turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

DogBiscuits
Returning Member

OID Adjustments: Broken in TurboTax 2021

I need to do a positive adjustment / increase on OID from the value on a 1099 OID.

 

In previous years when I made the adjustment ("I need to adjust these amounts") using a negative number it would be added as a positive number into the column for the year in the "Income Summary" page for line "1099-OID, Foreign Accounts", and show up as a special line called "OID Adjustment" on the Schedule B form, and added to the interest line 1040 line 2b.

 

When I do the same in TurboTax 2021, nothing seems to happen.

 

Is this a bug introduced into the 2021 version?

It seems user lwehnes might have a similar problem:
https://ttlc.intuit.com/community/taxes/discussion/re-oid-adjustment/01/2025248

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
DogBiscuits
Returning Member

OID Adjustments: Broken in TurboTax 2021

After some playing around, it appears that the adjustment is ignored if all values on the 1099-OID are 0 or empty. Setting to them to a single penny causes the adjustment to be used. 

DogBiscuits
Returning Member

OID Adjustments: Broken in TurboTax 2021

To recap, the issue is caused by having a value of 0 or blank for all the boxes on the 1098-OID.  I see a few options to solve this:

 

1) Set box 1 to a penny, and offset the adjustment by a penny.

2) Set box 1 to the adjusted value, positive value (since this is an increase in OID).

3) Add a new fictional 1098-OID with box 1 set to the adjustment amount, and the Payee set to "OID Adjustment".

 

I don't like 1 and 2 because it isn't an accurate reflection of what the broker reported. Instead I opted for #3, which ends up looking pretty similar on the return - the difference is that the line for the adjustment doesn't show up after the subtotal on Schedule B, but it still is labeled as "OID Adjustment".

 

I suspect that this is mainly an issue for adjustments that increase OID, and #3 seems to work well for that case.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies