The Deadline to E-file Form (formType) is March 31, 2025.E-File Now
E-file Form 1099-OID Online for
2024 Tax Year
The Benefits of E-filing with TaxBandits
- We support State Filing
- Postal Mail Recipient Copies
- Access & Print Form Copies (PDF)
- AI-powered Assistance at Every Step
- World-Class Customer Support
See how TaxBandits beats the competition—A comparison with other providers. Learn more
Benefits of Filing 1099-OID online With TaxBandits
Get Instant Filing Status
Receive real-time updates on your 1099-OID filings via email or track them anytime from your dashboard. Stay informed every step
of the way.
E-file for Every State
Stay compliant with States.TaxBandits supports e-filing for state returns as well, allowing you to seamlessly file your Form 1099-OID for both federal and state authorities.
Recipient Copy Distribution
Distribute 1099-OID recipient copies via postal mail or online access. You can also download copies in your preferred format and mail it to your recipient on
your own.
Address Book
Import business and recipient information from your Address Book for quick, error-free submissions across various forms like BOIR, Payroll, 94x forms, W-9, W-2, ACA,
and more.
Bulk E-Filing
Easily file multiple returns with TaxBandits. Import your data using your own templates in CSV or Google Sheets, or use our standard templates. Download here.
Internal Audit Check
TaxBandits internal audit check ensures that your Forms are validated through IRS business rules. Any errors identified will be listed and you will be prompted to fix those instantly.
TIN Validations
Ensure accuracy by validating your payer TIN against the IRS database. This helps you e-file your 1099-OID correctly and avoid IRS B-Notices.
IRIS Business Validation
Guarantee the accuracy of your tax returns with our IRIS Validation feature, which automatically detects and corrects errors and inconsistencies before submission.
BanditComplete
Simplify the distribution of recipient copies. TaxBandits provides your recipient with both physical and electronic copies of the forms to ensure recipients receive their documents reliably
and on time.
Save Form Drafts
Complete and File your 1099-OID returns at your own pace. TaxBandits lets you save your work as a draft. Easily pick up and continue your filing whenever
you're ready.
7 years of Record keeping
All Form copies are stored on our secure HIPAA-compliant server for up to 7 years. You can always log In to your TaxBandits account and download or print the Form copies at any time.
Dedicated Support
Have any questions? Our dedicated team of experts is always here to assist you in every way possible via phone, email, or live chat.
How to E-file Form 1099-OID Online for 2024 with TaxBandits
Select the Form 1099-OID, choose the appropriate tax year, and proceed. With TaxBandits, you can file your Form 1099-OID for current and previous tax years.
Enter the required information on Form 1099-OID either manually or by bulk uploading it through our CSV templates.
You can select how you'd like to distribute recipient copies—by mail, or online access. You can customize the delivery method for each recipient as needed
Review the information entered on Form 1099-OID and make any necessary changes.
After reviewing, transmit the completed Form 1099-OID to the IRS & State
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
E-file your Form 1099-OID with TaxBandits in minutes!
Exclusive E-file Solution for Tax Pros
Streamline your tax filing process and optimize your workflow with a suite of powerful features tailored to meet the unique needs of tax professionals.
BanditCollab (Team Management)
Add unlimited team members to streamline your workflow. Assign your staff roles—Preparer, Approver, and Transmitter—based on their filing responsibilities.
BanditConnect (Client Management)
Communicate and securely share files with your clients using BanditConnect. Customize the secure portal to reflect your branding.
Custom Reports
Gain insights into staff activities and client filings with detailed reports. Enhance decision-making with in-depth analytics.
Powerful API to Automate Your 1099-OID E-filing Process
Our robust API helps you automate your 1099-OID filing and distribution process right from your existing systems. You can seamlessly integrate our 1099 API with your software or portal, facilitating automation while minimizing manual tasks and ensuring accuracy.
Learn moreSuccess Starts with TaxBandits!
Excellent Step by Step process and easy to go back and make edits....
Very easy navigation going forward and backwards. I usually have trouble online with confusing instructions. Yours is very easy.
Easy and reasonably priced. Great customer service!
I’m quite impressed, especially in comparison with other sites from the IRS list I reviewed as well. Well done. Thank you.
Very easy to find my way around, most help features are very good, customer service response has been exceptional for the price point.
Work flow makes sense, navigation is easy, customer service is excellent with prompt call backs and thoughtful support.
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 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 April 1st.
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 $60-$310 per form. This will depend on how late the form is filed and if the payer neglects to file altogether.
Helpful Resources for Form 1099-OID
