E-file 2022 Form 1099-OID Online

What Information is Required to File Form 1099-OID?

  • 1. Payer Details: Name, TIN, and Address
  • 2. Recipient Details: Name, TIN/Social Security, and Address
  • 3. Federal Details: Original Issue Discount and Federal Tax Withheld
  • 4. State Filing Details State Income, Payer State Number, and State Tax Withheld

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Benefits of Filing Form 1099-OID with TaxBandits

Internal Audit Check

Internal Audit Check

TaxBandits audits the forms you create against the IRS Business Rules to promote accuracy.

Postal Mail & Online Access

Postal Mail & Online Access

With TaxBandits you can choose to distribute your recipient copies by mail or provide the recipients access through our secure online portal.

Download or Print Forms Copies

Download or Print Forms

In the TaxBandits Distribution Center, you can access all the forms you file to view, download.

TIN Matching

TIN Matching

When you opt-in to TIN Matching services, TaxBandits checks all recipient TINs against the SSA database

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Frequently Asked Questions on Form 1099-OID

What is IRS Form 1099-OID?

Form 1099-OID is an IRS tax form that is used to report the OID, or original issue discount on certain kinds of bond interest. This means that the bond was purchased for a lower price than it will be worth when it reaches maturity.

Certain information about the discount must be provided, such as the amount of OID, any early withdrawal penalties, any federal income taxes that were withheld, and more. This form should be complete in any scenario where there was OID valued at $10 or more.

Who is required to file File Form 1099-OID?

The Form 1099-OID is generally filed by brokerage companies and similar financial institutions. The following scenarios should prompt the filing of a Form 1099-OID:

  • Paying someone an Original Issue Discount of $10 or more.
  • If backup withholding of federal income tax was performed on someone, but they never received a refund.
  • Anytime there was foreign tax withholding for an Original Issue Discount made to someone.

When is the deadline to file Form 1099-OID?

There are a few different deadlines where Form 1099-OID is concerned. The deadline to distribute recipient copies is January 31st. The deadline to file paper copies with the IRS is February 28th, and the deadline to file electronic copies with the IRS isn't until March 31st.

If the deadline falls over a weekend or on a federal holiday, the deadline automatically becomes the next business day.

What are the penalties for not filing Form 1099-OID?

There are potential penalties for filing Form 1099-OID late. Much like other IRS Information Returns, the IRS could charge penalties ranging from $50-$280 per form. This will depend on how late the form is filed and if the payer neglects to file altogether.

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