SPAXX Tax Information
Fidelity Government Money Market Fund
US Gov. Obligation
Ordinary Dividends derived from Federal Obligations
Last verified 2/13/2026*
See Disclaimer
About SPAXX State Tax Exemptions
For the 2025 tax year, Fidelity Government Money Market Fund (SPAXX) reported that 50.90% of its Box 1a Dividend Income was derived from U.S. Government Obligations.
This percentage is critical for calculating state tax-exempt income. While federal obligations are generally free from state tax, specific states (California, New York, and Connecticut) have threshold requirements—typically requiring the fund to hold at least 50% of assets in federal obligations at quarter-end.
Fiduciary Commentary
SPAXX is the default core position for many Fidelity brokerage accounts.
Planning Point: Because the government obligation percentage is often below the 50% quarterly threshold required by states like California, New York, and Connecticut, income from SPAXX is typically fully taxable in those jurisdictions.
*Disclaimer: Sourced from Fidelity 2025 tax supplements. This data may change in a correction and state taxing authorities may disagree. This data is for informational purposes. Always verify with original source documents and a qualified tax professional before filing.