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Form 1099-OID ND: What You Should Know
If you used Form 1099-OID to make a large purchase of securities, then you will see it listed in your 1040 tax form. You may see it in Schedule D, with the amount owed to it reflected in box 14. If you deducted the amount owed to you, from a sales of the bond, you should see the amount in box 21, column (d) on the Schedule D in Box 21 – 1040 Schedule — Miscellaneous and Itemized Deductions If you deducted and paid interest from the bond, which then went through an exchange and is considered income that has to be reported in Box 42, column (b), you will see an entry in Column (f) for interest. If you are reporting a nonresident alien purchaser of bonds, then you need a Form 1099-B or 1099-C — Nonresident Alien, or Form 1099-R — Reporting of U.S. Source Income Form 1099-B is for U.S. persons. This one contains information about income taxes paid on foreign-source income. Form 1099-C is for nonresident aliens. It has much more detail and must be handled differently. Form 1099-R is for foreign-based U.S. persons. It is a self-certification of income. You should not use it to report interest and other non-foreign income. If you are a U.S. person with income in foreign countries, then you report your income on Schedule C — American Taxpayer (Individual Income) The form is usually filled out for you by a tax preparer from the U.S. If you are an alien in the U.S. — see Form 1040-NR, U.S. Taxable Income Form 1099-Q is a Form 1099-K — U.S. Trade or Business Income Form 1099-R is a Form 1099-K — U.S. Trade or Business Income — Self-Employed Form 1099-SE, Transit, has information only as to tax paid and has no tax-related guidance. Form 1099-SO is a Form 1099-K — U.S.
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