The IRS has released the 2018 revisions of Form 1099-OID, Form 1099-INT, and Instructions for Forms 1099-OID and 1099-INT. Below you’ll find the changes present in each form and the associated instructions.
Form 1099-OID
- “PAYER’S federal identification number” and “RECIPIENT’S identification number” is now “PAYER’S TIN” and “RECIPIENT’S TIN”
Form 1099-INT
- “PAYER’S federal identification number” and “RECIPIENT’S identification number” is now “PAYER’S TIN” and “RECIPIENT’S TIN”
- More clarity has been provided for several instructions:
- “If the amount in box 11 is greater than the amount of interest paid on the covered security, see Regulations section 1.171-2(a)(4).”
- “If the amount in box 12 is greater than the amount of interest paid on the U.S. Treasury obligation, see Regulations section 1.171-2(a)(4).”
- “If the amount in box 13 is greater than the amount of interest paid on the taxexempt covered security, the excess is a nondeductible loss. See Regulations section 1.171-2(a)(4)(ii).”
Instructions for Forms 1099-OID and Form 1099-INT
- New instructions:
- For a specified private activity bond with OID, report the tax-exempt OID in box 11 on Form 1099-OID and the tax-exempt stated interest in boxes 8 and 9 on Form 1099-INT.
- If you are reporting qualified stated interest and OID on any obligation that is not a specified private activity bond, you may report both the qualified stated interest and the OID on Form 1099-OID.
