The interest and OID information get entered in different sections of TurboTax. The accrued interest is entered in the Investments and Savings section under Your income and expenses (TurboTax online). In TurboTax CD/download, accrued interest is entered in the Investment Income section under the Wages & Income tab.
Yes, you do need to report the OID each year as it is treated as accrued interest. If you are using TurboTax online, enter your OID information in the section Less Common Investments and Savings. Click on the drop-down arrow if necessary to reveal the options.
If you are using TurboTax CD/download, your OID information is entered in the Interest and Dividends section under Wages & Income.
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