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Turbotax Amended Return

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Turbotax Amended Return

Turbotax amended return Publication 1212 - Main Content Table of Contents Definitions Debt Instruments on the OID List Debt Instruments Not on the OID List Information for Brokers and Other MiddlemenShort-Term Obligations Redeemed at Maturity Long-Term Debt Instruments Certificates of Deposit Bearer Bonds and Coupons Backup Withholding Information for Owners of OID Debt InstrumentsExceptions. Turbotax amended return Adjustment for premium. Turbotax amended return Adjustment for acquisition premium. Turbotax amended return Adjustment for market discount. Turbotax amended return Form 1099-OID How To Report OID Figuring OID on Long-Term Debt Instruments Figuring OID on Stripped Bonds and Coupons How To Get Tax HelpLow Income Taxpayer Clinics Definitions The following terms are used throughout this publication. Turbotax amended return “Original issue discount” is defined first. Turbotax amended return The other terms are listed alphabetically. Turbotax amended return Original issue discount (OID). Turbotax amended return   OID is a form of interest. Turbotax amended return It is the excess of a debt instrument's stated redemption price at maturity over its issue price (acquisition price for a stripped bond or coupon). Turbotax amended return Zero coupon bonds and debt instruments that pay no stated interest until maturity are examples of debt instruments that have OID. Turbotax amended return Accrual period. Turbotax amended return   An accrual period is an interval of time used to measure OID. Turbotax amended return The length of an accrual period can be 6 months, a year, or some other period, depending on when the debt instrument was issued. Turbotax amended return Acquisition premium. Turbotax amended return   Acquisition premium is the excess of a debt instrument's adjusted basis immediately after purchase, including purchase at original issue, over the debt instrument's adjusted issue price at that time. Turbotax amended return A debt instrument does not have acquisition premium, however, if the debt instrument was purchased at a premium. Turbotax amended return See Premium, later. Turbotax amended return Adjusted issue price. Turbotax amended return   The adjusted issue price of a debt instrument at the beginning of an accrual period is used to figure the OID allocable to that period. Turbotax amended return In general, the adjusted issue price at the beginning of the debt instrument's first accrual period is its issue price. Turbotax amended return The adjusted issue price at the beginning of any subsequent accrual period is the sum of the issue price and all the OID includible in income before that accrual period minus any payment previously made on the debt instrument, other than a payment of qualified stated interest. Turbotax amended return Debt instrument. Turbotax amended return   The term “debt instrument” means any instrument or contractual arrangement that constitutes indebtedness under general principles of federal income tax law (including, for example, a bond, debenture, note, certificate, or other evidence of indebtedness). Turbotax amended return It generally does not include an annuity contract. Turbotax amended return Issue price. Turbotax amended return   For debt instruments listed in Section I-A and Section I-B, the issue price generally is the initial offering price to the public (excluding bond houses and brokers) at which a substantial amount of these instruments was sold. Turbotax amended return Market discount. Turbotax amended return   Market discount arises when a debt instrument purchased in the secondary market has decreased in value since its issue date, generally because of an increase in interest rates. Turbotax amended return An OID debt instrument has market discount if your adjusted basis in the debt instrument immediately after you acquired it (usually its purchase price) was less than the debt instrument's issue price plus the total OID that accrued before you acquired it. Turbotax amended return The market discount is the difference between the issue price plus accrued OID and your adjusted basis. Turbotax amended return Premium. Turbotax amended return   A debt instrument is purchased at a premium if its adjusted basis immediately after purchase is greater than the total of all amounts payable on the debt instrument after the purchase date, other than qualified stated interest. Turbotax amended return The premium is the excess of the adjusted basis over the payable amounts. Turbotax amended return See Publication 550 for information on the tax treatment of bond premium. Turbotax amended return Qualified stated interest. Turbotax amended return   In general, qualified stated interest is stated interest that is unconditionally payable in cash or property (other than debt instruments of the issuer) at least annually over the term of the debt instrument at a single fixed rate. Turbotax amended return Stated redemption price at maturity. Turbotax amended return   A debt instrument's stated redemption price at maturity is the sum of all amounts (principal and interest) payable on the debt instrument other than qualified stated interest. Turbotax amended return Yield to maturity (YTM). Turbotax amended return   In general, the YTM is the discount rate that, when used in figuring the present value of all principal and interest payments, produces an amount equal to the issue price of the debt instrument. Turbotax amended return The YTM is generally shown on the face of the debt instrument or in the literature you receive from your broker. Turbotax amended return If you do not have this information, consult your broker, tax advisor, or the issuer. Turbotax amended return Debt Instruments on the OID List The OID list on the IRS website can be used by brokers and other middlemen to prepare information returns. Turbotax amended return If you own a listed debt instrument, you generally should not rely on the information in the OID list to determine (or compare) the OID to be reported on your tax return. Turbotax amended return The OID