Get your taxes done using TurboTax

Since the income is tax-exempt, it may not affect your federal income tax, so it isn't critical that you amend your tax returns. It may affect your state taxes, however. It is not hard to amend a return using TurboTax, you just enter the information not entered originally, and include an explanation of the changes.

To enter your tax exempt OID income in TurboTax, follow these steps:

1. Type in "1099-OID original issue discount" in the "Search" box on your TurboTax Screen and press your "enter" key on your computer keyboard

2.  See the "Jump To" option that will appear and click on it

3. You will see this screen:

4.Click on the first option above "Form 1099-OID ..."

5.Work through that section until you see the form 1099-OID entry screen:

5. Complete the entry screen and enter the tax exempt amount in box 11