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Form 1099-OID: Original Issue Discount
IRS Form 1099-OID is used to report Original Issue Discount income and must be filed by payers to the IRS for calendar year 9696; Copy A is provided for informational purposes only.
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IRS Form 1099-OID - Original Issue Discount
IRS Form 1099-OID is used to report Original Issue Discount income and must be filed by payers to the IRS for calendar year 9696; Copy A is provided for informational purposes only.
Risk Radar
Scan points- 1Do not print and file Copy A downloaded from this website if it is not scannable.
- 2Filing Copy A downloaded from this website if it cannot be scanned by the recipient.
- 3Failing to provide a correct PAYER'S TIN or RECIPIENT'S TIN on any copy.
- 4Not checking 'CORRECTED' when submitting an amended Form 1099-OID.
- 5Forgetting to list yourself as the 'filer' on Form 1096 if you are a nominee recipient.
Plain English
This form tells the IRS how much interest income was earned from an investment that was sold at a discount. It details various types of earnings, such as periodic interest and early withdrawal penalties. The payer uses this to report these figures to both the IRS and the recipient.
Submission Date
- Filing date: 2024-01-17 22:10:18
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when reporting Original Issue Discount income.
- Do not use it when the income reported does not involve an original issue discount or is not a covered security that requires OID reporting.
- Check Form W-9 instead when furnishing your Taxpayer Identification Number (TIN) to the payer.
Form selector
Use this form or another form?
Reporting bond premium income
The form specifically includes a line for Bond premium (Box 10).
✓ Verify Box 10 is populated if applicable.
Reporting tax-exempt OID
This specific type of discount has its own dedicated box (Box 11) on the form.
✓ Ensure you distinguish it from general OID reported in Box 1.
Reporting market discount for a covered security acquired before January 1, 2017
The payer may report this specifically (Box 5 note), and it is includible in taxable income as interest income.
✓ Confirm the date of acquisition matches the criteria mentioned on Box 5.
Deadline or filing window
Form 1099-OID reports income for the calendar year. While a specific submission deadline isn't stated, filing must accompany Form 1096 to the IRS Center. No extension date is specified in the excerpt.
Checklist
What you need before filling it out
Original issue discount for the year
The amount in Box 1 · Form 1099-OID
Recipient's TIN
Your Taxpayer Identification Number (TIN) · Copy 3/4 of Form 1099-OID
Federal income tax withheld
The dollar amount in Box 4 · Form 1099-OID
State identification no.
Your State ID Number · Copy 3/4 of Form 1099-OID
Market discount on a tax-exempt security
The amount noted in Box 5 · Form 1099-OID
Copy A filing requirement
Must be scannable (if ordered) · Copy A of Form 1099-OID
Before you submit
- 1Verify that the current edition is Rev. 1-2024.
- 2Confirm that all required fields on Copy B (for Recipient) are completed, including FATCA filing requirement.
- 3Check that your TIN and name are accurately listed in the PAYER'S section of Copy 3/4.
- 4Ensure you have filled out Box 12-14 if state income tax was withheld.
- 5Confirm that Box 1 reflects the Original Issue Discount for the year.
- 6If applicable, verify Box 5 shows a market discount amount and is noted as being from a covered security acquired before January 1, 2017.
- 7For Copy A, confirm it is scannable if you are filing electronically.
How to file this form
- 1Complete all necessary fields on Form 1099-OID (including Boxes 1 through 14) for the calendar year. | Ensure both Copy A and Copy B are filled out.
- 2Sign and date the form(s) before sending them to the appropriate recipient or filing agency. | Retain a copy of the completed form for your records.
- 3If you have fewer than 10 information returns, strongly encourage electronic filing via IRS.gov/InfoReturn. | File electronically if possible.
- 4Mail the physical copies (if not e-filing) to the designated addresses or submit them through the required channel. | Keep a copy of the filed form as proof.
Known limitations
- 1Copy A of IRS Form 1099-OID is for informational purposes only and cannot be downloaded from this website to print and file; a penalty may be imposed if filed.
- 2If the payer has 10 or more information returns to file, filing electronically (e-file) may be required.
- 3For covered securities acquired with an acquisition premium, the payer must generally report either a net OID amount reflecting amortization offset or a gross amount for both OID and acquisition premium amortization for the year.
Field map
Compact field-by-field guide
Payer Info
1 items
Identifying information of the business or person making the payment.
Recipient Info
1 items
Identifying information of the person or entity receiving the payment.
Amounts
1 items
The payment amount subject to reporting for the applicable box category.
Withholding
1 items
Backup withholding amount if applicable.
Signatures
1 items
Name and phone number of the person to contact about this return.
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Fillable formOpen in Editor->The current edition is Revision 1 from January 2024. The official source directs users to www.irs.gov/Form1099OID for the latest information regarding developments related to Form 1099-OID.