amounts listed are figured without reference to the price or date at which you acquired the debt instrument. Turbotax amended return For information about determining the OID to be reported on your tax return, see the instructions for figuring OID under Information for Owners of OID Debt Instruments, later. Turbotax amended return The following discussions explain what information is contained in each section of the list. Turbotax amended return Section I. Turbotax amended return   This section contains publicly offered, long-term debt instruments. Turbotax amended return Section I-A: Corporate Debt Instruments Issued Before 1985. Turbotax amended return Section I-B: Corporate Debt Instruments Issued After 1984. Turbotax amended return Section I-C: Inflation-Indexed Debt Instruments. Turbotax amended return For each publicly offered debt instrument in Section I, the list contains the following information. Turbotax amended return The name of the issuer. Turbotax amended return The Committee on Uniform Security Identification Procedures (CUSIP) number. Turbotax amended return The issue date. Turbotax amended return The maturity date. Turbotax amended return The issue price expressed as a percent of principal or of stated redemption price at maturity. Turbotax amended return The annual stated or coupon interest rate. Turbotax amended return (This rate is shown as 0. Turbotax amended return 00 if no annual interest payments are provided. Turbotax amended return ) The yield to maturity will be added to Section I-B for bonds issued after December 31, 2006. Turbotax amended return The total OID accrued up to January 1 of a calendar year. Turbotax amended return (This information is not available for every instrument. Turbotax amended return ) For long-term debt instruments issued after July 1, 1982, the daily OID for the accrual periods falling in a calendar year and a subsequent year. Turbotax amended return The total OID per $1,000 of principal or maturity value for a calendar year and a subsequent year. Turbotax amended return Section II. Turbotax amended return   This section contains stripped coupons and principal components of U. Turbotax amended return S. Turbotax amended return Treasury and Government-Sponsored Enterprise debt instruments. Turbotax amended return These stripped components are available through the Department of the Treasury's Separate Trading of Registered Interest and Principal of Securities (STRIPS) program and government-sponsored enterprises such as the Resolution Funding Corporation. Turbotax amended return This section also includes debt instruments backed by U. Turbotax amended return S. Turbotax amended return Treasury securities that represent ownership interests in those securities. Turbotax amended return   The obligations listed in Section II are arranged by maturity date. Turbotax amended return The amounts listed are the total OID for a calendar year per $1,000 of redemption price. Turbotax amended return Section III. Turbotax amended return   This section contains short-term discount obligations. Turbotax amended return Section III-A: Short-Term U. Turbotax amended return S. Turbotax amended return Treasury Bills. Turbotax amended return Section III-B: Federal Home Loan Banks. Turbotax amended return Section III-C: Federal National Mortgage Association. Turbotax amended return Section III-D: Federal Farm Credit Banks. Turbotax amended return Section III-E: Federal Home Loan Mortgage Corporation. Turbotax amended return Section III-F: Federal Agricultural Mortgage Corporation. Turbotax amended return    Information that supplements Section III-A is available on the Internet at http://www. Turbotax amended return treasurydirect. Turbotax amended return gov/tdhome. Turbotax amended return htm. Turbotax amended return   The short-term obligations listed in this section are arranged by maturity date. Turbotax amended return For each obligation, the list contains the CUSIP number, maturity date, issue date, issue price (expressed as a percent of principal), and discount to be reported as interest for a calendar year per $1,000 of redemption price. Turbotax amended return Brokers and other middlemen should rely on the issue price information in Section III only if they are unable to determine the price actually paid by the owner. Turbotax amended return Debt Instruments Not on the OID List The list of debt instruments discussed earlier does not contain the following items. Turbotax amended return U. Turbotax amended return S. Turbotax amended return savings bonds. Turbotax amended return Certificates of deposit and other face-amount certificates issued at a discount, including syndicated certificates of deposit. Turbotax amended return Obligations issued by tax-exempt organizations. Turbotax amended return OID debt instruments that matured or were entirely called by the issuer before the tables were posted on the IRS website. Turbotax amended return Mortgage-backed securities and mortgage participation certificates. Turbotax amended return Long-term OID debt instruments issued before May 28, 1969. Turbotax amended return Short-term obligations, other than the obligations listed in Section III. Turbotax amended return Debt instruments issued at a discount by states or their political subdivisions. Turbotax amended return REMIC regular interests and CDOs. Turbotax amended return Commercial paper and banker's acceptances issued at a discount. Turbotax amended return Obligations issued at a discount by individuals. Turbotax amended return Foreign obligations not traded in the United States and obligations not issued in the United States. Turbotax amended return Information for Brokers and Other Middlemen The following discussions contain specific instructions for brokers and middlemen who hold or redeem a debt instrument for the owner. Turbotax amended return In general, you must file a Form 1099 for the debt instrument if the interest or OID to be included in the owner's income for a calendar year totals $10 or more. Turbotax amended return You also must file a Form 1099 if you were required to deduct and withhold tax, even if the interest or OID is less than $10. Turbotax amended return See Backup