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About vmfxx state tax exemptions for the 2025 tax year, vanguard federal money market fund (vmfxx) reported that 66.61% of its income was derived from u.s Obligations and/or in california or its municipal obligations, that amount of dividend is exempt from california tax. t. While federal obligations are generally free from state tax, specific states (california, new york, and connecticut) have threshold requirements.
State Tax-Free Muni Income in TurboTax, H&R Block, FreeTaxUSA
My vanguard consolidated 1099 shows the vmfxx state tax exempt portion on the final page in the 2024 end notes Based on this from the ftb It says for the vanguard settlement fund (9999100), the u.s
Government obligation percentage is 59.87%.
If your marginal state income tax rate was 10% that would be a $100 tax savings for every $1,000 in total interest earned An astute accountant might know to look for the tax savings for all the other mutual funds and bond funds, but they are very unlikely to realize the state tax exemption from the vmfxx fund unless you mention it directly You can find the breakdown for 2023 in this pdf from vanguard For 2023, vmfxx was 49.37% u.s
Vanguard offers six money market funds Which one is the best for you depends on your preference for convenience and your federal and state tax brackets. My understanding is that dividends earned from both funds are 100% tax exempt at the federal level and that vmrxx is exempt from 50% of state taxes, provided your state has income taxes I'm having a hard time getting solid information though about vmfxx and state taxes.
State and local tax treatment
A portion of these dividends may be exempt from state and/or local tax, depending on where the return is filed Vanguard treasury money market funds like vmrxx, vmfxx, and vusxx generally invest in u.s Treasury securities, which are exempt from state and local taxes This means the interest income you earn from these funds is usually exempt from state taxes, making them popular choices for investors seeking tax advantages.
Obligations (usgo) and impact on state tax exemption in 2021 the state tax exemption was around 72% Estimates are that it may have dropped significantly in 2022 due to a higher % of repurchase agreements This puts ny/ca/ct at risk of getting 0% exemption (if usgo <50%). Vanguard's detailed guide covers essential tax information for vanguard funds, helping you plan for and complete your taxes.
A state or local tax office or a tax advisor can help determine whether your state allows the exclusion of some of or all the income earned from mutual funds that invest in u.s
These dividends face ordinary income tax rates and state taxation in most cases, while the yields barely keep pace with inflation Over ten years, that compounds to $7,842 in missed earnings. Here is a useful article by jonathan ping of mymoneyblog.com which explains how to deal with your state income tax exemption from money market funds which had a portion of their income derived from u.s Government obligations in tax year 2024.
A portion of vmfxx dividends comes from u.s Government obligations, which means that percentage is exempt from state income tax in most states Your settlement fund dividends compound automatically The fund distributes dividends daily, which are then paid monthly.
Storing cash in a regular savings account earning 0.5%
You're losing money to inflation every single day.in 2026, there are better options—and this video co. Learn more about mutual funds at fidelity.com. Utilize the bright start 529 plan for college savings Pay for tuition, supplies, room and board
Enjoy low fee investments plus state & federal tax benefits. What are the types of money market funds Prime funds invest in corporate and bank debt issued by u.s Use our etf and mutual fund comparison tool to view side by side historical performance, risk, expense ratios, and asset class data.
This post was written in 2007
Things have changed since then Please read the update which vanguard money market fund is the best at your tax rates. Hi, i am looking at dividends from the vanguard federal mm fund (vmfxx)
