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Yes, this is a required entry on your tax return. Tax exempt interest is used for some tax calculations even though the earnings are tax exempt. Also, some tax exempt bond interest is not fully tax exempt from the state return. The information about that comes from you the plan administrator.
The key to entering the Form 1099-OID is shown below.
I havee OID and I can't find the form on my turbo tax account. Where do I ook?
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Try these steps for entering a 1099-OID in TurboTax.
1. Click the "Income & Expenses" tab at the top of the page
2. Scroll down to "Interest & Dividends"
3. Click "Show More"
4. Find 1099-OID and click "Start/Revisit"
Here is the link where you can also find instructions for entering a 1099-OID.
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