topic Re: I'm sorry for your loss. Although the personal versions o... in Get your taxes done using TurboTax

Where enter 1099-oid in Business TurboTax? There is no line item in pgm and the box nos do not comport with line items for 1099-int.

saweiss851 — Mon, 03 Jun 2019 18:38:25 GMT

What type of return are you preparing? partnership, corp...

IreneS — Mon, 03 Jun 2019 18:38:26 GMT

What type of return are you preparing? partnership, corp, S-Corp, estate/trust?

I am doing my father's estate. His broker provided a 109...

saweiss851 — Mon, 03 Jun 2019 18:38:27 GMT

I am doing my father's estate. His broker provided a 1099-remic/oid and turbo tax business does not appear to include that form. thanks

I'm sorry for your loss. Although the personal versions o...

IreneS — Mon, 03 Jun 2019 18:38:30 GMT

I'm sorry for your loss.

Although the personal versions of TurboTax provide a template to enter a 1099-OID, TurboTax Business does not. Instead, the form is essentially treated in much the same manner as interest income reported on a 1099-INT.

You can report the information from the 1099-OID on the 1041 return using these steps:

Click on Federal Taxes > Income
In the Interest and Dividends section, click on the Start/Update box next to Interest Income on 1099-INT.
On this screen, report the following items from the 1099-OID:

Box 1 (OID) and Box 2 (Other Periodic interest) -- add together and enter in Box 1 of 1099-INT.
Box 3 (early withdrawal penalty) -- Box 2 of 1099-INT.
Box 4 (Fed tax withheld) -- Box 4 of 1099-INT
Box 5 (Market discount) - Box 10 of 1099-INT
Box 6 (Acquisition premium) - Include in Box 1 of 1099-INT
Box 8 (OID on U.S. Treasury obligations) - Box 12 of 1099-INT
Box 9 - Investment expense - Enter in the Deductions section of TurboTax: Federal Taxes > Deductions > Interest expense >Investment interest expense
Box 10 Bond premium - Box 11 of 1099-INT
Box 11 Tax-exempt OID - Box 13 of 1099-INT

If the above information doesn't help, please respond to this answer string with additional information.

There is no Box 13 on the 1099-INT in which to enter the...

danleader — Mon, 03 Jun 2019 18:38:31 GMT

There is no Box 13 on the 1099-INT in which to enter the 1099-OID Box 11 amount as per the instructions above. The lack of a 1099-OID form in TurboTax Business is very odd and unacceptable.

I agree w danleader, for $130 the 1099-OID form should be...

ConeyIslandBear — Mon, 03 Jun 2019 18:38:32 GMT

I agree w danleader, for $130 the 1099-OID form should be in there, pretty basic stuff. How bout a half-off discount. Better yet, how bout a quick FIX/update? In any case, Wouldn't 1099-OID-Box-11 (Tax exempt OID) go into the 1099-Box-8 (tax exempt interest?) There is no TurboTax Business entry for 1099-INT-Box-13 but I think that would be the wrong box anyway right?

I think this instruction is flawed. There is no way that...

jackcdavis — Mon, 03 Jun 2019 18:38:34 GMT

I think this instruction is flawed. There is no way that Acquisition premium is interred as interest income. Jack

I've had this same problem with Turbo Tax Business for ye...

wilhoff — Mon, 03 Jun 2019 18:38:36 GMT

I've had this same problem with Turbo Tax Business for years, and now again for 2017. When is Turbo Tax Business going to equip us with a simple 1099-OID form??? Any trust that holds U.S. Treasury zero-coupon bonds will have this problem, and the old answer no longer helps, because the boxes it suggests substituting are no longer in Turbo Tax Business's 1099-INT form. I think I should be putting US Treasury OID from Box 8 on the 2017 1099-OID into Box 3 of the 1099-INT form ("Interest on U.S. Savings Bonds and Treasury Obligations") because the OID is taxed as interest income, but is not taxable for State and Local purposes. Is this correct?

TY 2018 And this is STILL a problem. TTax Bus TY 2018 10...

mseklem — Mon, 03 Jun 2019 18:38:38 GMT

TY 2018 And this is STILL a problem. TTax Bus TY 2018 1099-INT has no Box 13, or Box 12. Box 8 seems a possible option for 1099-OID box 11 Tax Exempt OID - but it's not really interest. PLEASE someone from TTax comment and FIX this.

if you put something into Box 11 which is suppose to be B...

stacygrant — Mon, 03 Jun 2019 18:38:39 GMT

if you put something into Box 11 which is suppose to be Bond Premium (covered transactions only), you get an error message ..so where is it suppose to go?????

