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.

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

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

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.

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.

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?

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

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?

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.

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?????

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....

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

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????

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?

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

Is this reporting of 1099 OID on a business return for a trust account still correct for 2020 tax return?

Thank you,

Kathy Welch

Yes.You can see Instructions for Forms 1099-INT and 1099-OID, Interest Income and Original Issue Discount. Inside the link are the forms for further verification.

@kwelch0424

This does NOT work. I tried entering box 6 from my 1099-OID into box 1 of 1099-INT and box 11 of OID in box 13 (which is missing from 1099-INT entry form, so have to go to Forms view, which is stupid) and then turbo tax gives me an error. It says bond prem tax exempt income should be blank. Why doesn't turbo tax business have a 1099-OID form? And why doesn't turbo tax business include box 13 on their 1099-INT entry form? This is wrong!

TurboTax subtracts the bond premium entered on Box 13 from tax-exempt interest income reported in Box 8.  If the number you entered in Box 13 is greater than Box 8 you will get an error message.

@eframent

Are you referring to box 8 on the 1099-OID? The only numbers on my 1099-OID are in boxes 6 and 11, and they are the same number. So, when I enter my box 6 into box 1 of the 1099-INT and box 11 into box 13 of the 1099-INT, I get an error. Can you help?

Please enter the figures from your OID as follows:

OID Box 6-Acquisition premium.  Report in Box 1 of the 1099-INT.  This amount should be reported on the federal return as interest income but it is considered exempt from taxation for state and local income tax purposes.

OID Box 11-Tax exempt OID  - Report in Box 8 of the 1099-INT entry screen It will flow to line 2a of your 1040, Tax-exempt interest.

After the 1099-INT entry screen, you will see Tell us if any of these uncommon situations apply.  Mark the box Our state doesn't tax all of this interest and select the state from the drop-down list.  If your state is not on the list, you can select it on the next screen, Which state is your $XX of exempt interest from?

@eframent

Is there a reason TurboTax can't simply fix the problem by giving us users the appropriate 1099-OID form, as you have done for personal income taxes? What's the problem that it takes this many years to deal with?

But shouldn’t the acquisition premium on a tax exempt bond be entered in box 8 rather than box one?

The taxslayer website says that the acquisition premium on a tax exempt bond is tax exempt, which I understood to include for federal tax purposes.

Maybe if TurboTax would FIX THIS PROBLEM we wouldn’t all need to have this fascinating discussion.

You call yourself a tax expert yet you do not know that there is no box 13 for interest in Turbotax Business. I am doing a trust return and going cazy trying to figure this out.

Here’s the instructions in the system for entering a 1099-OID in TurboTax Business:

1.  Inside TurboTax, open or continue your return and then search for this exact phrase (recommended that you copy/paste from here): 1099-oid original issue discount
2. Select the “Jump To” link at the top of your search results
3. On the Miscellaneous Investment Income screen, check the first box for Form 1099-OID and click “Continue”
4. Answer “Yes” on the next screen, and continue to follow the onscreen instructions to import or manually enter your 1099-OID.
5. If you land on the Form 1099-OID Summary screen, select “Add another Payer”, and then follow the instructions to either import or manually enter your 1099-OID.