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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.