Withholding, later. Turbotax amended return If you must file a Form 1099, furnish a copy to the owner of the debt instrument by January 31 in the year it is due. Turbotax amended return File all your Forms 1099 with the IRS, accompanied by Form 1096, by February 28 in the year it is due (March 31 if you file electronically). Turbotax amended return Electronic payee statements. Turbotax amended return   You can issue Form 1099-OID electronically with the consent of the recipient. Turbotax amended return More information. Turbotax amended return   For more information, including penalties for failure to file (or furnish) required information returns or statements, see the General Instructions for Certain Information Returns (Forms 1098, 1099, 3921, 3922, 5498, and W-2G) for the appropriate calendar year. Turbotax amended return Short-Term Obligations Redeemed at Maturity If you redeem a short-term discount obligation for the owner at maturity, you must report the discount as interest on Form 1099-INT. Turbotax amended return To figure the discount, use the purchase price shown on the owner's copy of the purchase confirmation receipt or similar record, or the price shown in your transaction records. Turbotax amended return If you sell the obligation for the owner before maturity, you must file Form 1099-B to reflect the gross proceeds to the seller. Turbotax amended return Do not report the accrued discount to the date of sale on either Form 1099-INT or Form 1099-OID. Turbotax amended return If the owner's purchase price cannot be determined, figure the discount as if the owner had purchased the obligation at its original issue price. Turbotax amended return A special rule is used to determine the original issue price for information reporting on U. Turbotax amended return S. Turbotax amended return Treasury bills (T-bills) listed in Section III-A. Turbotax amended return Under this rule, you treat as the original issue price of the T-bill the noncompetitive (weighted average of accepted auction bids) discount price for the longest-maturity T-bill maturing on the same date as the T-bill being redeemed. Turbotax amended return This noncompetitive discount price is the issue price (expressed as a percent of principal) shown in Section III-A. Turbotax amended return A similar rule is used to figure the discount on short-term discount obligations issued by the organizations listed in Section III-B through Section III-F. Turbotax amended return Example 1. Turbotax amended return There are 13-week and 26-week T-bills maturing on the same date as the T-bill being redeemed. Turbotax amended return The price actually paid by the owner cannot be established by owner or middleman records. Turbotax amended return You treat as the issue price of the T-bill the noncompetitive discount price (expressed as a percent of principal) shown in Section III-A for a 26-week bill maturing on the same date as the T-bill redeemed. Turbotax amended return The interest you report on Form 1099-INT is the OID (per $1,000 of principal) shown in Section III-A for that obligation. Turbotax amended return Long-Term Debt Instruments If you hold a long-term OID debt instrument as a nominee for the true owner, you generally must file Form 1099-OID. Turbotax amended return For this purpose, you can rely on Section I of the OID list to determine the following information. Turbotax amended return Whether a debt instrument has OID. Turbotax amended return The OID to be reported on the Form 1099-OID. Turbotax amended return In general, you must report OID on publicly offered, long-term debt instruments listed in Section I. Turbotax amended return You also can report OID on other long-term debt instruments. Turbotax amended return Form 1099-OID. Turbotax amended return   On Form 1099-OID for a calendar year show the following information. Turbotax amended return Box 1. Turbotax amended return The OID for the actual dates the owner held the debt instruments during a calendar year. Turbotax amended return To determine this amount, see Figuring OID, next. Turbotax amended return Box 2. Turbotax amended return The qualified stated interest paid or credited during the calendar year. Turbotax amended return Interest reported here is not reported on Form 1099-INT. Turbotax amended return The qualified stated interest on Treasury inflation-protected securities may be reported on Form 1099-INT in box 3 instead. Turbotax amended return Box 3. Turbotax amended return Any interest or principal forfeited because of an early withdrawal that the owner can deduct from gross income. Turbotax amended return Do not reduce the amounts in boxes 1 and 2 by the forfeiture. Turbotax amended return Box 4. Turbotax amended return Any backup withholding for this debt instrument. Turbotax amended return Box 7. Turbotax amended return The CUSIP number, if any. Turbotax amended return If there is no CUSIP number, give a description of the debt instrument, including the abbreviation for the stock exchange, the abbreviation used by the stock exchange for the issuer, the coupon rate, and the year of maturity (for example, NYSE XYZ 12. Turbotax amended return 50 2006). Turbotax amended return If the issuer of the debt instrument is other than the payer, show the name of the issuer in this box. Turbotax amended return Box 8. Turbotax amended return The OID on a U. Turbotax amended return S. Turbotax amended return Treasury obligation for the part of the year the owner held the debt instrument. Turbotax amended return Box 9. Turbotax amended return Investment expenses passed on to holders of a single-class REMIC. Turbotax amended return Boxes 10-12. Turbotax amended return Use to report any state income tax withheld for this debt instrument. Turbotax amended return Figuring OID. Turbotax amended return   You can determine the OID on a long-term debt instrument by using either of the following. Turbotax amended return Section I of the OID list. Turbotax amended return The income tax regulations. Turbotax amended return Using Section I. Turbotax amended return   If the owner held the debt instrument for the entire calendar year, report the OID shown in Section I for the calendar year. Turbotax