1099-OID

1099-OID

A form that an issuer sends to all investors listing all income from interest on discount issues. This includes income from zero-coupon bonds, Treasury bills, and other securities issued at a discount from par. Investors are to include this income when calculating their taxable income.

1099-OID

An annual report sent to investors and the Internal Revenue Service that lists interest income from taxable original-issue discount securities. The form, which originated during the 1984 tax year, reports the amount of implied and real income derived from original-issue discount securities such as Treasury bills, zero-coupon bonds, and commercial paper. Income shown on a 1099-OID is to be included on Part I in Schedule D of an investor's federal income tax return.
References in periodicals archive ?
REMICs consequently provide regular interest holders with IRS Form 1099-INT (and Form 1099-OID, if applicable).
AFS prepared false Forms 1099-OID that reported an amount equal to the clients debts as income and the same amount as income tax withheld, resulting in significant income tax refunds to which the clients were not entitled.
The IRS will forward the information provided on the following forms to FTB:1099-B, 1099-DIV, 1099-G, 1099-INT, 1099-K, 1099-MISC, 1099-OID, 1099-PATR, 1099-R, 5498.
The IRS notes that this latter assumption is at odds with reporting requirements of Form 1099INT, Interest Income, and Form 1099-OID, Original Issue Discount, and that the customer is not bound by the assumptions that the broker uses to satisfy the reporting requirements.
The system prints and electronically reports 1097-BTC, 1098, 1098-C, 1098-E, 1098-T, 1099-A, 1099-B, 1099-C, 1099-CAP, 1099-DIV, 1099-G, 1099-H, 1099-INT, 1099-LTC, 1099-MISC, 1099-OID, 1099-PATR, 1099-R, 1099-S, 1099-SA, 3921, 3922, 5498, 5498-ESA, 5498-SA, W-2G and optionally 1042-S forms.
The system prints and electronically reports 1098, 1098-C, 1098-E, 1098-T, 1099-A, 1099-B, 1099-C, 1099-CAP, 1099-DIV, 1099-G, 1099-H, 1099-INT, 1099-LTC, 1099-MISC, 1099-OID, 1099-PATR, 1099-R, 1099-S, 1099-SA, 3921, 3922, 5498, 5498-ESA, 5498-SA, W-2G and optionally 1042-S forms.
and then reporting those outstanding debts as Form 1099-OID deductions, making it look like the entire amount of the debt was withheld as taxes.
The primary purpose of the publication is to help brokers and other middlemen identify publicly offered OID debt instruments, which they hold as nominees for the true owners, so they can comply with their responsibility to file Forms 1099-OID and Forms 1099-INT.
1099 Pro software provides preparation assistance for all informational forms required by the IRS including, 1098-MORT, 1099-A, 1099-B, 1099-C, 1099-DIV, 1099-E, 1099-G, 1099-INT, 1099-LTC, 1099-MISC, 1099-MSA, 1099-OID, 1099-PATR, 1099-R, 1099-S, 1099-T, 5498, 5498-MSA, and W2-G.
The returns reported false amounts of taxable income on attached Forms 1099-OID (Original Issue Discount) and Forms 1099-A that Miller created and fraudulently represented to have been issued by financial institutions.
The perpetrator files a fake Form 1099-OID to justify a false refund claim on a corresponding tax return.
AADM supports the entire family of Information Returns (1097-BTC, 1098, 1098-C, 1098-E, 1098-T, 1099-A, 1099-B, 1099-C, 1099-CAP, 1099-DIV, 1099-G, 1099-H, 1099-INT, 1099-K, 1099-LTC, 1099-MISC, 1099-OID, 1099-PATR, 1099-Q, 1099-R, 1099-S, 1099-SA, 3921, 3922, 5498, 5498-ESA, 5498-SA, W2G) and Annual Wage Reports (W2, W2C).