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Learning, Sharing, and Teaching => Investor Alley => Topic started by: Lifeblood on February 21, 2015, 09:04:48 PM

Title: Lending Club & taxes - Form 1099-OID
Post by: Lifeblood 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".
Title: Re: Lending Club & taxes - Form 1099-OID
Post by: GGNoob 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.
Title: Re: Lending Club & taxes - Form 1099-OID
Post by: Roots&Wings 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.
Title: Re: Lending Club & taxes - Form 1099-OID
Post by: Lifeblood 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.