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billlee53070
New Member

I was issued 1099-OID. I opened 18-month term Certificate of Deposit in 2019 and earned no interest incomes in 2019. Why 1099-OID in 2019? Do I need to report as income?

 
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AlanT222
Expert Alumni

I was issued 1099-OID. I opened 18-month term Certificate of Deposit in 2019 and earned no interest incomes in 2019. Why 1099-OID in 2019? Do I need to report as income?

When you purchase a bond or note at a discount, you'll get Form 1099-OID (Original Issue Discount). The discount is taxable interest over the life of the bond, which gets reported every year you hold the bond, even if you don't actually receive any interest.

Here's how to enter your 1099-OID in TurboTax:

    1. Inside TurboTax, open or continue your return and then search for this exact phrase (we recommend you copy/paste from here): 1099-oid original issue discount
    2. Select the Jump to link at the top of your search results.
    3. On the Miscellaneous Investment Income screen, check the first box for Form 1099-OID and Continue.
    4. Answer Yes on the next screen, and continue to follow the onscreen instructions to import or manually enter your 1099-OID.
      • If you land on the Form 1099-OID Summary screen, select Add Another Payer, and then follow the instructions to import or manually enter.
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1 Reply
AlanT222
Expert Alumni

I was issued 1099-OID. I opened 18-month term Certificate of Deposit in 2019 and earned no interest incomes in 2019. Why 1099-OID in 2019? Do I need to report as income?

When you purchase a bond or note at a discount, you'll get Form 1099-OID (Original Issue Discount). The discount is taxable interest over the life of the bond, which gets reported every year you hold the bond, even if you don't actually receive any interest.

Here's how to enter your 1099-OID in TurboTax:

    1. Inside TurboTax, open or continue your return and then search for this exact phrase (we recommend you copy/paste from here): 1099-oid original issue discount
    2. Select the Jump to link at the top of your search results.
    3. On the Miscellaneous Investment Income screen, check the first box for Form 1099-OID and Continue.
    4. Answer Yes on the next screen, and continue to follow the onscreen instructions to import or manually enter your 1099-OID.
      • If you land on the Form 1099-OID Summary screen, select Add Another Payer, and then follow the instructions to import or manually enter.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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