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Murfreesboro Tennessee Form 1099-OID: What You Should Know

Why does IRS require Form 1099-OID Report the original issue discount in Gross Income? It is important to report the original issue discount (DID) in gross income, as discussed in this recent posting for FICA: A Closer Look. Why does IRS require that the amount of an DID be reported? The amount of DID in a single year should be used as the DID tax rate in the following year as shown below :  For example, 2017: 10,000 DID= The DID tax rate is: 1,050 DID Taxes as: 2016: For the sake of consistency, this is the rate to use in determining DID. If you need to estimate tax payments due as a result of DID, use the same method but use the DID tax rate found below: 2016: For the sake of consistency, this is the DID tax rate to use in estimating taxable income. Note that you must complete the DID tax information using the Form 1088-EZ and not the Form 1099-OID. The IRS would consider this to be a failure to properly complete the Form 1088-EZ (as explained here for Forms 1088-EZ and 1099-OID.) What does Form 1099-OID report? The information reported by Form 1099-OID is the following: Type of income Amount reported as DID Amount reported as federal income tax Deductions or exclusions Amount on line 28 or line 24 of the Form 1099-OID The full amount of the DID as shown on the Form 1099-OID, including amounts shown on line 23 (from the Form 1099-OID) and lines 23 and 24 of the Form 1099-OID are shown on line 28 of an income tax return, line 24 of a Form 1040, line 26 of a Form 1040A, or line 24 of a Form 1040EZ (to determine payment due.) These amounts are excluded from taxable income. In the case of Forms 1099-OID, line 28 is a line that does not exist for tax purposes and is not shown on the original. For additional information about lines 29, 30, 31, 32, 33 and 35, see The Tax Guide for Students (TTG).

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