How SGOV taxed for California?
How SGOV taxed for California?
Hello all,
Somehow I can't find definitive answer to this question - How SGOV taxed for California?
The SGOV is ETF that invests into US TBills.
The TBills are California tax exempt.
Will SGOV be exempt as well?
Will a brokerage provide required 1099int-div form that shows the income from the SGOV is California tax exempt?
The reason I've looked at SGOV are:
1. about $1.00 minimum to buy, while TBill is $1,000. I'd like to buy for any remaining cash in my account.
2. sell at any time, proceeds within 1-3 days
3. use in my HSA. The HSA is Federal exempt , but isn't California exempt.
For my after tax emergency fund I use Treasury Direct, where I don't plan to sale till maturity, and all on auto roll, so every week or two I can cancel auto roll and get required cash.
thanks
Somehow I can't find definitive answer to this question - How SGOV taxed for California?
The SGOV is ETF that invests into US TBills.
The TBills are California tax exempt.
Will SGOV be exempt as well?
Will a brokerage provide required 1099int-div form that shows the income from the SGOV is California tax exempt?
The reason I've looked at SGOV are:
1. about $1.00 minimum to buy, while TBill is $1,000. I'd like to buy for any remaining cash in my account.
2. sell at any time, proceeds within 1-3 days
3. use in my HSA. The HSA is Federal exempt , but isn't California exempt.
For my after tax emergency fund I use Treasury Direct, where I don't plan to sale till maturity, and all on auto roll, so every week or two I can cancel auto roll and get required cash.
thanks
Best Regards |
Mike
Re: How SGOV taxed for California?
Only a portion of SGOV is exempt from government taxes. A 1099 WILL NOT tell you this.
It is up to you to obtain the information from the fund manager (iShares). This is from 2023: https://www.ishares.com/us/literature/t ... tamped.pdf which shows SGOV was 96.45% invested in government obligations, so only 96.45% of dividends is CA state tax exempt. It is your responsibility to report this tax exemption when you file taxes.
It is up to you to obtain the information from the fund manager (iShares). This is from 2023: https://www.ishares.com/us/literature/t ... tamped.pdf which shows SGOV was 96.45% invested in government obligations, so only 96.45% of dividends is CA state tax exempt. It is your responsibility to report this tax exemption when you file taxes.
Re: How SGOV taxed for California?
SGOV is an ETF, not a mutual fund. CA tax code specifically says that Mutual Fund income derived from gov bonds can be deducted. It does not say that this applies to ETF's. I haven't found a definitive answer as to whether ETF's are considered mutual funds for this purpose (why doesn't the law just say funds instead of mentioning mutual funds specifically). Does anyone have any info that makes it clear that the deductibility applies to both Mutual Funds AND ETFs?
Re: How SGOV taxed for California?
Sorry I don't have an authoritative reference but I'll note that you are not the first to ask the question.dcass wrote: Sat Jun 01, 2024 7:26 pm SGOV is an ETF, not a mutual fund. CA tax code specifically says that Mutual Fund income derived from gov bonds can be deducted. It does not say that this applies to ETF's. I haven't found a definitive answer as to whether ETF's are considered mutual funds for this purpose (why doesn't the law just say funds instead of mentioning mutual funds specifically). Does anyone have any info that makes it clear that the deductibility applies to both Mutual Funds AND ETFs?
Example: https://ttlc.intuit.com/community/inves ... 00/3004325
Quite a few Bogleheads threads, too, but no mention of California not exempting distributions from ETFs. It'd be a big deal and lots of discussion if that were the case.
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Re: How SGOV taxed for California?
