To report amortized bond premiums on tax-exempt bonds from 1099 box 13 follow these steps.
With TurboTax Deluxe open.
Select the Wages & Income tab scroll down to Interest on 1099-I
Select visit all on the line Forms 1099-INT, 1099-DIV, 1099-OID.
Enter your 1099-INT information, select Continue.
Select I need to adjust the taxable amount, select Continue.
Enter the amount of your premium adjustment (use a negative number if you need to add to the interest reported).
Select the Reason for Adjustment: I amortized a premium I paid on a tax-exempt bond.
If your bond premium amortization is more than the interest paid on your tax-exempt bonds, only the amount up to your tax-exempt interest can be reduced.
