topic Re: 1099 Interest question in Get your taxes done using TurboTax

1099 Interest question

VALT1 — Wed, 11 Mar 2020 23:24:24 GMT

I have the same interest amount shown on a 1099-INT and in Box 2 of a 1099-OID. Will entering both of these in TurboTax result in my being taxed twice on the same interest payment?

Re: 1099 Interest question

Anonymous — Thu, 12 Mar 2020 00:55:45 GMT

there's no way for us to know if the issuer made a mistake but you should not receive both a 1099-INT and a 1099-OID for the same interest. contact the issuer to make sure but it is possible that both need to be reported. one is the actual interest you received and the other is because there was a discount on the security you bough which under the tax laws requires you to pick up the a portion each year over the the term of the security.

Re: 1099 Interest question

VALT1 — Sun, 15 Mar 2020 00:19:34 GMT

Thanks for the help. Following your lead, I read the instructions for the 1099-OID and -INT, and it is clear that both should not be used. So I deleted the -INT form. I did not, however, check to see whether TurboTax would have flagged this had I left both entries stand.

Re: 1099 Interest question

SForrestLO — Mon, 16 Mar 2020 18:16:54 GMT

@VALT1

Your welcome.