What?dcass wrote: Sat Jun 01, 2024 7:26 pm SGOV is an ETF, not a mutual fund. CA tax code specifically says that Mutual Fund income derived from gov bonds can be deducted. It does not say that this applies to ETF's. I haven't found a definitive answer as to whether ETF's are considered mutual funds for this purpose (why doesn't the law just say funds instead of mentioning mutual funds specifically). Does anyone have any info that makes it clear that the deductibility applies to both Mutual Funds AND ETFs?
https://casetext.com/statute/california ... -dividendsA regulated investment company, as defined in Section 851 of the Internal Revenue Code, relating to definition of regulated investment company, or series thereof, is qualified to pay exempt-interest dividends to its shareholders if, at the close of each quarter of its taxable year, at least 50 percent of the value of its total assets consists of obligations which, when held by an individual, the interest therefrom is exempt from taxation by this state.
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Re: How SGOV taxed for California?
He's imagining things.sycamore wrote: Sun Jun 02, 2024 6:55 amSorry I don't have an authoritative reference but I'll note that you are not the first to ask the question.dcass wrote: Sat Jun 01, 2024 7:26 pm SGOV is an ETF, not a mutual fund. CA tax code specifically says that Mutual Fund income derived from gov bonds can be deducted. It does not say that this applies to ETF's. I haven't found a definitive answer as to whether ETF's are considered mutual funds for this purpose (why doesn't the law just say funds instead of mentioning mutual funds specifically). Does anyone have any info that makes it clear that the deductibility applies to both Mutual Funds AND ETFs?
Example: https://ttlc.intuit.com/community/inves ... 00/3004325
Quite a few Bogleheads threads, too, but no mention of California not exempting distributions from ETFs. It'd be a big deal and lots of discussion if that were the case.
Re: How SGOV taxed for California?
And note the footnote, "At least 50% of the assets of the fund were invested in Federal Obligations at the end of each quarter of the fiscal year." iShares doesn't say why this is relevant, but in CA and a few other states, a fund must meet this condition to get a partial exemption from tax. So SGOV dividends were 96.45% CA tax-exempt last year, while AGG dividends were fully CA taxable because that fund holds less than half its assets in Treasuries.isira wrote: Sat Jun 01, 2024 2:46 pm Only a portion of SGOV is exempt from government taxes. A 1099 WILL NOT tell you this.
It is up to you to obtain the information from the fund manager (iShares). This is from 2023: https://www.ishares.com/us/literature/t ... tamped.pdf which shows SGOV was 96.45% invested in government obligations, so only 96.45% of dividends is CA state tax exempt. It is your responsibility to report this tax exemption when you file taxes.
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Re: How SGOV taxed for California?
So that portion of dividends from SGOV will not be in 1099-INT box 3 (“Interest on US Savings Bonds and Treasury Obligations”)?isira wrote: Sat Jun 01, 2024 2:46 pm Only a portion of SGOV is exempt from government taxes. A 1099 WILL NOT tell you this.
It is up to you to obtain the information from the fund manager (iShares). This is from 2023: https://www.ishares.com/us/literature/t ... tamped.pdf which shows SGOV was 96.45% invested in government obligations, so only 96.45% of dividends is CA state tax exempt. It is your responsibility to report this tax exemption when you file taxes.
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Re: How SGOV taxed for California?
You will not get a 1099-INT. You get a 1099-DIV.markettracker wrote: Sun Jun 02, 2024 8:35 amSo that portion of dividends from SGOV will not be in 1099-INT box 3 (“Interest on US Savings Bonds and Treasury Obligations”)?isira wrote: Sat Jun 01, 2024 2:46 pm Only a portion of SGOV is exempt from government taxes. A 1099 WILL NOT tell you this.
It is up to you to obtain the information from the fund manager (iShares). This is from 2023: https://www.ishares.com/us/literature/t ... tamped.pdf which shows SGOV was 96.45% invested in government obligations, so only 96.45% of dividends is CA state tax exempt. It is your responsibility to report this tax exemption when you file taxes.
Re: How SGOV taxed for California?
thank you all for your replies.
It looks like there is no simple answer
As I don't have much spare cash, while under $1k, the 0.3% APR for SGOV over MM TBill fund (expenses about 0.3%-0.4%) will not make me reach
But, extra headache to report SGOV to California for tax exempt and CPA extra fees for this extra reporting.
