Form 1099-OID

Form 1099-OID


Tax Slayer entry:

Varies depending on the source of the interest or expense. Note that the line numbers for the Interest Income form are for the 1099-INT and will not correspond to the 1099-OID numbers.

Box 1-4:

Federal Section > Income > Interest and Dividends (1099-INT, 1099-DIV) > Interest and Dividends > Interest Income

  • Enter amounts from boxes 1 and 2 as ordinary interest.
  • Enter amounts from boxes 3 and 4 into boxes 2 and 4 respectively.
  • Do not enter in the OID Adjust box. If adjustments are required, it is  OUT OF SCOPE .
  • This amount along with other interest carries over to Schedule B and then to Form 1040 line 8.

Box 8:

Federal Section > Income > Interest and Dividends (1099-INT, 1099-DIV) > Interest and Dividends > Interest Income

  • Enter in the “Interest on U.S. Savings Bonds and Treasury obligations (Box 3)” line. Note that this amount could be negative.
  • Also enter any positive amount in the state subtraction line.

Box 9:

Federal Section > Deductions > Itemized Deductions > Miscellaneous Deductions > Investment Fees and Expenses

  • Investment expenses are entered on Schedule A line 23 Misc Deductions.

Box 10-12:

Federal Section > Payments & Estimates > Other State Withholdings

  • Add the additional withholding to the calculated withholding on the Colorado return
  • [TSQuestion] If state tax was withheld, the state return will have to be paper filed to retrieve that withholding.