On Box 11, I agree. However, here is something interesting. When I enter the 1099-OID in personal TurboTax, the amount in Box 11 does NOT transfer to total tax-exempt interest, which I find interesting. Also, in personal TurboTax, the amount of Acquisition Premium (Box 6) does not transfer to anywhere that I can find.
Having said that, how do I handle Box 6 in TurboTax Business?? Ignore it??
Edit: I figured this out. A tax guy told me, "First, your acquisition premium reduces the tax exempt OID reported." So, if the amount of Acquisition Premium and the amount of Tax-Exempt OID are the same, e.g. $63.00, then it's a wash when you report both boxes. There is no tax impact. If you enter a net amount of Tax-Exempt OID in Box 11, you leave Box 6, Acquisition Premium, blank. If I enter $63 in Box 11 only, the $63 is added to tax-exempt interest total. If I enter $63 in Boxes 6 and 11, it's a wash.
Turbotax needs to fix this, period. There needs to be a template for 1099-OID in TT Business, period. The posted workaround is not correct IMO. I have read many negative reviews of TT Business. Now, I know why.