So, I'll continue with lower APR MM fund.
BTW - Fidelity for my HSA doesn't produce any 1099Int or 1099Div for me, or I didn't get any for the past 5 years.
So, I don't know how California gets info about income from HSA accounts? Do you know?
It looks like there is no simple answer

As I don't have much spare cash, while under $1k, the 0.3% APR for SGOV over MM TBill fund (expenses about 0.3%-0.4%) will not make me reach
But, extra headache to report SGOV to California for tax exempt and CPA extra fees for this extra reporting.
So, I'll continue with lower APR MM fund.
BTW - Fidelity for my HSA doesn't produce any 1099Int or 1099Div for me, or I didn't get any for the past 5 years.
So, I don't know how California gets info about income from HSA accounts? Do you know?
Best Regards |
Mike
Re: How SGOV taxed for California?
Another issue with SGOV is that the sales will have to be reported for their capital gains and losses. You won't get a 1099B, but will have to comb thru your statements or trade confirms.mikebh wrote: Sun Jun 02, 2024 12:49 pm So, I'll continue with lower APR MM fund.
BTW - Fidelity for my HSA doesn't produce any 1099Int or 1099Div for me, or I didn't get any for the past 5 years.
btw the Fidelity Treasury MMF is not guaranteed to be 100% state tax free. In recent years they've also been in the 90s% range, so you still had to do the legwork and report it. You can get an idea of the historical percentages by looking thru each year's report: https://www.google.com/search?q=site%3A ... percentage
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Re: How SGOV taxed for California?
The answer is simple, and it was explained above. At the end of the year, you look up the percentage of dividends from USGO on the iShares website, you multiply this by the total dividends paid by SGOV shown on your 1099-Consolidated, and you enter this figure on Schedule CA (540) line 2b.mikebh wrote: Sun Jun 02, 2024 12:49 pm thank you all for your replies.
It looks like there is no simple answer![]()
As I don't have much spare cash, while under $1k, the 0.3% APR for SGOV over MM TBill fund (expenses about 0.3%-0.4%) will not make me reach
But, extra headache to report SGOV to California for tax exempt and CPA extra fees for this extra reporting.
So, I'll continue with lower APR MM fund.
BTW - Fidelity for my HSA doesn't produce any 1099Int or 1099Div for me, or I didn't get any for the past 5 years.
So, I don't know how California gets info about income from HSA accounts? Do you know?
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- Joined: Thu Aug 10, 2023 11:28 pm
Re: How SGOV taxed for California?
++++1
Last edited by TheRoundHeadedKid on Fri Sep 20, 2024 1:06 pm, edited 1 time in total.
Re: How SGOV taxed for California?
BIV is partially exempt from CA tax, as is noted on the Vanguard document you cited.TheRoundHeadedKid wrote: Mon Jun 03, 2024 10:53 am Just for reference, these are Vanguard ETFs that were 100% exempt from California state taxes for 2023 tax year:
VNGRD EXT DUR TRSY EDV 100.00%
VNGRD SHRT INFL PRO ETF VTIP 100.00%
VNGRD SHRT TRM GOV ETF VGSH 100.00%
VNGRD INTRM TERM ETF VGIT 100.00%
VNGRD LNG TRM TREAS ETF VGLT 100.00%
This is partially exempt:
VNGRD SHORT TERM BD ETF BSV 61.57%
This is not exempt at all because it is below 50%
VNGRD INTRM TRM BD ETF BIV 48.21%
from https://investor.vanguard.com/content/d ... n-2024.pdf
The rule is that 50% of the fund assets must be exempt from CA tax at the end of each quarter. BIV is more than half Treasuries, but since Treasuries yield less than other bonds, less than half of the dividends are from the Treasuries.
BND, Total Bond Market Index, is less than half Treasuries and is thus fully taxable in CA. CA investors holding a general intermediate-term bond fund in a taxable account would thus be better off with BIV than BND. (And VGIT is likely better than either one; with the high CA state tax, CA investors do not get the full benefit of the extra risk on corporate bonds over Treasuries.)
