Where enter 1099-oid in Business TurboTax? There is no line item in pgm and the box nos do not comport with line items for 1099-int.

[IreneS]

What type of return are you preparing?  partnership, corp, S-Corp, estate/trust?

[saweiss851]

I am doing my father's estate.  His broker provided a 1099-remic/oid and turbo tax business does not appear to include that form.  thanks

[IreneS · Accepted solution]

I'm sorry for your loss.

Although the personal versions of TurboTax provide a template to enter a 1099-OID, TurboTax Business does not. Instead, the form is essentially treated in much the same manner as interest income reported on a 1099-INT.

You can report the information from the 1099-OID on the 1041 return using these steps:

1. Click on Federal Taxes > Income
2. In the Interest and Dividends section, click on the Start/Update box next to Interest Income on 1099-INT.
3. On this screen, report the following items from the 1099-OID:

• Box 1 (OID) and Box 2 (Other Periodic interest) -- add together and enter in Box 1 of 1099-INT.
• Box 3 (early withdrawal penalty) -- Box 2 of 1099-INT.
• Box 4 (Fed tax withheld) -- Box 4 of 1099-INT
• Box 5 (Market discount) - Box 10 of 1099-INT
• Box 6 (Acquisition premium) - Include in Box 1 of 1099-INT
• Box 8 (OID on U.S. Treasury obligations) - Box 12 of 1099-INT
• Box 9 - Investment expense - Enter in the Deductions section of TurboTax:  Federal Taxes > Deductions > Interest expense >Investment interest expense
  
• Box 10 Bond premium - Box 11 of 1099-INT
• Box 11 Tax-exempt OID - Box 13 of 1099-INT

If the above information doesn't help, please respond to this answer string with additional information.

[danleader]

There is no Box 13 on the 1099-INT in which to enter the 1099-OID Box 11 amount as per the instructions above. The lack of a 1099-OID form in TurboTax Business is very odd and unacceptable.

[ConeyIslandBear]

I agree w danleader, for $130 the 1099-OID form should be in there, pretty basic stuff. How bout a half-off discount. Better yet, how bout a quick FIX/update? In any case, Wouldn't 1099-OID-Box-11 (Tax exempt OID) go into the 1099-Box-8 (tax exempt interest?) There is no TurboTax Business entry for 1099-INT-Box-13 but I think that would be the wrong box anyway right?

[jackcdavis]

I think this instruction is flawed.  There is no way that Acquisition premium is interred as interest income. Jack

[wilhoff]

I've had this same problem with Turbo Tax Business for years, and now again for 2017.  When is Turbo Tax Business going to equip us with a simple 1099-OID form??? Any trust that holds U.S. Treasury zero-coupon bonds will have this problem, and the old answer no longer helps, because the boxes it suggests substituting are no longer in Turbo Tax Business's 1099-INT form.  I think I should be putting US Treasury OID from Box 8 on the 2017 1099-OID into Box 3  of the 1099-INT form ("Interest on U.S. Savings Bonds and Treasury Obligations") because the OID is taxed as interest income, but is not taxable for State and Local purposes.  Is this correct?

[mseklem]

TY 2018 And this is STILL a problem.  TTax Bus TY 2018 1099-INT has no Box 13, or Box 12.  Box 8 seems a possible option for 1099-OID box 11 Tax Exempt OID - but it's not really interest.  PLEASE someone from TTax comment and FIX this.

[stacygrant]

if you put something into Box 11 which is suppose to be Bond Premium (covered transactions only), you get an error message ..so where is it suppose to go?????

[wilhoff]

Putting total OID on US Treasury obligations from box 8 on the reporting firm's 1099-OID into box 12 on TurboTax Business's 1099-INT form gives an error message, even if you put in the CUSIP number of the zero-coupon bond for which the 1099-OID is issued. How long will TurboTax Business ignore the tax law we're trying to comply with?? Please put out an update with a 1099-OID form now. TurboTax for Form 1040 has had this, and thus it appears that TurboTax knows how to integrate this into software....

[sneezzyy]

FIX THIS ISSUE.          More than these documented cases have & ARE occurring!

[tbb1109]

I have this problem now with TT Business 2019 Edition.  I am reporting Form 1099-OID Box 8 OID on US Treasury Obligations as Form 1099-INT Box 3 Interest on US Savings Bonds & Treas Obligations.  Why can't Turbotax add Form 1099-OID to the forms list of TT Business 2019 Edition????

[vranabc]

And still have this problem with tax year 2019.  The answer says to enter Line 11 in the 1099-oid (Tax-exempt OID) on Line 13, but there is no box for line 13.  How long will Intuit ignore that their darn expensive TurboTax Business is missing a form?  Anybody have any luck getting money back for purchaing an inadequate product?

[VictoriaD75]

Although the personal versions of TurboTax provide a template to enter a 1099-OID, TurboTax Business does not. Instead, the form is essentially treated in much the same manner as interest income reported on a 1099-INT.

You can report the information from the 1099-OID on the 1041 return using these steps:

1. Click on Federal Taxes > Income
2. In the Interest and Dividends section, click on the Start/Update box next to Interest Income on 1099-INT.
3. On this screen, report the following items from the 1099-OID:

• • Box 1 (OID) and Box 2 (Other Periodic interest) -- add together and enter in Box 1 of 1099-INT.
  • Box 3 (early withdrawal penalty) -- Box 2 of 1099-INT.
  • Box 4 (Fed tax withheld) -- Box 4 of 1099-INT
  • Box 5 (Market discount) - Box 10 of 1099-INT
  • Box 6 (Acquisition premium) - Include in Box 1 of 1099-INT
  • Box 8 (OID on U.S. Treasury obligations) - Box 12 of 1099-INT
  • Box 9 - Investment expense - Enter in the Deductions section of TurboTax:  Federal Taxes > Deductions > Interest expense >Investment interest expense
  • Box 10 Bond premium - Box 11 of 1099-INT
  • Box 11 Tax-exempt OID - Box 13 of 1099-INT