Yes.You can see Instructions for Forms 1099-INT and 1099-OID, Interest Income and Original Issue Discount. Inside the link are the forms for further verification.
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This does NOT work. I tried entering box 6 from my 1099-OID into box 1 of 1099-INT and box 11 of OID in box 13 (which is missing from 1099-INT entry form, so have to go to Forms view, which is stupid) and then turbo tax gives me an error. It says bond prem tax exempt income should be blank. Why doesn't turbo tax business have a 1099-OID form? And why doesn't turbo tax business include box 13 on their 1099-INT entry form? This is wrong!
TurboTax subtracts the bond premium entered on Box 13 from tax-exempt interest income reported in Box 8. If the number you entered in Box 13 is greater than Box 8 you will get an error message.
Are you referring to box 8 on the 1099-OID? The only numbers on my 1099-OID are in boxes 6 and 11, and they are the same number. So, when I enter my box 6 into box 1 of the 1099-INT and box 11 into box 13 of the 1099-INT, I get an error. Can you help?
Please enter the figures from your OID as follows:
OID Box 6-Acquisition premium. Report in Box 1 of the 1099-INT. This amount should be reported on the federal return as interest income but it is considered exempt from taxation for state and local income tax purposes.
OID Box 11-Tax exempt OID - Report in Box 8 of the 1099-INT entry screen It will flow to line 2a of your 1040, Tax-exempt interest.
After the 1099-INT entry screen, you will see Tell us if any of these uncommon situations apply. Mark the box Our state doesn't tax all of this interest and select the state from the drop-down list. If your state is not on the list, you can select it on the next screen, Which state is your $XX of exempt interest from?
Is there a reason TurboTax can't simply fix the problem by giving us users the appropriate 1099-OID form, as you have done for personal income taxes? What's the problem that it takes this many years to deal with?
But shouldn’t the acquisition premium on a tax exempt bond be entered in box 8 rather than box one?
The taxslayer website says that the acquisition premium on a tax exempt bond is tax exempt, which I understood to include for federal tax purposes.
Maybe if TurboTax would FIX THIS PROBLEM we wouldn’t all need to have this fascinating discussion.
Here’s the instructions in the system for entering a 1099-OID in TurboTax Business:
- Inside TurboTax, open or continue your return and then search for this exact phrase (recommended that you copy/paste from here): 1099-oid original issue discount
- Select the “Jump To” link at the top of your search results
- On the Miscellaneous Investment Income screen, check the first box for Form 1099-OID and click “Continue”
- Answer “Yes” on the next screen, and continue to follow the onscreen instructions to import or manually enter your 1099-OID.
- If you land on the Form 1099-OID Summary screen, select “Add another Payer”, and then follow the instructions to either import or manually enter your 1099-OID.
That link takes you backto the Interest Income Summary screen...which takes you back to the 1099-INT..and when you say that you need to adjust the amount, it suggests that you should enter the OID on another 1099-INT but doesn't explain what box you need to enter the relevant amount in so that Turbo Tax will get it right...so if I have an amount in Box 8 of the 1099-OID, how do I know what box it needs to be entered in on a 1099-INT?