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1099B and 1099OID

Last year I purchased a US Treasury NT Stripped and when it matured in November I rolled it over for another one. On the 1099 OID on this US Treasury NT Stripped the only interest amount is listed in Box 8..  I entered all of that info into the turbotax program and it shows that this interest is being added and taxed on the federal side.

I also received a 1099 B for this US Treasury NT Stripped and in box 1d (Proceeds) it shows the amount when it matured and in box 1e (Cost or Other Basis) it shows the same amount.  On the left side of the form, not in any box the Original Cost Basis is listed which is less then the amount in box 1d and box 1e.   In the program when you enter the info into the 1099B section it asks if the Original Cost Basis is different then what the Brokerage house has listed on the 1099B.  If I change box 1d then the program is adding the interest from the sale of the US Treasury NT Stripped as capital gains and the 1099OID as interest and both are added as income.  That cannot be correct, the money earned cannot be counted twice as income and pay taxes on it twice.  What is correct, enter the amounts that are in box 1d and 1e and make no changes, then it only counts the interest from the 1099 OID.

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3 Replies
RobertB4444
Expert Alumni

1099B and 1099OID

When you receive two forms for the same income then you only need to enter it once.  You need to save both forms and make a note for yourself about the fact that the income appeared on the other form as well and then file it.  If the IRS questions the omission of the other form then you just have to inform them that the income was sent twice and send copies of both forms indicating what you have said here.  

 

@papa281 

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1099B and 1099OID

So do not make any entries for the 1099B. Is that correct?

DawnC
Employee Tax Expert

1099B and 1099OID

Correct.  If all the information on the 1099-B is included with the 1099-OID you already entered, you have already claimed the income.  

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