Question

On my 1099-OID I have "Tax-Exempt OID not reported to the IRS," and "Acquisition Premium (box 6)" which is noted at not reported to the IRS, for 3 Tax-Exempt Bond holdings. Do I have to report these amounts somewhere? How do I do that in Turbotax?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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For 2 of the 3 holdings, the amounts in the 2 relevant columns are both the same. For the third, the amount in the Box 6 (not reported) column is considerably less. The OIDs weren't reported to IRS. The acquisition premiums are non-covered. The third is listed as covered in the summary at the bottom of the form but indicated as not reported in the detail.

I am concerned about reporting amounts that differ from my 1099-INT since the relevant adjustments (?) weren't reported to IRS.

Also, the 1099-OID I received doesn't have all the boxes listed on the Turbotax entry page, which further confuses me.

I am new at this and at my wits' end, facing the deadline. HELP, please!

TurboTax Premier Online

A

Anonymous

Generally, if the amount you need to report as income is less than the amount on your Form 1099-OID, you must make an OID Adjustment to reflect this. You would report the full amount first, then subtract out the appropriate amount. This subtracted amount would be your OID Adjustment.

Here are the instructions:

https://ttlc.intuit.com/questions/3305925-where-do-i-enter-form-1099-oid