amended return Because OID is listed for each $1,000 of stated redemption price at maturity, you must adjust the listed amount to reflect the debt instrument's actual stated redemption price at maturity. Turbotax amended return For example, if the debt instrument's stated redemption price at maturity is $500, report one-half the listed OID. Turbotax amended return   If the owner held the debt instrument for less than the entire calendar year, figure the OID to report as follows. Turbotax amended return Look up the daily OID for the first accrual period in the calendar year during which the owner held the debt instrument. Turbotax amended return Multiply the daily OID by the number of days the owner held the debt instrument during that accrual period. Turbotax amended return Repeat steps (1) and (2) for any remaining accrual periods for the year during which the owner held the debt instrument. Turbotax amended return Add the results in steps (2) and (3) to determine the owner's OID per $1,000 of stated redemption price at maturity. Turbotax amended return If necessary, adjust the OID in (4) to reflect the debt instrument's stated redemption price at maturity. Turbotax amended return Report the result on Form 1099-OID in box 1. Turbotax amended return Using the income tax regulations. Turbotax amended return   Instead of using Section I to figure OID, you can use the regulations under sections 1272 through 1275 of the Internal Revenue Code. Turbotax amended return For example, under the regulations, you can use monthly accrual periods in figuring OID for a debt instrument issued after April 3, 1994, that provides for monthly payments. Turbotax amended return (If you use Section I-B, the OID is figured using 6-month accrual periods. Turbotax amended return )   For a general explanation of the rules for figuring OID under the regulations, see Figuring OID on Long-Term Debt Instruments under Information for Owners of OID Debt Instruments, later. Turbotax amended return Certificates of Deposit If you hold a bank certificate of deposit (CD) as a nominee, you must determine whether the CD has OID and any OID includible in the income of the owner. Turbotax amended return You must file an information return showing the reportable interest and OID, if any, on the CD. Turbotax amended return These rules apply whether or not you sold the CD to the owner. Turbotax amended return Report OID on a CD in the same way as OID on other debt instruments. Turbotax amended return See Short-Term Obligations Redeemed at Maturity and Long-Term Debt Instruments, earlier. Turbotax amended return Bearer Bonds and Coupons If a coupon from a bearer bond is presented to you for collection before the bond matures, you generally must report the interest on Form 1099-INT. Turbotax amended return However, do not report the interest if either of the following apply. Turbotax amended return You hold the bond as a nominee for the true owner. Turbotax amended return The payee is a foreign person. Turbotax amended return See Payments to foreign person under Backup Withholding, later. Turbotax amended return Because you cannot assume the presenter of the coupon also owns the bond, you should not report OID on the bond on Form 1099-OID. Turbotax amended return The coupon may have been “stripped” (separated) from the bond and separately purchased. Turbotax amended return However, if a long-term bearer bond on the OID list is presented to you for redemption upon call or maturity, you should prepare a Form 1099-OID showing the OID for that calendar year, as well as any coupon interest payments collected at the time of redemption. Turbotax amended return Backup Withholding If you report OID on Form 1099-OID or interest on Form 1099-INT for a calendar year, you may be required to apply backup withholding to the reportable payment at a rate of 28%. Turbotax amended return The backup withholding is deducted at the time a cash payment is made. Turbotax amended return See Pub. Turbotax amended return 1281, Backup Withholding for Missing and Incorrect Name/TIN(s), for more information. Turbotax amended return Backup withholding generally applies in the following situations. Turbotax amended return The payee does not give you a taxpayer identification number (TIN). Turbotax amended return The IRS notifies you that the payee gave an incorrect TIN. Turbotax amended return The IRS notifies you that the payee is subject to backup withholding due to payee underreporting. Turbotax amended return For debt instruments acquired after 1983: The payee does not certify, under penalties of perjury, that he or she is not subject to backup withholding under (3), or The payee does not certify, under penalties of perjury, that the TIN given is correct. Turbotax amended return However, for short-term discount obligations (other than government obligations), bearer bonds and coupons, and U. Turbotax amended return S. Turbotax amended return savings bonds, backup withholding applies only if the payee does not give you a TIN or gives you an obviously incorrect number for a TIN. Turbotax amended return Short-term obligations. Turbotax amended return   Backup withholding applies to OID on a short-term obligation only when the OID is paid at maturity. Turbotax amended return However, backup withholding applies to any interest payable before maturity when the interest is paid or credited. Turbotax amended return   If the owner of a short-term obligation at maturity is not the original owner and can establish the purchase price of the obligation, the amount subject to backup withholding must be determined by treating the purchase price as the issue price. Turbotax amended return However, you can choose to disregard that price if it would require significant manual intervention in the computer or recordkeeping system used for the obligation. Turbotax amended return If the purchase price of a listed obligation is not established or is disregarded, you must use the issue price shown in Section III. Turbotax amended return Long-term obligations. Turbotax amended return   If no cash payments are made on a long-term obligation before maturity, backup withholding applies only at maturity. Turbotax amended