Re: How SGOV taxed for California?
Why would one not get a 1099B which reports sales and thus capital gains and losses.bongo wrote: Sun Jun 02, 2024 1:44 pmAnother issue with SGOV is that the sales will have to be reported for their capital gains and losses. You won't get a 1099B, but will have to comb thru your statements or trade confirms.mikebh wrote: Sun Jun 02, 2024 12:49 pm So, I'll continue with lower APR MM fund.
BTW - Fidelity for my HSA doesn't produce any 1099Int or 1099Div for me, or I didn't get any for the past 5 years.
btw the Fidelity Treasury MMF is not guaranteed to be 100% state tax free. In recent years they've also been in the 90s% range, so you still had to do the legwork and report it. You can get an idea of the historical percentages by looking thru each year's report: https://www.google.com/search?q=site%3A ... percentage
Re: How SGOV taxed for California?
Fidelity HSA doesn't create any 1099Banagram wrote: Mon Jun 03, 2024 4:33 pmWhy would one not get a 1099B which reports sales and thus capital gains and losses.bongo wrote: Sun Jun 02, 2024 1:44 pmAnother issue with SGOV is that the sales will have to be reported for their capital gains and losses. You won't get a 1099B, but will have to comb thru your statements or trade confirms.mikebh wrote: Sun Jun 02, 2024 12:49 pm So, I'll continue with lower APR MM fund.
BTW - Fidelity for my HSA doesn't produce any 1099Int or 1099Div for me, or I didn't get any for the past 5 years.
btw the Fidelity Treasury MMF is not guaranteed to be 100% state tax free. In recent years they've also been in the 90s% range, so you still had to do the legwork and report it. You can get an idea of the historical percentages by looking thru each year's report: https://www.google.com/search?q=site%3A ... percentage
Best Regards |
Mike
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Re: How SGOV taxed for California?
++++1
Last edited by TheRoundHeadedKid on Fri Sep 20, 2024 1:06 pm, edited 1 time in total.
Re: How SGOV taxed for California?
Okay, Vanguard does create a 1099B for taxable.mikebh wrote: Mon Jun 03, 2024 5:19 pmFidelity HSA doesn't create any 1099Banagram wrote: Mon Jun 03, 2024 4:33 pmWhy would one not get a 1099B which reports sales and thus capital gains and losses.bongo wrote: Sun Jun 02, 2024 1:44 pmAnother issue with SGOV is that the sales will have to be reported for their capital gains and losses. You won't get a 1099B, but will have to comb thru your statements or trade confirms.mikebh wrote: Sun Jun 02, 2024 12:49 pm So, I'll continue with lower APR MM fund.
BTW - Fidelity for my HSA doesn't produce any 1099Int or 1099Div for me, or I didn't get any for the past 5 years.
btw the Fidelity Treasury MMF is not guaranteed to be 100% state tax free. In recent years they've also been in the 90s% range, so you still had to do the legwork and report it. You can get an idea of the historical percentages by looking thru each year's report: https://www.google.com/search?q=site%3A ... percentage
Re: How SGOV taxed for California?
It doesn't create a 1099b, but fidelity HSA absolutely does track this under Realized Gains/Losses section (inside YTD tax information) for an HSA account.
Re: How SGOV taxed for California?
That used to work, but with the latest updates to the website, it no longer does. The "Tax Info YTD" page for my HSA says:nalor511 wrote: Sat Oct 19, 2024 1:12 pm It doesn't create a 1099b, but fidelity HSA absolutely does track this under Realized Gains/Losses section (inside YTD tax information) for an HSA account.
On my statement I can find monthly dividends, but not YTD dividends. I guess Fidelity expects me to add up the interest, dividend, and capital gain numbers from up to 12 separate monthly statements.For tax-advantaged accounts, use the resources below to find information on your account activity.
...
