No, only if you have taxable interest in Box 1, Form 1099-INT.. If you are not reporting municipal bond interest on your federal return, which is nontaxable, then there is no adjustment to make. However, you must track this manually so that when you redeem or sell the bond you have the correct and accurate purchase price to use against the selling price. At that time it will be a reportable transaction as an investment sale.
Double check your state return requirements if the municipal bonds are not from your state. It's likely they would be taxed on your state return if they are not municipal bonds for your resident state. Your financial institution will normally provide a statement showing the percentage for your state, if it is for more than one municipality/state.
@John in Boston
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