return The amount subject to backup withholding is the OID includible in the owner's gross income for the calendar year when the obligation matures. Turbotax amended return The amount to be withheld is limited to the cash paid. Turbotax amended return Registered long-term obligations with cash payments. Turbotax amended return   If a registered long-term obligation has cash payments before maturity, backup withholding applies when a cash payment is made. Turbotax amended return The amount subject to backup withholding is the total of the qualified stated interest (defined earlier under Definitions) and OID includible in the owner's gross income for the calendar year when the payment is made. Turbotax amended return If more than one cash payment is made during the year, the OID subject to withholding for the year must be allocated among the expected cash payments in the ratio that each bears to the total of the expected cash payments. Turbotax amended return For any payment, the required withholding is limited to the cash paid. Turbotax amended return Payee not the original owner. Turbotax amended return   If the payee is not the original owner of the obligation, the OID subject to backup withholding is the OID includible in the gross income of all owners during the calendar year (without regard to any amount paid by the new owner at the time of transfer). Turbotax amended return The amount subject to backup withholding at maturity of a listed obligation must be determined using the issue price shown in Section I. Turbotax amended return Bearer long-term obligations with cash payments. Turbotax amended return   If a bearer long-term obligation has cash payments before maturity, backup withholding applies when the cash payments are made. Turbotax amended return For payments before maturity, the amount subject to withholding is the qualified stated interest (defined earlier under Definitions) includible in the owner's gross income for the calendar year. Turbotax amended return For a payment at maturity, the amount subject to withholding is only the total of any qualified stated interest paid at maturity and the OID includible in the owner's gross income for the calendar year when the obligation matures. Turbotax amended return The required withholding at maturity is limited to the cash paid. Turbotax amended return Sales and redemptions. Turbotax amended return   If you report the gross proceeds from a sale, exchange, or redemption of a debt instrument on Form 1099-B for a calendar year, you may be required to withhold 28% of the amount reported. Turbotax amended return Backup withholding applies in the following situations. Turbotax amended return The payee does not give you a TIN. Turbotax amended return The IRS notifies you that the payee gave an incorrect TIN. Turbotax amended return For debt instruments held in an account opened after 1983, the payee does not certify, under penalties of perjury, that the TIN given is correct. Turbotax amended return Payments outside the United States to U. Turbotax amended return S. Turbotax amended return person. Turbotax amended return   The requirements for backup withholding and information reporting apply to payments of OID and interest made outside the United States to a U. Turbotax amended return S. Turbotax amended return person, a controlled foreign corporation, or a foreign person at least 50% of whose income for the preceding 3-year period is effectively connected with the conduct of a U. Turbotax amended return S. Turbotax amended return trade or business. Turbotax amended return Payments to foreign person. Turbotax amended return   The following discussions explain the rules for backup withholding and information reporting on payments to foreign persons. Turbotax amended return U. Turbotax amended return S. Turbotax amended return -source amount. Turbotax amended return   Backup withholding and information reporting are not required for payments of U. Turbotax amended return S. Turbotax amended return -source OID, interest, or proceeds from a sale or redemption of an OID instrument if the payee has given you proof (generally the appropriate Form W-8 or an acceptable substitute) that the payee is a foreign person. Turbotax amended return A U. Turbotax amended return S. Turbotax amended return resident is not a foreign person. Turbotax amended return For proof of the payee's foreign status, you can rely on the appropriate Form W-8 or on documentary evidence for payments made outside the United States to an offshore account or, in case of broker proceeds, a sale effected outside the United States. Turbotax amended return Receipt of the appropriate Form W-8 does not relieve you from information reporting and backup withholding if you actually know the payee is a U. Turbotax amended return S. Turbotax amended return person. Turbotax amended return   For information about the 28% withholding tax that may apply to payments of U. Turbotax amended return S. Turbotax amended return -source OID or interest to foreign persons, see Publication 515. Turbotax amended return Foreign-source amount. Turbotax amended return   Backup withholding and information reporting are not required for payments of foreign-source OID and interest made outside the United States. Turbotax amended return However, if the payments are made inside the United States, the requirements for backup withholding and information reporting will apply unless the payee has given you the appropriate Form W-8 or acceptable substitute as proof that the payee is a foreign person. Turbotax amended return More information. Turbotax amended return   For more information about backup withholding and information reporting on foreign-source amounts or payments to foreign persons, see Regulations section 1. Turbotax amended return 6049-5. Turbotax amended return Information for Owners of OID Debt Instruments This section is for persons who prepare their own tax returns. Turbotax amended return It discusses the income tax rules for figuring and reporting OID on long-term debt instruments. Turbotax amended return It also includes a similar discussion for stripped bonds and coupons, such as zero coupon bonds available through the