This article will assist you with understanding and entering information from Form 1099-OID, Original Issue Discount, in Intuit ProConnect.
Follow these steps to report amounts from Form 1099-OID:
- Go to the Input Return tab.
- From the left of screen, select Income and choose Interest Income (1099-INT,1099-OID).
- Enter the following for the 1099-INT:
- Name of Payer
- Interest Income
- Enter the reported income in the Interest Income - Banks, S&L etc. box.
- Click the blue Details to expand the input fields.
- Locate the Adjustments to Federal Taxable Interest section.
- If the amount reported on box 1 is more or less than the actual amount of Original Issue Discount, enter any needed adjustments in Original Issue Discount (OID).