Lending Club & taxes - Form 1099-OID

[Lifeblood]

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]

I just go to the 1099-OID section in TurboTax and enter that amount in Box 1.

[Roots&Wings]

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]

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.