Department of the Treasury's STRIPS program and government-sponsored enterprises such as the Resolution Funding Corporation. Turbotax amended return However, the information provided does not cover every situation. Turbotax amended return More information can be found in the regulations under sections 1271 through 1275 of the Internal Revenue Code. Turbotax amended return Including OID in income. Turbotax amended return   Generally, you include OID in income as it accrues each year, whether or not you receive any payments from the debt instrument issuer. Turbotax amended return Exceptions. Turbotax amended return   The rules for including OID in income as it accrues generally do not apply to the following debt instruments. Turbotax amended return U. Turbotax amended return S. Turbotax amended return savings bonds. Turbotax amended return Tax-exempt obligations. Turbotax amended return (However, see Tax-Exempt Bonds and Coupons, later. Turbotax amended return ) Obligations issued by individuals before March 2, 1984. Turbotax amended return Loans of $10,000 or less between individuals who are not in the business of lending money. Turbotax amended return (The dollar limit includes outstanding prior loans by the lender to the borrower. Turbotax amended return ) This exception does not apply if a principal purpose of the loan is to avoid any federal tax. Turbotax amended return   See chapter 1 of Publication 550 for information about the rules for these and other types of discounted debt instruments, such as short-term and market discount obligations. Turbotax amended return Publication 550 also discusses rules for holders of REMIC interests and CDOs. Turbotax amended return De minimis rule. Turbotax amended return   You can treat OID as zero if the total OID on a debt instrument is less than one-fourth of 1% (. Turbotax amended return 0025) of the stated redemption price at maturity multiplied by the number of full years from the date of original issue to maturity. Turbotax amended return Debt instruments with de minimis OID are not listed in this publication. Turbotax amended return There are special rules to determine the de minimis amount in the case of debt instruments that provide for more than one payment of principal. Turbotax amended return Also, the de minimis rules generally do not apply to tax-exempt obligations. Turbotax amended return Example 2. Turbotax amended return You bought at issuance a 10-year debt instrument with a stated redemption price at maturity of $1,000, issued at $980 with OID of $20. Turbotax amended return One-fourth of 1% of $1,000 (the stated redemption price) times 10 (the number of full years from the date of original issue to maturity) equals $25. Turbotax amended return Under the de minimis rule, you can treat the OID as zero because the $20 discount is less than $25. Turbotax amended return Example 3. Turbotax amended return Assume the same facts as Example 2, except the debt instrument was issued at $950. Turbotax amended return You must report part of the $50 OID each year because it is more than $25. Turbotax amended return Choice to report all interest as OID. Turbotax amended return   Generally, you can choose to treat all interest on a debt instrument acquired after April 3, 1994, as OID and include it in gross income by using the constant yield method. Turbotax amended return See Constant yield method under Debt Instruments Issued After 1984, later, for more information. Turbotax amended return   For this choice, interest includes stated interest, acquisition discount, OID, de minimis OID, market discount, de minimis market discount, and unstated interest, as adjusted by any amortizable bond premium or acquisition premium. Turbotax amended return For more information, see Regulations section 1. Turbotax amended return 1272-3. Turbotax amended return Purchase after date of original issue. Turbotax amended return   A debt instrument you purchased after the date of original issue may have premium, acquisition premium, or market discount. Turbotax amended return If so, the OID reported to you on Form 1099-OID may have to be adjusted. Turbotax amended return For more information, see Showing an OID adjustment under How To Report OID, later. Turbotax amended return The following rules generally do not apply to contingent payment debt instruments. Turbotax amended return Adjustment for premium. Turbotax amended return   If your debt instrument (other than an inflation-indexed debt instrument) has premium, do not report any OID as ordinary income. Turbotax amended return Your adjustment is the total OID shown on your Form 1099-OID. Turbotax amended return Adjustment for acquisition premium. Turbotax amended return   If your debt instrument has acquisition premium, reduce the OID you report. Turbotax amended return Your adjustment is the difference between the OID shown on your Form 1099-OID and the reduced OID amount figured using the rules explained later under Figuring OID on Long-Term Debt Instruments. Turbotax amended return Adjustment for market discount. Turbotax amended return   If your debt instrument has market discount that you choose to include in income currently, increase the OID you report. Turbotax amended return Your adjustment is the accrued market discount for the year. Turbotax amended return See Market Discount Bonds in chapter 1 of Publication 550 for information on how to figure accrued market discount and include it in your income currently and for other information about market discount bonds. Turbotax amended return If you choose to use the constant yield method to figure accrued market discount, also see Figuring OID on Long-Term Debt Instruments, later. Turbotax amended return The constant yield method of figuring accrued OID, explained in those discussions under Constant yield method, is also used to figure accrued market discount. Turbotax amended return For more information concerning premium or market discount on an inflation-indexed debt instrument, see Regulations section 1. Turbotax amended return 1275-7. Turbotax amended return Sale, exchange, or redemption. Turbotax amended return   Generally, you treat your gain or loss from the sale, exchange, or