Fidelity's Government Money Market Fund Missed California's 50% Test for 2025. On $50K That Costs $172 a Year
Fidelity's 2025 tax letter marks its Government Money Market Fund (50.90% U.S. government income) as fully state-taxable in California, Connecticut and New York. We ran $50,000 through the numbers against Treasury Only, a savings account and buying bills directly.