topic Interest Income in Get your taxes done using TurboTax

Interest Income

bschulte — Mon, 23 Feb 2026 14:39:45 GMT

In previous years, I have been paying taxes on long term CD's where I have OID 1099's. In 2022, I cashed all CD's and have a 1099 OID. How do I know that this OID interest hasn't already been declared in previous years OID's?

Re: Interest Income

DianeW777 — Fri, 17 Mar 2023 20:56:50 GMT

Each year you include the OID on your tax return and this becomes part of your cost basis. Once you redeem or cash the bonds this is added to your cost basis of the bond and you should have a limited, if any, gain. This will be reported as an investment sale for the bond redemption. Use the link below to report your bond redemption.

Where do I report investment sales?

Re: Interest Income

Mike9241 — Sat, 18 Mar 2023 02:52:06 GMT

you know how much you got when you cashed in the CDs. you know what you paid originally. the difference is either interest income or OID. so add up all the 1099-OIDS/INT for these for each year and see if they equal this difference. if they don't (they could be more) then you were probably penalized for early withdrawal. but that should've been separately stated