I entered this information in TurboTax and I got the following message, "Box 10 bond premium. The bond premium adjustment of $100 is greater that the interest income in Box 2 of this 1099-OID. You must reduce the bond premium amount to no more than the amount in Box 2, and report any excess on Schedule A subject to limitations."
This means that if Box 2 is $0, Box 10 must also be $0. You can deduct the amount in Box 10 on Schedule A:
- Click on Federal Taxes, then Deductions and Credits.
- Scroll down to Other Deductions and Credits, expand the section.
- Click Start to the right of Other Deductible Expenses.
- Answer the next two questions No.
- Answer Yes to Did you have any of these other expenses?
- Enter the amount next to Amortizable bond premiums.
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