redemption of a discounted debt instrument as a capital gain or loss if you held the debt instrument as a capital asset. Turbotax amended return If you sold the debt instrument through a broker, you should receive Form 1099-B or an equivalent statement from the broker. Turbotax amended return Use the Form 1099-B or other statement and your brokerage statements to complete Form 8949, and Schedule D (Form 1040). Turbotax amended return   Your gain or loss is the difference between the amount you realized on the sale, exchange, or redemption and your basis in the debt instrument. Turbotax amended return Your basis, generally, is your cost increased by the OID you have included in income each year you held it. Turbotax amended return In general, to determine your gain or loss on a tax-exempt bond, figure your basis in the bond by adding to your cost the OID you would have included in income if the bond had been taxable. Turbotax amended return   See chapter 4 of Publication 550 for more information about the tax treatment of the sale or redemption of discounted debt instruments. Turbotax amended return Example 4. Turbotax amended return Larry, a calendar year taxpayer, bought a corporate debt instrument at original issue for $86,235. Turbotax amended return 00 on November 1 of Year 1. Turbotax amended return The 15-year debt instrument matures on October 31 of Year 16 at a stated redemption price of $100,000. Turbotax amended return The debt instrument provides for semiannual payments of interest at 10%. Turbotax amended return Assume the debt instrument is a capital asset in Larry's hands. Turbotax amended return The debt instrument has $13,765. Turbotax amended return 00 of OID ($100,000 stated redemption price at maturity minus $86,235. Turbotax amended return 00 issue price). Turbotax amended return Larry sold the debt instrument for $90,000 on November 1 of Year 4. Turbotax amended return Including the OID he will report for the period he held the debt instrument in Year 4, Larry has included $4,556. Turbotax amended return 00 of OID in income and has increased his basis by that amount to $90,791. Turbotax amended return 00. Turbotax amended return Larry has realized a loss of $791. Turbotax amended return 00. Turbotax amended return All of Larry's loss is capital loss. Turbotax amended return Form 1099-OID The issuer of the debt instrument (or your broker, if you purchased or held the debt instrument through a broker) should give you a copy of Form 1099-OID or a similar statement if the accrued OID for the calendar year is $10 or more and the term of the debt instrument is more than 1 year. Turbotax amended return Form 1099-OID shows all OID income in box 1 except OID on a U. Turbotax amended return S. Turbotax amended return Treasury obligation, which is shown in box 8. Turbotax amended return It also shows, in box 2, any qualified stated interest you must include in income. Turbotax amended return (However, any qualified stated interest on Treasury inflation-protected securities can be reported on Form 1099-INT in box 3. Turbotax amended return ) A copy of Form 1099-OID will be sent to the IRS. Turbotax amended return Do not attach your copy to your tax return. Turbotax amended return Keep it for your records. Turbotax amended return If you are required to file a tax return and you receive Form 1099-OID showing taxable amounts, you must report these amounts on your return. Turbotax amended return A 20% accuracy-related penalty may be charged for underpayment of tax due to either negligence or disregard of rules and regulations or substantial understatement of tax. Turbotax amended return Form 1099-OID not received. Turbotax amended return   If you held an OID debt instrument for a calendar year but did not receive a Form 1099-OID, refer to the discussions under Figuring OID on Long-Term Debt Instruments, later, for information on the OID you must report. Turbotax amended return Refiguring OID. Turbotax amended return   You must refigure the OID shown on Form 1099-OID, in box 1 or box 8, to determine the proper amount to include in income if one of the following applies. Turbotax amended return You bought the debt instrument at a premium or at an acquisition premium. Turbotax amended return The debt instrument is a stripped bond or coupon (including zero coupon bonds backed by U. Turbotax amended return S. Turbotax amended return Treasury securities). Turbotax amended return The debt instrument is a contingent payment or inflation-indexed debt instrument. Turbotax amended return See the discussions under Figuring OID on Long-Term Debt Instruments or Figuring OID on Stripped Bonds and Coupons, later, for the specific computations. Turbotax amended return Refiguring interest. Turbotax amended return   If you disposed of a debt instrument or acquired it from another holder between interest dates, see the discussion under Bonds Sold Between Interest Dates in chapter 1 of Publication 550 for information about refiguring the interest shown on Form 1099-OID in box 2. Turbotax amended return Nominee. Turbotax amended return   If you are the holder of an OID debt instrument and you receive a Form 1099-OID that shows your taxpayer identification number and includes amounts belonging to another person, you are considered a “nominee. Turbotax amended return ” You must file another Form 1099-OID for each actual owner, showing the OID for the owner. Turbotax amended return Show the owner of the debt instrument as the “recipient” and you as the “payer. Turbotax amended return ”   Complete Form 1099-OID and Form 1096 and file the forms with the Internal Revenue Service Center for your area. Turbotax amended return You must also give a copy of the Form 1099-OID to the actual owner. Turbotax amended return However, you are not required to file a nominee return to show amounts belonging to your spouse. Turbotax amended return See the Form 1099 instructions for more information. Turbotax amended return   When preparing your tax return, follow the instructions under Showing an OID adjustment in the next discussion. Turbotax amended return How To Report OID Generally, you report your taxable interest and OID income on the interest line of