What is IRS Form 1099-OID?

• This long-term debt instrument has Original Issue Discount (OID) when it is issued for a price less than its stated redemption price at maturity (principal amount). The OID is the difference between the stated redemption price at maturity and the issue price.

When would you need to file a 1099-OID?

• For any person for whom you withheld and paid any foreign tax on OID or from whom you withheld (and did not refund) any federal income tax under the backup withholding rules, even if the amount of the OID is less than $10.
• If an issuer of a certificate of deposit (CD) made, purchased, or renewed after 1970
• If the CD has OID and a term of more than 1 year, you need to file this form.
• For more, visit www.irs.gov

1099-OID Deadline and Important Dates

With Tax1099.com, you can schedule the date that your forms are transmitted to the IRS. Scheduling your forms gives you time between when we email/USPS your forms to vendors and when we send the forms to the IRS. This is useful because your vendors may have edits to make. You can make those changes in Tax1099 before the scheduled date at no extra charge. We automatically schedule your IRS eFile transmission at a week away from when you submit, or by the deadline. You can edit this date to match your preference.

1099-OID eFile Info

Electronically-filed 1099-OID forms are directly transmitted to the IRS from Tax1099.

You will receive IRS acknowledgement of your eFile by email within 3 - 7 business days.