Year-to-date tax information (including withdrawals, dividends, and interest earned) is available in your Account Statements.
I suspect the problem is that whoever implemented this "helpful" update -- blocking the Tax Info YTD page for HSA accounts -- lives in a state where HSAs are not taxable, and gave no thought to those of us who live in a state where they are.
Re: How SGOV taxed for California?
To be clear, I do see YTD "Income Summary" on my statement. But that section is not broken down by individual securities, so it includes both California-taxable and nontaxable amounts. This is not useful for tax purposes. The "Dividends, Interest & Other Income" section of the statement is broken down in a useful way, but there are no YTD totals.
The "Tax Info YTD" page on the website shows all of this information beautifully for each of my standard brokerage accounts, but as I mentioned that page is blocked for HSAs. Unblock it please, Fidelity.
The "Tax Info YTD" page on the website shows all of this information beautifully for each of my standard brokerage accounts, but as I mentioned that page is blocked for HSAs. Unblock it please, Fidelity.
Re: How SGOV taxed for California?
It never showed ytd income for HSA accounts. You can view dividends by quarter. You can view gains/losses in the realized gains/loss section.ssel wrote: Sat Oct 19, 2024 8:26 pm To be clear, I do see YTD "Income Summary" on my statement. But that section is not broken down by individual securities, so it includes both California-taxable and nontaxable amounts. This is not useful for tax purposes. The "Dividends, Interest & Other Income" section of the statement is broken down in a useful way, but there are no YTD totals.
The "Tax Info YTD" page on the website shows all of this information beautifully for each of my standard brokerage accounts, but as I mentioned that page is blocked for HSAs. Unblock it please, Fidelity.
Re: How SGOV taxed for California?
I'm not sure what your "it" means here. If you go to the "Tax Info YTD" tab on the website for a regular brokerage account, you can view YTD summaries for total income, just the dividends, and so on, and it's all broken down by individual securities if you drill down. This information used to be available for HSAs too. So I know they have this information available; they're just blocking access to the web page that would show it. The only reason I can think of is a misguided notion that people don't need tax information for HSAs.
If you're saying that the info was never available in the statements, well, that's part of the problem I'm trying to communicate. It doesn't especially matter to me where I get the tax information. It can be on the website, on a statement, or whatever, but I need some way to get it. And adding up numbers from 12 monthly statements isn't a good solution.
Where can I view quarterly dividends for individual funds in my HSA? That wouldn't be ideal, but still better than having to add up 12 monthly numbers for each fund I'm interested in.You can view dividends by quarter. You can view gains/losses in the realized gains/loss section.
Re: How SGOV taxed for California?
It looks like they moved cap gains/losses from "ytd tax" into "accounts->positions->closed positions"ssel wrote: Sat Oct 19, 2024 10:35 pmI'm not sure what your "it" means here. If you go to the "Tax Info YTD" tab on the website for a regular brokerage account, you can view YTD summaries for total income, just the dividends, and so on, and it's all broken down by individual securities if you drill down. This information used to be available for HSAs too. So I know they have this information available; they're just blocking access to the web page that would show it. The only reason I can think of is a misguided notion that people don't need tax information for HSAs.
If you're saying that the info was never available in the statements, well, that's part of the problem I'm trying to communicate. It doesn't especially matter to me where I get the tax information. It can be on the website, on a statement, or whatever, but I need some way to get it. And adding up numbers from 12 monthly statements isn't a good solution.
I see the problem. You're looking for one "total" while I always just pull the transactions in csv format and let my spreadsheet give me the total. I do this from "activity -> filters -> custom dates -> 1/1-12/31 -> custom type -> dividends -> then when you see the results click the download button to the right" . If you want only a certain fund, you can type whatever you want into that little search box above the filtersssel wrote: Sat Oct 19, 2024 10:35 pmWhere can I view quarterly dividends for individual funds in my HSA? That wouldn't be ideal, but still better than having to add up 12 monthly numbers for each fund I'm interested in.You can view dividends by quarter. You can view gains/losses in the realized gains/loss section.
