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Speechteach
Returning Member

1099-OID using TT Trust software

How do you enter a 1099-OID for a trust using the Business, Estate & Trust software.  On my 1099-OID, there is only an enter in Box 8.   I understand a 1099-INT can be used but what box or boxes do I enter this amount on the 1099-INT?

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4 Replies
PatriciaV
Employee Tax Expert

1099-OID using TT Trust software

For OID on U.S. Treasury obligations (Box 😎, report this income in Box 3 for the "mock" Form 1099-INT.  Do this for bonds and notes issued by the Federal government or certain of its agencies and for which the interest is exempt from state income taxation.

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Speechteach
Returning Member

1099-OID using TT Trust software

Does the smiley face mean '8"?  Will the IRS accept a 1099-INT for the 1099-OID that is not included in the trust  TT software? Thanks you!

PatriciaV
Employee Tax Expert

1099-OID using TT Trust software

The interest is reported in total on Form 1040 Line 1. The source of the income is not reported on any forms in the trust return. 

 

And yes, the community software apparently thinks an 8 and a parenthesis equals a smiley.

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Speechteach
Returning Member

1099-OID using TT Trust software

Thank you for clarifying and explaining. I have greater confidence in my entries and final numbers. 

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