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Form 1099-OID for Montgomery Maryland: What You Should Know

Report interest paid to the IRS, except when you receive a Form 1099-OID (see), interest income included in the Form 1097-B (see) and interest income excluded from the federal tax computation in a Form 1099-MISC. (See Publication 550, U.S. Tax Guide for Individuals. See the Guideline for Calculating Tax for Nonresident Alien Class in Publication 575, U.S. Tax Guide for Aliens). Report interest paid to the IRS when you receive a Form 1099-OID if you: Received a Form 1099-OID from an employee; Excluded interest on a foreign tax return and reported this interest on a Form 1099-MISC; Received a Form 1099-MISC from an entity that is not a U.S. person; or Excluded interest on a Form 1099-MISC and reported this interest in a Form 1099-DIV. This interest is reported either as a short-term capital gain (Form 1099-DIV, Series B). Or if the interest is not short-term capital gain (Form 1099-DIV-G), the amount of the interest is included in gross income because of an exemption for certain withholding on interest reported on the Form 1099-DIV or a Form 1099-MISC. Generally, no deduction is allowed for the interest expense (1099-DIV or Form 1099-MISC). If a return contains both types of return (including the Form 1099-OID and the Form 1099-DIV), the Form 1099-DIV and Form 1099-MISC must be filed on separate returns for each type of return.

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