I have TT Deluxe as well as TT Business. TT Deluxe has 1099-OID.
I have same situation as you do. Tax-Exempt OID and Acquisition Premium amounts are the same. If I create 1099-OID in TT Deluxe, there is no impact on the 1040 because, apparently, the AP reduces the T-E OID to zero. If I enter only the T-E OID--in my case, $63--the amount of Tax-Exempt interest on the 1040 is increased by $63.
As you stated, there is way too much information here about 1099-OID. There needs to be a "template" for this."
When I used another tax program that has 1099-OID "template," that tax program SUBTRACTED the amount of Tax-Exempt OID from TAXABLE interest on Form 1041. There is no way that's right. Tax-Exempt OID does not have anything to do with Taxable interest, IMO.
TT needs to fix this issue. The "workarounds" found here are not correct, IMHO. I agree with gdowstock.
