I am using TurboTax desktop and have a 1099-OID from Wells Fargo Advisors for tax exempt bonds.
There are amounts in both Box 6 (acquisition premium) and Box 11 (tax-exempt OID). I need to adjust the amounts for both items (for acquisition premium not reported to the IRS and for tax exempt original issue discount not reported to the IRS).
TurboTax gives me the option to adjust an amount, but not to adjust both boxes. I tried entering the amounts separately (a 1099-OID entry for Box 6 and then another for Box 11 but I received an error message).
How would I report these items? (Alternatively, could I enter the tax exempt OID box 11 and related adjustment as tax exempt interest to a 1099-INT that I create (and enter it in Box 😎 and then include the acquisition premium in Box 13 of the 1099-Int I create for the Wells Fargo 1099-INT.--rather than enter it in the 1099-OID screen enter the amounts in a 1099-INT screen. The result is the same (tax exempt interest will be the correct amount, but not sure if this "fix" /work-around is appropriate).
