hbl3973,
With TIPS, the inflationary adjustments made during the year are reported on a 1099-OID. My 1099-OID only has entries in Box 8 (representing inflationary adjustments on US Treasury Obligations ) and Box 10 (representing the bond premium). Box 8 exceeds Box 10, so no problem there. However, Turbo Tax returns an error on the Box 10 amount, indicating that it's more than Box 2 (representing interest). My form has no entry in Box 2, which it shouldn't.
It's as if Turbo Tax hasn't updated to recognize that TIPS inflationary adjustments and the premiums paid are reported on 1099-OID. If I enter the info from the 1099-OID on a 1099-INT, I can work around Turbo Tax's error, but I'm hesitant to do that because I don't know if those self-filled 1099s are submitted to the IRS and I'll be missing a reported 1099-OID.
Have you had this issue, and if so, how do you work around it?
