I have almost 50 municipal bonds held at separate brokerages which result in OIDs. Except for a few, the amount to be reported is 0. It is time-consuming to have to prepare each of these forms.
As I begin this year's TT, I am greeted with a list of all the information included in last year's taxes. I am wondering whether I can omit all the OIDs from this list? I could then enter as new information only those OIDs which have an actual amount to report?
This would seem logical in that there is no requirement to report non-income to the IRS.
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If you receive a Form 1099-OID where all boxes are zero or blank, you generally do not need to enter it into TurboTax. You can delete your Forms 1099-OID that were brought forward from last year (2024).
If you decide to enter your forms, you would leave the boxes blank rather than entering zeros. Sometimes entering zeros can interfere with calculations, such as for bond premiums.
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