Jump to content
ATX Community

OID Entry On Schedule B


Christian

Recommended Posts

A client has come in with a U S Treasury OID from one of his banks. Time was when you could denote OID next to the entry on Schedule B by a simple override but no more. ATX shows the OID as a negative figure. All I want to do is show it as an interest entry which reads Bank of America U S Treasury OID. It's how it is entered on his prior return from his now former taxman and I like to match what folks have. Does anyone know a way to accomplish this ?

Link to comment
Share on other sites

When placing Interest on Treasury obligations in Box 3b it produces a line entry on the Schedule B but none of the codes in Adjustment to  box 3b produce what I expect so I quit. If my client asks about it I will simply point it's federal interest which is deducted from his Virginia return. 

Link to comment
Share on other sites

20 hours ago, cbslee said:

You should be able to enter it from a 1099 worksheet using the bank's EIN.

You only need the bank name. Just uncheck the Add to payer box. I never add payers from 1099 INT or DIV because I often put part of the account number in the name, and I don't want those polluting my payer list.

Link to comment
Share on other sites

23 minutes ago, BrewOne said:

May not be worth the trouble to calculate, but there is a de minimis amount on reporting OID (page 13 of Pub 550 gives an example).

Yeah, I've always know there's a calculation but the OID amounts I see are too small to even think twice about.

It's more important that you pick up and accrued interest paid as a subtraction adjustment.

  • Like 2
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...