Author Topic: Lending Club & taxes - Form 1099-OID  (Read 2225 times)

Lifeblood

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Lending Club & taxes - Form 1099-OID
« on: February 21, 2015, 09:04:48 PM »
I received a Form 1099-OID with a low amount reported in Box 1 (Original Issue Discount for 2014). Does anyone know if this is the amount I need to report in Schedule B. It is not clear to me why Form OID doesn't just say "Interest".

GGNoob

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Re: Lending Club & taxes - Form 1099-OID
« Reply #1 on: February 21, 2015, 09:41:43 PM »
I just go to the 1099-OID section in TurboTax and enter that amount in Box 1.

Roots&Wings

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Re: Lending Club & taxes - Form 1099-OID
« Reply #2 on: February 22, 2015, 09:40:02 AM »
Yes, follow the instructions. Report the amount in box 1 as interest income on your income tax return (Schedule B part I).  That is what I do. Unless you're subject to the "However" caveat, in which case read Pub 1212 for more details.

Lifeblood

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Re: Lending Club & taxes - Form 1099-OID
« Reply #3 on: February 22, 2015, 11:27:11 AM »
Thanks for the detailed explanation, Cathy, and for the other responses as well. If I understand correctly, I can report the amount shown on the OID form along with bank interest in Schedule B, Part 1.