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Savannah Georgia online Form 1099-OID: What You Should Know

Form 1099-OID for 2018-19 Tax Year You may be able to claim an original issue discount (DID) on tax for you or a dependent. The amount of the DID is equal to 5% of the adjusted gross income of the taxpayer. Form 1099-OID Description Form 1099-OID is a copy of Form 1099-OID, Original Issue Discount, as it was electronically filed by us and sent to you by the IRS with a Form 1099-K (or comparable tax form), by mail, or by email. Form 1099-OID does not cover the taxes from which you are receiving a refund. Also, it does not cover taxes that were paid or accrued, but were not reported to you. Form 1099-K E-file Form 1099-OID on IRS Tax website, click the link Form Data Retrieval under the Current Year tab of your tax return For any person with 0 earned income in 2024 to claim an original issue discount on up to 10,000 of bond interest, 10% or 5% of the amount of the interest, respectively, in excess of this amount or, the amount by which the interest exceeds 10,000, whichever is greater, it is acceptable to include an adjustment equal to 5% of the bond's adjusted basis, which is calculated by multiplying the interest value by the adjusted basis of the bond, in excess of this amount. For example, suppose you are eligible to claim an adjustment of 3% of the interest on bonds of 10,000 and 11,000, respectively. The original issue discount rate on bonds is 2% plus 2% of the adjusted basis of the bond that exceeds 10,000. The adjusted basis of the bond is 10,000. Therefore, the bond value would be 11,000 multiplied by 2% times 4% or 3,400 or 3,400 — (2% x 11,000)/ 10,000 = 3,000. Because the original issue discount rate cannot exceed 5% of the interest on bonds, any adjustment to the adjusted basis of bonds cannot exceed 5% of the adjusted basis. If you elect to include the original issue discount in the calculation, do not increase the bonds' adjusted basis after deducting the original issue discount.

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