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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 185
Experience:  Business Consultant/Accounting Manager
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I have OID listed on my 1099 for 2014 and 2015 resulting

Customer Question

I have OID listed on my 1099 for 2014 and 2015 resulting from a CD whose maturity went 2 days past. My 2015 return also shows an amount of non-qualified interest totaling the same amount as the 2 OID reported in each tax year.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: I am trying to find out if I need to report the non-qualified interest and OID since I only received the total amount once. Also trying to find out how they are taxed. I have been told OID and interest income are taxed at different rates. True?
Submitted: 3 months ago.
Category: Tax
Expert:  ABC Accounting Group replied 3 months ago.

Hi. OID is taxed as ordinary income tax rates, the same as interest income. They should be reported in the date you received them. Have a great day.

Best Regards.

Expert:  ABC Accounting Group replied 3 months ago.

Meaning in the year you received them. Best Regards.

Expert:  ABC Accounting Group replied 3 months ago.

If you have no additional questions, I would love to have a positive rating. If not, please let me know what I can do to assist you further. Thank you. Have a wonderful weekend.

Expert:  ABC Accounting Group replied 3 months ago.

Hi. Hoping you can rate me with 5 stars (will be at the top of the screen). If not, let me know if there is anything I can help you with. Thank you.

Expert:  ABC Accounting Group replied 3 months ago.

Hi. Hoping you can give me a positive rating.

I know it takes an extra step, but JustAnswer won’t credit us for the work until you rate.

Thank you!