How do I enter form 1099-OID on my kids' returns (income from their UTMA accounts). In particular, Box 1 and Box 8. Thanks.

[KatherineC · Accepted solution]

Log into your children's' returns, one at a  time and follow the steps below:

• Click on Federal in the left column
• Click on Wages & Income
• Scroll to Interest and Dividends, click on Show more if necessary
• Click on the button beside 1099-OID, Foreign Accounts
• Indicate that you received Form 1099-OID (and any others that apply)
• Indicate that you did receive OID
• You can try to import the 1099-OID or you can click on "I'll type it in myself"
• Enter the information as it appears on your Form 1099-OID
  
• Indicate if any of the uncommon situations apply
• Click Done
  

[otoubia]

Thank you for the answer. The issue is that the software does not seem to create a separate return for my son. Instead, I am asked to enter my Child's Interest Income under "Child's Income (Under Age 24)" under "Your income and expenses" on my return. There, the options are "Interest from Banks, Savings&Loans, and Credit Unions" and "Interest from US Bonds, T-Bills, etc. (Nontaxable to State)" Then I am offered "Adjustments to Interest Income" options, that include "Original Issue Discount Adjustment (Enter as Negative if Adding)," as well as "Tax-exempt Interest" options, but I can't see any option to import form 1099-OID. Thank you.

[KatherineC]

It looks like your choice would have to be entering the OID income as a negative Adjustment to Interest Income on your own return.

[otoubia]

Thank you so much. My son's 1099-OID form includes both non-US treasury (box 1) and US treasury obligations (box 8). Should I add these two up and enter the sum in the OID income, or only one of them? Thanks again.

[KatherineC]

I would report the US Treasury amount as Interest from US Bonds, T-Bills, etc.  Then report the Non-US Treasury as OID.

[KatherineC]

Did you create a separate account for your son?  You can use the same e-mail and even the same password but you would have to use a unique User ID.

[otoubia]

Thank you so much, that is very helpful!

[otoubia]

I did not create unique accounts for my son, no. I was given the option to enter their income within my account. Maybe I'll try to create separate accounts instead.

[KatherineC]

You can try that - if you decide not to use the separate returns, you can simply not file them.  If you do file separate returns, be sure to delete the information you entered in your own return.