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Form 1099-OID

Form name:

Original Issue Discount

IRC Section:

6041, 6049

Link to form:

https://www.irs.gov/pub/irs-pdf/f1099oid.pdf

Purpose of form:

Payors must file Form 1099-OID if the total daily portions of Original Issue Discount (OID) for a holder is at least $10 and the payor is any of the following:

  • An issuer with any bond outstanding or other evidence of indebtedness in registered or bearer form issued with OID.
  • An issuer of a certificate of deposit (CD) made, purchased, or renewed after 1970 if the CD has OID and a term of more than 1 year.
  • A financial institution having other deposit arrangements, such as time deposits or bonus-savings plans, if the arrangements have OID and a term of more than 1 year.
  • A broker or other middleman holding an OID obligation, including CDs, as nominee for the actual owner.
  • A trustee or middleman of a widely held fixed investment trust (WHFIT) or widely held mortgage trust (WHMT).
  • A real estate mortgage investment conduit (REMIC), a holder of an ownership interest in a financial asset securitization investment trust (FASIT), or an issuer of a collateralized debt obligation (CDO).

Payors must also file Form 1099-OID for any person they withheld and paid any foreign tax on OID or from whom you withheld (and did not refund) any federal income tax under the backup withholding rules even if the amount of the OID is less than $10.

Information reported on form:

  • The name, address, taxpayer identification number and phone number of the payor,
  • The name, address, and taxpayer identification number of each recipient,
  • Account number,
  • OID for calendar year,
  • Other periodic interest
  • Early withdrawal penalty,
  • Market discount,
  • Federal income tax withheld,
  • Acquisition premium,
  • Description,
  • OID on U.S. Treasury obligations,
  • Investment expenses,
  • Bond premium,
  • Tax-exempt OID,
  • State information,

 

Please see Form 1099-OID for all other information required to be reported.

Reporting threshold: 

$10 or more.

Due date to recipient: 

January 31.

Due date to IRS (paper filing): 

February 28.

Due date to IRS (Electronic Filing): 

March 31.