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mootzie55
Returning Member

1099 OID with numbers only in box 6

My 1099 oid only has numbers in  box 6. I get the following error when running Smart Check:

The acquisition premium adjustment of $$ reported on this form 1099-OID is greater than the interest income reported in Box 1, Box 8, and Box 11 on this 1099-OID of $0.00. You must reduce the acquisition premium reported on this 1099-OID to the amount of interest income and report any excess on Schedule A.

How do I handle this?

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1 Reply
MarilynG1
Employee Tax Expert

1099 OID with numbers only in box 6

Since you don't have any interest income reported on your 1099-OID, you can leave this document out of your tax return and just save it for your records.  

 

Here's more info from the IRS on Box 6:

 

'Box 6. Acquisition Premium For a covered security acquired with acquisition premium, enter the amount of premium amortization for the part of the year the debt instrument was owned by the holder. See Regulations sections 1.6045-1(n)(5) and 1.6049-9(c). If you reported a net amount of OID in box 1, 8, or 11, as applicable, leave this box blank. You may, but are not required to, report the acquisition premium for a tax-exempt obligation that is a covered security acquired before January 1, 2017.'

 

If you're using TurboTax Online, here's How to Delete Forms in TurboTax Online.

 

Here's more info on Form 1099-OID.

 

@mootzie55 

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