What changed or needs a fresh check
- Edition date — confirm Rev. 1-2024
- Official website URL — confirm www.irs.gov/Form1099OID is present
- OMB Number — confirm 1545-0117 is listed on the form
- Copy A status — confirm it is provided for informational purposes only and is scannable (if ordered)
- Calendar year field — ensure the correct year is filled out on Copy 3/4
Quick Facts
Downloads
After you file
- 1Keep a copy of IRS Form 1099-OID after filing.
- 2If Copy A is filed, it must be scannable to avoid potential penalties from the IRS.
- 3For covered securities acquired with an acquisition premium, refer to Instructions for Form 8949 for a description of covered securities.
- 4When reporting income on your tax return, deduct any interest or principal forfeited if money was withdrawn before maturity (Box 4) and follow instructions in Form 1040.
Sources
- SRCForm 1099-OID is used to report Original Issue Discount income and must be filed by payers for calendar year 9696 (Copy A) or the current calendar year (other copies).
- SRCThe form number is Cat. No. 14421R, and the revision date on file is January 2024.
- SRCCopy A of IRS Form 1099-OID is provided for informational purposes only and appears in red.
- SRCIf a payer has 10 or more information returns to file, they may be required to e-file via IRS.gov/InfoReturn.
- SRCFor covered securities acquired with acquisition premium, the payer reports either net OID (with amortization offset) or gross amount for both OID and acquisition premium amortization.
- SRCBox 4 on Copy B shows backup withholding, which generally occurs if the recipient did not furnish a TIN or furnished an incorrect one.
Common confusion points
What is the difference between Copy A and Copy B?
Copy A is for informational purposes only and appears in red; Copy B is black and can be downloaded/printed to satisfy filing requirements.
→ Check if you are submitting an electronic file or a hard copy.
When should I use Copy 1 versus Copy B?
Copy 1 is used for the State Tax Department, while Copy B is provided for the Recipient (you) for IRS informational purposes.
→ Confirm which agency requires the specific copy when filing.
Does 'Original issue discount' always mean interest income?
No; Box 4 shows backup withholding, and forfeited principal/interest from early withdrawal can be deducted to figure adjusted gross income.
→ Check Boxes 1 through 5 for all related amounts.
What if my security is noncovered but has an acquisition premium?
The payer is only required to report the gross amount of OID for a noncovered security acquired with an acquisition premium.
→ Verify the 'FATCA filing requirement' status on Form 1099-OID.
If I have multiple returns, do I always have to e-file?
No; if you have 10 or more information returns to file, you may be required to file electronically via IRS.gov/InfoReturn.
→ Check the total number of forms being submitted for the calendar year.
What is the significance of Box 5 on Copy B?
Box 5 shows backup withholding; generally, a payer must withhold if the recipient did not furnish their TIN or furnished an incorrect one.
→ Ensure this amount is included as tax withheld when reporting income.
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Questions about IRS Form 1099-OID
What is IRS Form 1099-OID used for?
This form tells the IRS how much interest income was earned from an investment that was sold at a discount. It details various types of earnings, such as periodic interest and early withdrawal penalties. The payer uses this to report these figures to both the IRS and the recipient.
Who must file IRS Form 1099-OID?
The payer must file Form 1099-OID; if a record holder receives amounts belonging to another person, that record holder is considered a nominee recipient and must complete the form for each other owner.
What information does IRS Form 1099-OID require?
The form collects details such as Original issue discount for the year (Line 1), Other periodic interest (Line 2), Federal income tax withheld (Line 4), and specific investment expenses listed in Line 9. Copy B is provided specifically for the recipient to review.
When is IRS Form 1099-OID due?
Form 1099-OID covers the calendar year; it must be filed with Form 1096 to the Internal Revenue Service Center for the filer's area.
Where do I file IRS Form 1099-OID?
The form is filed with the IRS by submitting Copy A (for informational purposes) and distributing copies as needed. If filing 10 or more information returns, e-filing via IRS.gov/InfoReturn may be required.
How do I complete IRS Form 1099-OID?
The payer completes the necessary identifying information (payer/recipient names, TINs) before filling out the financial lines. The form includes multiple copies (Copy A for IRS, Copy 1 for State Tax Dept., Copy B for Recipient, Copy 2 for State filing).
What happens if IRS Form 1099-OID is filed incorrectly?
If this income is taxable and the IRS determines it has not been reported based on Form 1099-OID Copy B, a negligence penalty or other sanction may be imposed on the recipient.
What is the difference between Copy A and Copy B?
Copy A is for informational purposes only and appears in red; Copy B is black and can be downloaded/printed to satisfy filing requirements. Check if you are submitting an electronic file or a hard copy.
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