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suchong1
New Member

How can I make the 1099OID, Foreign Accounts line go away? I've made sure all 1099INT boxes I could find are unchecked and answered no to any foreign accounts or income.

Must be some foreign asset box that got checked by accident but I can't locate it again. Hence program thinks I still have foreign assets.
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4 Replies
LinaJ2020
Expert Alumni

How can I make the 1099OID, Foreign Accounts line go away? I've made sure all 1099INT boxes I could find are unchecked and answered no to any foreign accounts or income.

You can try to remove both Form 1099-OID and 8938 from the program.

 

If you are using the online version, here are the steps:

  1. Open your return, if it's not already open.
  2. In the upper right corner, click My Account > Tools.
  3. In the pop-up window, select Delete a form.
  4. Click Delete next to Form 1099-OID and 8938 and follow the instructions to remove the form/schedule.

 

Form 1099-OID is used to report original issue discount interest as part of income on your taxes. OID stands for "original issue discount". OID occurs when a bond is issued for a price less than its face value or principal amount.

 

If you live in the US and meet one of the following criteria, you would need to file a Form 8938.  

  • Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
  • Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

For more information, click here: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

 

If both of these forms do not apply to you, you do not report them.

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How can I make the 1099OID, Foreign Accounts line go away? I've made sure all 1099INT boxes I could find are unchecked and answered no to any foreign accounts or income.

I have the same problem. I am using the free version and have opened my return and do not see my account in the upper right. In the upper right have a bell, a magnifying glass, a question mark, and a person with a chat bubble and none of them lead to my account. When I am in Tax Home, my account is on the bottom of the page and it doesn't have a Tools option. 

I'm not sure how to proceed. 

How can I make the 1099OID, Foreign Accounts line go away? I've made sure all 1099INT boxes I could find are unchecked and answered no to any foreign accounts or income.

Alright, I found the Tools, in the lower left of the free online version. Thing is, the form is not there to delete. 

DaveF1006
Expert Alumni

How can I make the 1099OID, Foreign Accounts line go away? I've made sure all 1099INT boxes I could find are unchecked and answered no to any foreign accounts or income.

Check this:

  1. Go to federal>income and expenses
  2. Interest and Dividends>1099-OID, Foreign Accounts

  3. Next screen says Miscellaneous Investment Income

  4. Select none of the above

  5. Select no for the next two screens.

  6. If there was an entry made and a 1099 OID shows up in this section, delete it from the summary page.

  7. See if this helps.

@theywantmymoneyfo

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