Fund Tax Pro
USMSX Vermont (VT) exempt-interest percentage, tax year 2025
JPMorgan Ultra-Short Municipal Fund is a national fund that reports income across 51 jurisdictions, so only part of its Box 12 amount relates to any one state.
| Item | Published figure | Fund company source |
|---|---|---|
| Vermont share of exempt-interest dividends, 2025 | ••.••% | J.P. Morgan Funds 2025 Distribution Notice Page 3. Tax-Exempt Income Distribution Information |
| Federal AMT percentage, 2025 | ••.••% | J.P. Morgan Funds 2025 Distribution Notice Page 3 |
Working out USMSX state deductibility in Vermont
Preparers looking up USMSX for a Vermont return usually start with the fund's Vermont percentage. Multiply it by the exempt-interest dividends in Box 12 of Form 1099-DIV to get the Vermont portion. Fund Tax Pro supplies the published percentage, the calculation and the source; the preparer decides how it is treated on the return.
Backup for the client file
The backup PDF records USMSX's tax year 2025 percentage for Vermont, the calculation, the document title (J.P. Morgan Funds 2025 Distribution Notice) and page 3. Subscribers can also download JPMorgan's document itself.