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Get your taxes done using TurboTax
Looks like no chance for this year.
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.
‎April 5, 2023
10:18 AM