It is impossible to enter 1099-OID in Turbos Tax Business 2022

[ilg10402021]

On Box 11, I agree.  However, here is something interesting.  When I enter the 1099-OID in personal TurboTax, the amount in Box 11 does NOT transfer to total tax-exempt interest, which I find interesting.  Also, in personal TurboTax, the amount of Acquisition Premium (Box 6) does not transfer to anywhere that I can find.

Having said that, how do I handle Box 6 in TurboTax Business??  Ignore it??

Edit:  I figured this out.  A tax guy told me, "First, your acquisition premium reduces the tax exempt OID reported."  So, if the amount of Acquisition Premium and the amount of Tax-Exempt OID are the same, e.g. $63.00, then it's a wash when you report both boxes.  There is no tax impact.  If you enter a net amount of Tax-Exempt OID in Box 11, you leave Box 6, Acquisition Premium, blank.  If I enter $63 in Box 11 only, the $63 is added to tax-exempt interest total.  If I enter $63 in Boxes 6 and 11, it's a wash.

Turbotax needs to fix this, period.  There needs to be a template for 1099-OID in TT Business, period.  The posted workaround is not correct IMO.  I have read many negative reviews of TT Business.  Now, I know why.

[kwelch0424]

Hi Hope,

Thank you for your reply.  Making these reporting adjustments for the trust OID has worked for many years but this year for 2023, after including the OID amount on line 11 Tax Exempt OID to the 1099 INT line 13 Bond Premium on Tax Exempt Bond, that amount is greater than Line 8, on the 1099 INT and I keep getting an error message.  What would be a work around to correct this so I can complete my tax return?  Of course it would be ideal if TT could upgrade the software and we could report these amounts where they are intended to be reported.

Thanks,

Kathy

[kwelch0424]

You just need to click on forms and add it that way.  I've had to do that for years now. Hopefully TT will get an updated version that includes OID reporting.

[Anonymous_]

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@kwelch0424 wrote:

You just need to click on forms and add it that way.  I've had to do that for years now. Hopefully TT will get an updated version that includes OID reporting.

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It has been that way for years and I would not hold my breath waiting for a change to be implemented.

After all, the program still has no import functionality (also requested for years) other than from QuickBooks.