The IRS Form 1099-OID, or original issue discount, needs to be filed for multiple different reasons. The form keeps track of what discounts you may have gotten or money you did not refund.
When Do You Need to File 1099-OID?
- OID you receive is $10 or more
- You withheld foreign tax and paid it; you must file for each person you did this for
- You withheld federal income tax and did not pay it back and you used backup withholding rules to do this
Adjust the Amount You Pay if
- The bond was bought at a premium
- The obligation is a stripped coupon or bond
- The bond was indexed because of inflation
- You are a nominee for someone else and that’s why you received the form
Form 1099-OID Deadlines For 2020
The following are the 1099-OID due dates for each filing type. Forms must be transmitted to the IRS before the deadline.
- Recipient copy – January 31
- IRS paper filing – February 28
- IRS eFile – March 31
If a due date falls on a weekend or holiday, it will be due the next business day.