Form Instruction 1099-INT & 1099-OID UT 2024-2025

Form Instruction 1099-INT & 1099-OID UT: What You Should Know

If the interest was paid from an IRA/plan account, and no interest income deduction was made for the transaction, report on the Form 1099-OID the balance due (or outstanding after interest had been received) for that IRA or plan account. If the interest was paid from a retirement IRA, you should report on Form 1099-OID the balance due for the IRA's owner and the IRA's date of death. If the interest was paid from any other account, including a savings account, this amount must be added to the interest income on the Form 1099-OID, not the amount shown on the Form 1099-OID. Note: You may be able to use a separate table instead of the table above to calculate interest income tax based on the interest due on the transactions. The table is shown below. If you have no idea what to do (or will not be getting a creditable interest payment later in the year), do NOT make a deposit to the IRA during the month immediately preceding the interest or tax-free period. This applies regardless of whether there is cash on hand or interest in an IRA to be returned to you. If there was a check or money order made to you directly by a customer, or another customer made a deposit to your IRA account, and you did not know it, you cannot cash it into your IRA. You need to wait until the next statement period or until the next tax season to deduct the accrued interest from income. However, if you deposited something at your brokerage account in an amount that was less than the amount in your Roth IRA to which you want to defer the interest, you can deduct it under “Fiduciary” rules (See 10% Limits To Tax Deductions & Credits). For more details, the following resources may be helpful. You are responsible to notify your broker of any amounts in your IRA under 100% that you don't want to be taxed in the year of withdrawal.  A Form 1099-Q will be provided to you once your account statement shows the actual interest, tax-free, received during the year.

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