OID error

[royellis28]

I have several 1099 Original Issue Discount (OID) forms. For all of them, the review is telling me "the bond premium adjustment is greater than the interest income reported...reduce the bond premium amount...and report any excess on Schedule A. Two questions: 1) why isn't TT doing this calculation for me and 2) where do I enter the excess on Schedule A.

[baldietax]

is this Schwab?  If a bond has OID they report the full premium adjustment on 1099-OID but most of it is likely related to income on 1099-INT so you end up with Box 10 > Box 11.  I've never been able to get Box 10 to work in Turbotax I usually put it as $0 and make an "Other" adjustment to the 1099 and get to right place for Fed and State.

[royellis28]

Thank you -- yes, it's Schwab