Form 1099-OID is used to report original issue discount interest. 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.
To report form 1099-OID:
- Login to your account.
- Select Federal from the left Menu.
- Go to Wages and Income then Income and Expenses.
- Scroll down to Interest and Dividends.
- Select 1099-OID, Foreign Accounts
- On the Miscellaneous Investment Income screen, check the first box for Form 1099-OID and Continue.
- 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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