1099-OID Box 6 and Box 11

[Indie518]

Concerning tax exempt munis, we need clear instruction as to where amounts in Box 6 and Box 11 of 1099-OID are entered in Lacerte.  

[George4Tacks · Accepted solution]

Box 6. For a taxable covered security, shows the amount of acquisition
premium amortization for the year that reduces the amount of OID that is
included as interest on your income tax return. If an amount is reported in this
box, see the Instructions for Schedule B (Form 1040 or 1040-SR). If an amount
is not reported in this box for a covered security acquired with acquisition
premium, the payer has reported a net amount of OID that reflects the offset of
OID that is included in income. If the payer has reported a net amount of OID in
box 1 or box 8, you must report the net amount of OID on Schedule B (Form
1040 or 1040-SR) and you must not make an adjustment to this amount for
acquisition premium on Schedule B (Form 1040 or 1040-SR).
If there is an amount in both boxes 6 and 11, for a tax-exempt obligation that
is a covered security acquired on or after January 1, 2017, and is issued with
OID, the amount in box 6 shows the amount of acquisition premium
amortization for the year that reduces the amount of your tax-exempt OID for
the year. The payer may, but is not required to, report the acquisition premium
for a tax-exempt obligation that is a covered security acquired before January 1,
2017, and issued with OID. See the instructions above for a covered security
acquired with acquisition premium

Box 11. For a tax-exempt obligation that is a covered security acquired on or
after January 1, 2017, shows the tax-exempt OID on the obligation for the part
of the year you owned it. The payer may, but is not required to, report the OID
for a tax-exempt obligation that is a covered security acquired before January 1,
2017. In general, report the amount of tax-exempt OID on Form 1040 or
1040-SR. See the instructions above for a covered security acquired with
acquisition premium.

https://www.irs.gov/pub/irs-pdf/i1040sb.pdf

If appropriate, I have entered a 2nd line with a negative number for these income lines to clearly show the adjustment.

[Indie518]

What about putting box 11 in the "tax exempt interest" field and box 6 in the "amortized acquisition premium on tax exempt securities" field?

[Sharon28]

Lacerte needs to clearly mark all entry fields with the corresponding box numbers on federal forms. The explanation about OID says nothing about where to enter the figures in Lacerte!!!!