Re: How SGOV taxed for California?
Yes, that seems like the best one can do. The Activity page with its filters is actually how I did my last quarterly tax estimate. It's simpler than looking up numbers in multiple statements. But the fact that they have a tax info page with the info already collated, but are blocking access to it, is still kind of annoying.
Re: How SGOV taxed for California?
How do you get the tax and add that to your California Tax return , when there is no any official Fidelity income form for the HSA?
Best Regards |
Mike
Re: How SGOV taxed for California?
You don't "get the tax" you get the "income" from your brokerage statement or transaction history (1/1-12/31) and you plug it into your state tax software as "HSA earnings" which goes to 540-schedule-CA and the tax will be computted for you by your tax softwaremikebh wrote: Sat Nov 23, 2024 3:08 pm How do you get the tax and add that to your California Tax return , when there is no any official Fidelity income form for the HSA?
Sgov is not taxed in CA because it's Treasury income, typically
Re: How SGOV taxed for California?
nalor511's completely correct -- that's how to do it -- but as I mentioned earlier it's ridiculous to have to dig up your transaction history and add up the individual numbers when Fidelity's computers are already doing that. Fidelity has a web page designed to show you year-to-date TOTALs (for interest, dividends, and capital gains, with filters that allow you to break it down by account and/or time period) so you don't have to go digging. They've made this available for both regular brokerage accounts and for HSAs in the past, but more recently decided to block access to that page for HSAs. It's not a disaster, but it sure isn't customer-friendly, and it's perplexing why they'd go out of their way to block access to a useful page that they're already populating.
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Re: How SGOV taxed for California?
"Dig up"? Is the info not all displayed on the 12/31 monthly statement? I don't have an HSA at Fidelity, but every account I've ever had at any brokerage has had YTD numbers.ssel wrote: Sat Nov 23, 2024 4:25 pm nalor511's completely correct -- that's how to do it -- but as I mentioned earlier it's ridiculous to have to dig up your transaction history and add up the individual numbers when Fidelity's computers are already doing that. Fidelity has a web page designed to show you year-to-date TOTALs (for interest, dividends, and capital gains, with filters that allow you to break it down by account and/or time period) so you don't have to go digging. They've made this available for both regular brokerage accounts and for HSAs in the past, but more recently decided to block access to that page for HSAs. It's not a disaster, but it sure isn't customer-friendly, and it's perplexing why they'd go out of their way to block access to a useful page that they're already populating.
Re: How SGOV taxed for California?
No, it is not.toddthebod wrote: Sat Nov 23, 2024 5:23 pm "Dig up"? Is the info not all displayed on the 12/31 monthly statement?
Also I need to collect this information every quarter, for estimated tax purposes. A December statement, even if it had the missing information, would not be of use for that.
The account activity page, as mentioned earlier, is probably the easiest place from which you can mine all the information that's needed. It's not complicated, or difficult, but it shouldn't be necessary.
Not so at Vanguard either.I don't have an HSA at Fidelity, but every account I've ever had at any brokerage has had YTD numbers.
I'm looking at my December brokerage account statement from Vanguard right now. (Not an HSA, but that's even more reason to expect to find tax information.) I do not see the kind of information I would need. There's a YTD (that is, full year) dividend total for the entire account, but it's not broken down by individual fund. Since we're discussing CA tax, and since some funds are tax-free in CA, there's not enough information on Vanguard's December statement to compute CA tax for the year.
Vanguard of course has a YTD tax activity page with everything one needs. Just like Fidelity does... except for HSAs. And once again, the ultimate insult is that providing this would not require additional functionality on Fidelity's website. It's the opposite: they could subtract the block that they recently put on displaying tax information for HSA brokerage accounts, and all would be well.
Oh well, it's not such a burden that's it's worth too many more words ranting over. I'll live.
Re: How SGOV taxed for California?