Putting total OID on US Treasury obligations from box 8 o...

wilhoff — Mon, 03 Jun 2019 18:38:40 GMT

Putting total OID on US Treasury obligations from box 8 on the reporting firm's 1099-OID into box 12 on TurboTax Business's 1099-INT form gives an error message, even if you put in the CUSIP number of the zero-coupon bond for which the 1099-OID is issued. How long will TurboTax Business ignore the tax law we're trying to comply with?? Please put out an update with a 1099-OID form now. TurboTax for Form 1040 has had this, and thus it appears that TurboTax knows how to integrate this into software....

FIX THIS ISSUE. More than these documented cases...

sneezzyy — Mon, 03 Jun 2019 18:38:41 GMT

FIX THIS ISSUE. More than these documented cases have & ARE occurring!

Re: I've had this same problem with Turbo Tax Business for ye...

tbb1109 — Tue, 25 Feb 2020 00:16:54 GMT

I have this problem now with TT Business 2019 Edition. I am reporting Form 1099-OID Box 8 OID on US Treasury Obligations as Form 1099-INT Box 3 Interest on US Savings Bonds & Treas Obligations. Why can't Turbotax add Form 1099-OID to the forms list of TT Business 2019 Edition????

Re: Where enter 1099-oid in Business TurboTax? There is no line item in pgm and the box nos do not comport with line items for 1099-int.

vranabc — Sun, 21 Jun 2020 22:09:58 GMT

And still have this problem with tax year 2019. The answer says to enter Line 11 in the 1099-oid (Tax-exempt OID) on Line 13, but there is no box for line 13. How long will Intuit ignore that their darn expensive TurboTax Business is missing a form? Anybody have any luck getting money back for purchaing an inadequate product?

Re: Where enter 1099-oid in Business TurboTax? There is no line item in pgm and the box nos do no...

VictoriaD75 — Mon, 22 Jun 2020 12:50:56 GMT

You can report the information from the 1099-OID on the 1041 return using these steps:

Click on Federal Taxes > Income
In the Interest and Dividends section, click on the Start/Update box next to Interest Income on 1099-INT.
On this screen, report the following items from the 1099-OID:

- Box 1 (OID) and Box 2 (Other Periodic interest) -- add together and enter in Box 1 of 1099-INT.
- Box 3 (early withdrawal penalty) -- Box 2 of 1099-INT.
- Box 4 (Fed tax withheld) -- Box 4 of 1099-INT
- Box 5 (Market discount) - Box 10 of 1099-INT
- Box 6 (Acquisition premium) - Include in Box 1 of 1099-INT
- Box 8 (OID on U.S. Treasury obligations) - Box 12 of 1099-INT
- Box 9 - Investment expense - Enter in the Deductions section of TurboTax: Federal Taxes > Deductions > Interest expense >Investment interest expense
- Box 10 Bond premium - Box 11 of 1099-INT
- Box 11 Tax-exempt OID - Box 13 of 1099-INT

Re: I'm sorry for your loss. Although the personal versions o...

kwelch0424 — Mon, 15 Feb 2021 05:48:33 GMT

Is this reporting of 1099 OID on a business return for a trust account still correct for 2020 tax return?

Thank you,

Kathy Welch

Re: I'm sorry for your loss. Although the personal versions o...

AmyC — Tue, 16 Feb 2021 22:08:14 GMT

Yes.You can see Instructions for Forms 1099-INT and 1099-OID, Interest Income and Original Issue Discount. Inside the link are the forms for further verification.

@kwelch0424

Re: I'm sorry for your loss. Although the personal versions o...

eframent — Mon, 01 Mar 2021 17:49:47 GMT

This does NOT work. I tried entering box 6 from my 1099-OID into box 1 of 1099-INT and box 11 of OID in box 13 (which is missing from 1099-INT entry form, so have to go to Forms view, which is stupid) and then turbo tax gives me an error. It says bond prem tax exempt income should be blank. Why doesn't turbo tax business have a 1099-OID form? And why doesn't turbo tax business include box 13 on their 1099-INT entry form? This is wrong!

Re: I'm sorry for your loss. Although the personal versions o...

Irene2805 — Mon, 01 Mar 2021 21:19:24 GMT

TurboTax subtracts the bond premium entered on Box 13 from tax-exempt interest income reported in Box 8. If the number you entered in Box 13 is greater than Box 8 you will get an error message.

@eframent

Re: I'm sorry for your loss. Although the personal versions o...

eframent — Thu, 04 Mar 2021 15:46:27 GMT

Are you referring to box 8 on the 1099-OID? The only numbers on my 1099-OID are in boxes 6 and 11, and they are the same number. So, when I enter my box 6 into box 1 of the 1099-INT and box 11 into box 13 of the 1099-INT, I get an error. Can you help?