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Here is some helpful information from a tax professional regarding OID for tax-exempt bonds:

 

OID is treated as interest.  Acq. Premium reduces your OID.  Tax-Exempt OID (Box 11)  is offset by Acq Premium (Box 6); they are both adjustments to tax exempt income and are not taxable.  So, for example, if your Acq. Premium (Box 6) is $100 and your OID is $200, you would add $100 to your interest income.

 

Bond premium reduces tax exempt income.  TTax 1099-INT template takes care of this automatically.  Same goes for bond premium for taxable bonds.