Depending on which thread you read there are different answers on how to enter Tax Exempt OID, Acquisition Premium and Bond Premium - Tax Exempt.
I applied your answer to the 1099-INT.
For line 13, TT generates an error stating that "Bond prem tax-exemp oblig should be blank".
For line 11, TT generates an error stating that "Bond prem taxable oblig bond premium in excell of interest income must be entered on Other Deduction Stmt (Not Subject to 2% Floor), limited to the excess of prior interest income less bond premiums."
Here is my example, all items are noncovered lots for a Tax Exempt bond, I would like to know what box each number goes into the 1099-INT.
Tax Exempt OID - 47.35
Acquisition Premium - 47.35
Bond Premium - Tax Exempt Obligations - 140.77
How do we keep the input from generating errors?
Why is line 11 referencing "taxable" bonds?
It would be helpful if TT would publish clear instructions on how to handle the 1099-OID. There are too many conflicting answers on this discussion board. And lastly, why not have a 1099-OID for TT Business.
