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For the vanguard federal money market fund (vmfxx), this percentage was 59.87% in 2024 Vmfxx does not appear to have met the minimum requirements for any state tax exemption this year in ca, ny, and ct (for reference, it was 49.37% in 2023.) therefore, if you earned $1,000 in total interest from vmfxx in 2024, then $598.70 could possibly be exempt from state and local income taxes
CTMN Tax Exempt Document
If your marginal state income tax rate was 10% that would be a ~$60 tax savings for every $1,000 in total interest earned. A portion of these dividends may be exempt from state and/or local tax, depending on where you file your return The state tax exemption and application to your dividends is something you have to do for yourself.
A state or local tax ofice 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
If your state allows an exclusion, refer to the next page for the percentage of ordinary dividends derived from u.s Government obligations that may be excluded for each fund that was invested in. State and local tax treatment
