Instruction 1099 INT and OID (Rev 2003 ) Instructions for Forms 1099 INT and OID - irs: Fill out & sign online

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How do I report 1099-OID on Form 1040?

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) and you must not make an adjustment to this amount for acquisition premium on Schedule B (Form 1040).

Where do I put 1099-OID on my tax return?

Reporting interest and OID. On Form 1099-OID, report the qualified stated interest in box 2 and the OID in box 1, 8, or 11, as applicable. You may choose to report the interest on Form 1099-INT and the OID on Form 1099-OID.

How is OID treated for tax purposes?

For bonds issued after 1984, the OID is treated as interest. Its 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 or increases your loss when you sell it.

Where is the tax-exempt OID on 1040?

13316: 1040/1041 - Tax-Exempt OID Interest Interest from a 1099-OID can be entered on the OID screen under the Income tab in the 1040 or 1041 returns. The OID screen is not available in other packages. In prior years, interest income from Form 1099-OID could be entered either on: Screen 3 (if less than $1,500).

How do I report an OID on Schedule B?

Box 8 Original issue discount on U.S. Treasury obligations shows the OID amount on a U.S. Treasury obligation for the portion of the tax year that the taxpayer owned the Treasury obligation. This OID amount will be added to the Box 1 amount on Schedule B.

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