1099 Interest question

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?

posted

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.

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.