What are the Form 1099-INT and 1099-OID Error Messages for Bond Premium in Desktop?
The following message may be sent to you when you enter Form 1099-INT into the Taxx Savage Pro:
This error will appear when a payer combines taxable and non taxable items in the same Form.
Form 1099-INT
This error may also occur when OID amounts are reported on Form 1099-INT rather than on Form 1099-OID.
In the event that a taxpayer receives a 1099-OID from one payer and an amount exists in Form 1099-INT Box 11 as well as in Form 1099-OID Box 2 - Enter the Box 11 amount in the 1099-OID menu as Tax-Exempt OID (Box 11) rather than in the 1099-INT menu.
Form 1099-OID
In the event that the taxpayer does not complete the form correctly, the above error message will appear. The following are circumstances with workarounds:
Only an amount in Box 10 Bond Premium - Enter the amount in Box 2 Other Periodic Interest instead of Box 10.
- Amounts in Box 6 Acquisition Premium and Box 11 Tax-Exempt OID - Separate this form into two 1099-OID entries:
- Only Box 11 amount will be included in the first entry
- Box 6 amount together with the similar amount entered in Box 2 Other Periodic Interest will be in the second entry
- Same as above but there is also an amount inBox 10 Acquisition Premium - The Form will be divided into two entries:
- Only the amount in Box 11 will be in the first entry
- Amounts in Boxes 6 and 10 together with their totals in Box 2 will be in the second entry