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515. Need help If you have questions about reporting on Form 1099-OID call the information reporting customer service site toll free at 1-866-455-7438 or 304-263-8700 not toll free. In addition the OID rules apply to Treasury inflation-protected securities. See Pub. 550 for more information. If as the record holder you receive Form 1099-OID showing amounts belonging to another person you are considered a nominee recipient. Form 1099-OID Cat. No. 14421R www.irs.gov/form1099oid Department of the ...

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How do I enter my OID in Turbotax?

You can use the steps here below to get to the section to enter your 1099-OID. Log into your account and click orange Take me to my return button. Then click My Account (top right of screen), Tools, and Topic Search. Type 1099-OID in the box, select it in the list and then click Go.

What is OID and how is it taxed?

It usually occurs when companies issue bonds at a price less than their redemption value at maturity. The difference between these two amounts is the OID. For bonds issued after 1984, the OID is treated as interest. It's taxable as it accrues over the term of the bond.

What do I do with a 1099-OID?

Form 1099-OID is used to report a special type of interest from certain bonds that were issued at a price less than the value you can redeem them for once the bond matures.

Can you print 1099-OID?

Caution: Because paper forms are scanned during processing, you cannot file Forms 1096, 1097, 1098, 1099, 3921, or 5498 that you print from the IRS website.

Who Must File 1099-OID?

File Form 1099-OID: If the original issue discount (OID) includible in gross income is at least $10. For any person for whom you withheld and paid any foreign tax on OID. From whom you withheld (and did not refund) any federal income tax under the backup withholding rules even if the amount of the OID is less than $10.

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How do I report OID on my tax return?

Report interest that is taxable OID in box 1 or 8 of Form 1099-OID, Original Issue Discount, not on Form 1099-INT. Report interest that is tax-exempt OID in box 11 of Form 1099-OID, not on Form 1099-INT. Report exempt-interest dividends from a mutual fund or other regulated investment company (RIC) on Form 1099-DIV.

Where do I report OID interest on 1040?

Tax-exempt interest. In general, your tax-exempt stated interest should be shown in box 8 of Form 1099-INT or, for a tax-exempt OID bond, in box 2 of Form 1099-OID, and your tax-exempt OID should be shown in box 11 of Form 1099-OID. Enter the total on line 2a of your Form 1040 or 1040-SR.

Where can I get a 1099-OID form?

To order these instructions and additional forms, go to www.irs.gov/Form1099OID. Caution: Because paper forms are scanned during processing, you cannot file Forms 1096, 1097, 1098, 1099, 3921, or 5498 that you print from the IRS website.

Why did I get a 1099-OID?

You receive a 1099-OID if you have reportable original issue discount interest. Original issue discount is the excess of an obligation's stated redemption price at maturity over its issue price, and it is taxable as interest over the life of the obligation.

How does OID affect tax return?

For bonds issued after 1984, the OID is treated as interest. It's taxable as it accrues over the term of the bond. You also get to increase your basis in the bond by the amount of OID included in income. This reduces your capital gain \u2014 or increases your loss \u2014 when you sell it.

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