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February 6, 2021
Question

How do I remove a 1099-OID from my income section? I do not have a foreign account but it won't let me choose otherwise.

  • February 6, 2021
  • 1 reply
  • 0 views
I added the information from my 1099-INT and even though I do NOT have a foreign account and the FACTA box is NOT checked on the form, TurboTax will not allow me to uncheck the box or remove the 1099-OID on my income section.

1 reply

February 9, 2021

I will suggest you to remove the Form 1099-OID from the program.  Here are the steps:

 

In TurboTax online, 

  • Sign into your account, select Pick up where you left off
  • Select Tax Tools, click on the drop down arrow
  • Select Tools
  • Under Other helpful links, choose Delete a form
  • Select Delete next to the Form 1099-OID and Continue with My Return

Form 1099-OID is used to report original issue discount interest as part of income on your taxes. OID stands for "original issue discount". OID occurs when a bond is issued for a price less than its face value or principal amount. In general, you should receive a Form 1099-OID for this event. 

 

OID is the difference between the principal amount (the amount you would receive when the bond matures) and the issue price. Normally, you must claim part of the OID as interest income each year that you hold the bond (regardless if you receive the payment or not).

 

For more information, click here: https://www.irs.gov/pub/irs-pdf/p1212.pdf