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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 670
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: 10 months ago.
Category: Tax
Expert:  ABC Accounting Group replied 10 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 10 months ago.

Meaning in the year you received them. Best Regards.

Expert:  ABC Accounting Group replied 10 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 10 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 9 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!