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Level 5

Solved

Corrected Brokerage Statement on OID

Forum|Forum|5 years ago
April 13, 2021
1 reply
4 views

I just received a Corrected Tax Info Statement from my broker - I've already filed - listing a negative $XXX of OID on a US Treasury Bond which they say is a "Deflation Adjustment" and "may not be the correct number to report on your income tax return." It was not reported to the IRS and doesn't show up on OID summary page. At best, I am confused. Advice? Do I need to include it? File an amended return? Thanks.

Not A Product Question

Best answer by DanielV01

If it is a corrected statement, there is probably no need to amend to report this. If there were something that had a tax implication, then you would receive a corrected tax form, which would either be a 1099-OID or maybe a 1099-INT. But if you don't receive an actual tax form, there's likely nothing to amend for the tax return. Just keep it with your records.

DanielV01Answer

Level 15

If it is a corrected statement, there is probably no need to amend to report this. If there were something that had a tax implication, then you would receive a corrected tax form, which would either be a 1099-OID or maybe a 1099-INT. But if you don't receive an actual tax form, there's likely nothing to amend for the tax return. Just keep it with your records.

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