Get your taxes done using TurboTax

Thank you.  

 

Yes, I need to adjust the amounts in Box 6 and 11 in the 1099-OID for amounts not reported to the IRS.  So, for example, Box 6 is $4950 but there is another $1950 of acquisition premium that is shown in the supplemental detail received from Wells Fargo.    And in Box 11, the tax-exempt OID is $8,750 but there is another $4,800 that is shown in the detail but not included in Box 11.

 

I was able to get the Box 11 information input into the 1099-OID screen of TurboTax, but when I  input the Box 6, acquisition premium, I input the $4950 and adjust for $1950 clicking the box "to amortize the premium I paid on a tax exempt bond"  (so total of $6900).  However, the amount  is not reflected in my total tax exempt interest (it should reduce it by $6,900).    I can instead input info into a 1099-INT screen (instead of 1099-OID) and include the amount in Box 13, bond premium on tax-exempt bond, and that results in the correct tax exempt interest on my 1040, but seems like I should be able to enter in on the 1099=OID screen as that's where Wells Fargo has it in the 1099 they sent me.

 

I appreciate your  help.