Oid interest adjustments - how and when?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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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?

ItsDeductible Online

wlrosenfeld

Level 3

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.