Tennessee Valley Authority, Federal Deposit Insurance Corporation; Federal Home Loan Bank; Federal Intermediate Credit Bank; Governments of Guam, Puerto Rico and Virgin Islands; U.S. Treasury bills, notes, bonds and savings bonds; Federal Land Bank; Federal Reserve Stock; Farm Credit Bank; Export-Import Bank of the U.S.; U.S. Postal Service; and Resolution Trust Corporation.

Income from obligations issued by the following organizations IS taxable in Virginia: Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association, Inter-American Development Bank, and International Bank for Reconstruction and Development.

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