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My brokerage tax statement form 1099 - OID Box 11 tax exempt…

My brokerage tax statement form...
My brokerage tax statement form 1099 - OID
Box 11 tax exempt OID $164.19
where do i report this entry on my 1040?
thank you
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Answered in 6 minutes by:
3/25/2018
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 944
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Dear Customer,

According to IRS Topic No. 403, the amount on your Form 1099-OID needs to be reported as tax exempt interest on your tax return. The website link and quotation below are for your further reference.

Regards,

Fiona

https://www.irs.gov/taxtopics/tc403

"Original Issue Discount Instruments

If a taxable bond, note or other debt instrument was originally issued at a discount, part of the original issue discount may have to be included in income each year as interest, even if no payment is received during the year. Refer to Publication 550 or Publication 1212, Guide to Original Issue Discount (OID) Instruments, for more information on original issue discount. You should receive a Form 1099-OID.pdf, Original Issue Discount, or a similar statement from each payer of taxable original issue discount of $10 or more, showing the amount you should report in income. For a tax-exempt bond acquired on or after January 1, 2017, you should receive a Form 1099-OID, or a similar statement, of tax-exempt OID that is reportable as tax-exempt interest."

Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 944
Experience: Former IRS Revenue Agent
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Dr. Fiona Chen
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Category: Tax
Satisfied Customers: 944
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