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Hi - I have a Merrill 1099
1st page 1099-Int has $1000 in box 1 nothing else. Zero in Box 8.
Further down in the form has a box for 1099-OID. This shows $3,100 in line 1. No acquisition discounts or premiums. Below it total OID still $3,100
The notes in the statement say that the OID in Line 1 is taxable, unless adjustments (which I don't see any)
Is the correct approach to add the $3,100 to the $1000. And show $4,100 as the total in Box 1 Schedule B in Interest Inc/OID int ?
Thanks for input
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"Hi - I have a Merrill 1099"
Read it again. I think you have a Consolidated 1099. That means each type of 1099 (int, oid, b, div) is separate on this same Paper/PDF.
You don't combine 1099 types. They still are treated as separate forms: Int and DIV and OID and B. You just have the same Issuer.
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It is titled "2020 tax Reporting Statement'
Page 3 is Form 1099-Div and 1099-Int. That's fine. Box by box
Page 7 is Titled Form 1099-OID. Line 1 shows the 1099-OID amount of $3,100
So I enter the $3,100 into Box 1 Interest Inc, OID - just as a separate Merrill entry?
And am I correct to assume that is taxable? Following the notes in the document and no adjustments?
Thanks NM
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Treat them as if they arrived separately, because it is the same concept. Each meets a different investment tracking and reporting requirement.
You can always read the iRS instructions for the various forms.
And use the web:
https://www.investopedia.com/1099-oid-form-understanding-your-1099-oid-form-4782372
Don't yell at us; we're volunteers
