Oid interest adjustments - how and when?

[anirban_417]

We have a 1099-oid from Lending Club showing interest. We had our taxes professionally prepared last year and he showed the interest on Schedule B and then an OID Adjustment in the same amount as a negative which zeroed out the interest effect. He mentioned that that is how OIDs should be treated. 

I also have a 1099-B from Lending club that has a negative number for almost the same amount as that on OID,

Please do not refer me to Publication 1212.

What circumstance allows for the OID interest adjustment?

[wlrosenfeld]

If you are asking about the theory I can't help you. If the question is how to make the entries, there are sections for 1099-OID under Interest and Dividends for the OID and Stocks, Mutual Funds, etc under Investment Income for the 1099-B. Just transcribe from the forms into the corresponding boxes and, in my experience, TurboTax does the right thing.