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Level 4
posted Apr 13, 2021 1:24:19 PM

Corrected Brokerage Statement on OID

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.   

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1 Best answer
Expert Alumni
Apr 14, 2021 2:28:52 PM

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.

1 Replies
Expert Alumni
Apr 14, 2021 2:28:52 PM

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.