Form 1099 Oh ID is used for reporting OID (original issue discount) on debt instruments. - If you held an OID debt instrument for a calendar year but did not receive a Form 1099 Oh ID, refer to the discussions under "Figuring OID on Long-Term Debt Instruments" on page six. - If you disposed of a debt instrument or acquired it from another holder between interest dates, refer to the discussion under "Bonds Sold Between Interest Dates" in Chapter one of Publication 554. - If you are the holder of an OID debt instrument and receive a Form 1099 Oh ID that includes amounts belonging to another person, you are considered a nominee. - As a nominee, you must file another Form 1099 Oh ID for each actual owner showing the OID for the owner. In the form, show the owner of the debt instrument as the recipient and yourself as the payer. Complete Form 1099 Oh ID and Form 1096 and file them with the Internal Revenue Service Center for your area. Give a copy of the Form 1099 Oh ID to the actual owner. - You are not required to file a nominee return to show amounts belonging to your spouse. Refer to the Form 1089 instructions for more information. - When preparing your tax return, follow the instructions under "Showing an OID Adjustment" in the next discussion. - Report your taxable interest and OID income on the interest line (line for interest) on Form 1040. Note that for the 2018 tax year, all filers must use a 2018 Form 1040 as the IRS is not developing forms 1040 A and 1040 EZ. - If a brokerage firm gives you a Form 1099, list the brokerage firm as the payer and include the amount received from each payer on Schedule B of Form 1040. - Include all...
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Publication 1212 Form: What You Should Know
This publication has two purposes. Its primary purpose is to help brokers and other middlemen identify publicly offered original issue discount (DID) debt instruments they may hold as Naomi- need for the true owners, so they can file Forms 1099-OID or Forms 1099-INT, as required. Publication 1212 (Rev. January 2022) — IRS There are two purposes for this publication: (1) to help brokers and other middlemen identify publicly offered original issue discount (DID) debt instruments they may hold as Naomi- need for the true owners, so they can file Form 1099-OID or Form 1099-INT, as required; and (2) to help owners of DID debt securities determine whether their instrument is listed under section 1031, and if so, whether it should be included on the Form 1099-OID or Form 1099-INT, as required. See Publication 550 (see box 1 in this publication for information on Form 1099-OID IRS Pub 1212: List of Original Issue Discount Instruments Notice 2012–14 (“Form 2106, List of Instruments Offered in Exchange for Debt Securities”). This publication is intended as a general guide to assist brokers and other persons who may be dealing with debt securities with respect to them and the tax consequences relating to any such debt instruments. The publication does not resolve all tax-related questions. The tax consequences under section 861 with respect to any interest, dividend, or other payment derived from such debt instrument are discussed in Publication 646 (and see box 10 in this publication). (1) Taxation of Interest. Interest is not taxable. (2) Taxation of Dividends. Dividends are subject to the special 10% bonus rate for long-term capital gains (see chapter 4 of Publication 550), but such dividends are not taxable. If a dividend from securities with a fixed maturity or a fixed payment date is received on or after February 4, 2011, then such payment is treated as if the dividend had been received on or before February 4, 2011, and is treated as interest. (3) Taxation of Return Due. Interest, if due immediately on or before the due date, is not taxable.
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