What are we even talking about here at this point? I thought the whole thread was about using SGOV or a treasury MMF in a CA HSA? Even if you had 100k there at 13.3% of 20% of 5% we're talking about only $133, divided by 4. I would think you could just eyeball the amount and add it to your est payment without even consulting your account.ssel wrote: Sat Nov 23, 2024 8:10 pm Also I need to collect this information every quarter, for estimated tax purposes. A December statement, even if it had the missing information, would not be of use for that.
Re: How SGOV taxed for California?
Sgov is tax free in CA. Much ado about nothing.
If you have problems with Fidelity complain to Fidelity. The information is findable for those who want it.
If you have problems with Fidelity complain to Fidelity. The information is findable for those who want it.
Re: How SGOV taxed for California?
Fixed. See the 2nd post for an explanation, but of course we don't know what the % will be this year yet.nalor511 wrote: Sat Nov 23, 2024 9:21 pm Sgov is [mostly] tax free in CA. Much ado about nothing.
If you have problems with Fidelity complain to Fidelity. The information is findable for those who want it.
This reminded me that in my (taxable) etrade account which holds VUSXX, I have "spillover" dividends every year. That's when some div gets paid on Jan 3 or so but shows up on the 1099 of the year before. So the process you outlined above could produce the wrong number in a case like that. [I don't think OP would have a problem with SGOV or Fidelity MMF in a Fidelity account though, since I haven't noticed any spillover divs on those.]nalor511 wrote: Sun Oct 20, 2024 2:19 pm I see the problem. You're looking for one "total" while I always just pull the transactions in csv format and let my spreadsheet give me the total. I do this from "activity -> filters -> custom dates -> 1/1-12/31 -> custom type -> dividends -> then when you see the results click the download button to the right" . If you want only a certain fund, you can type whatever you want into that little search box above the filters
Re: How SGOV taxed for California?
My "2024 YEAR-END INVESTMENT REPORT" for Fidelity HSA includes the total income from dividends and on the "Holdings" page it breaks it down by each individual holding, yours doesn't have that?ssel wrote: Sat Nov 23, 2024 8:10 pmNo, it is not.toddthebod wrote: Sat Nov 23, 2024 5:23 pm "Dig up"? Is the info not all displayed on the 12/31 monthly statement?
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Re: How SGOV taxed for California?
As a NJ resident, which also taxes HSA, are there any NJ folks out there who can confirm that tax SW (i.e. TurboTax) does the same for NJ?nalor511 wrote: Sat Nov 23, 2024 3:15 pmYou don't "get the tax" you get the "income" from your brokerage statement or transaction history (1/1-12/31) and you plug it into your state tax software as "HSA earnings" which goes to 540-schedule-CA and the tax will be computted for you by your tax softwaremikebh wrote: Sat Nov 23, 2024 3:08 pm How do you get the tax and add that to your California Tax return , when there is no any official Fidelity income form for the HSA?
Sgov is not taxed in CA because it's Treasury income, typically
Re: How SGOV taxed for California?
Yup, that's perfect for tax filing in April. But it doesn't provide:
- YTD info for tax planning throughout the year
- quarterly info to use for estimated payments
- quarterly info to use for avoiding an underpayment penalty if annualizing income
I know there are perfectly serviceable workarounds for getting all this information, and I'm not saying it's difficult, or even terribly important. All I've been saying is that it's ridiculous that I need to find a workaround at all, given that Fidelity provides a YTD tax info page for all other brokerage accounts. If they didn't have that for other accounts, I probably wouldn't have even thought to miss it for my HSA. But they do have it for other accounts, and their backend system generates the same YTD tax info page for HSA accounts too. I've seen it. But even though they generate this page for HSAs, they made a deliberate decision to block access to it.
They were already making this information available. They had one of their employees work to prevent people from seeing it. Why do that?
The only reason I can imagine is that someone decided that tax information for HSAs would confuse some customers who don't need it. But that's not a good reason to block access for the 15% of Americans for which HSAs are taxable.