Form 1040EZ, Form 1040A, or Form 1040. Turbotax amended return Form 1040 or Form 1040A required. Turbotax amended return   You must use Form 1040 or Form 1040A (you cannot use Form 1040EZ) under either of the following conditions. Turbotax amended return You received a Form 1099-OID as a nominee for the actual owner. Turbotax amended return Your total interest and OID income for the year was more than $1,500. Turbotax amended return Form 1040 required. Turbotax amended return   You must use Form 1040 (you cannot use Form 1040A or Form 1040EZ) if you are reporting more or less OID than the amount shown on Form 1099-OID, other than because you are a nominee. Turbotax amended return For example, if you paid a premium or an acquisition premium when you purchased the debt instrument, you must use Form 1040 because you will report less OID than shown on Form 1099-OID. Turbotax amended return Also, you must use Form 1040 if you were charged an early withdrawal penalty. Turbotax amended return Where to report. Turbotax amended return   List each payer's name (if a brokerage firm gave you a Form 1099, list the brokerage firm as the payer) and the amount received from each payer on Form 1040A, Schedule B, Part I, line 1, or Form 1040, Schedule B, line 1. Turbotax amended return Include all OID and periodic interest shown on any Form 1099-OID, boxes 1, 2, and 8, you received for the tax year. Turbotax amended return Also include any other OID and interest income for which you did not receive a Form 1099. Turbotax amended return Showing an OID adjustment. Turbotax amended return   If you use Form 1040 to report more or less OID than shown on Form 1099-OID, list the full OID on Schedule B, Part I, line 1, and follow the instructions under 1 or 2, next. Turbotax amended return   If you use Form 1040A to report the OID shown on a Form 1099-OID you received as a nominee for the actual owner, list the full OID on Schedule B, Part I, line 1 and follow the instructions under 1. Turbotax amended return If the OID, as adjusted, is less than the amount shown on Form 1099-OID, show the adjustment as follows. Turbotax amended return Under your last entry on line 1, subtotal all interest and OID income listed on line 1. Turbotax amended return Below the subtotal, write “Nominee Distribution” or “OID Adjustment” and show the OID you are not required to report. Turbotax amended return Subtract that OID from the subtotal and enter the result on line 2. Turbotax amended return If the OID, as adjusted, is more than the amount shown on Form 1099-OID, show the adjustment as follows. Turbotax amended return Under your last entry on line 1, subtotal all interest and OID income listed on line 1. Turbotax amended return Below the subtotal, write “OID Adjustment” and show the additional OID. Turbotax amended return Add that OID to the subtotal and enter the result on line 2. Turbotax amended return Figuring OID on Long-Term Debt Instruments How you figure the OID on a long-term debt instrument depends on the date it was issued. Turbotax amended return It also may depend on the type of the debt instrument. Turbotax amended return There are different rules for each of the following debt instruments. Turbotax amended return Corporate debt instruments issued after 1954 and before May 28, 1969, and government debt instruments issued after 1954 and before July 2, 1982. Turbotax amended return Corporate debt instruments issued after May 27, 1969, and before July 2, 1982. Turbotax amended return Debt instruments issued after July 1, 1982, and before 1985. Turbotax amended return Debt instruments issued after 1984 (other than debt instruments described in (5) and (6)). Turbotax amended return Contingent payment debt instruments issued after August 12, 1996. Turbotax amended return Inflation-indexed debt instruments (including Treasury inflation-protected securities) issued after January 5, 1997. Turbotax amended return Zero coupon bonds. Turbotax amended return   The rules for figuring OID on zero coupon bonds backed by U. Turbotax amended return S. Turbotax amended return Treasury securities are discussed under Figuring OID on Stripped Bonds and Coupons, later. Turbotax amended return Corporate Debt Instruments Issued After 1954 and Before May 28, 1969, and Government Debt Instruments Issued After 1954 and Before July 2, 1982 If you hold these debt instruments as capital assets, you include OID in income only in the year the debt instrument is sold, exchanged, or redeemed, and only if you have a gain. Turbotax amended return The OID, which is taxed as ordinary income, generally equals the following amount. Turbotax amended return   number of full months you held the debt instrument  number of full months from date of original issue to date of maturity X original issue discount The balance of the gain is capital gain. Turbotax amended return If there is a loss on the sale of the debt instrument, the entire loss is a capital loss and no OID is reported. Turbotax amended return Corporate Debt Instruments Issued After May 27, 1969, and Before July 2, 1982 If you hold these debt instruments as capital assets, you must include part of the OID in income each year you own the debt instruments. Turbotax amended return For information about showing the correct OID on your tax return, see the discussion under How To Report OID, earlier. Turbotax amended return Your basis in the debt instrument is increased by the OID you include in income. Turbotax amended return Form 1099-OID. Turbotax amended return   You should receive a Form 1099-OID showing OID for the part of the year you held the debt instrument. Turbotax amended return However, if you paid an acquisition premium, you may need to refigure the OID to report on your tax return. Turbotax amended return See Reduction for acquisition premium, later. Turbotax amended return If you held an OID debt instrument in a calendar year but did not receive a Form 1099-OID, see Form 1099-OID not received, immediately below, and refer to Section I-A available at www. Turbotax amended return irs. Turbotax amended return gov/pub1212 by clicking the link under Recent Developments. Turbotax amended return Form 1099-OID not received. Turbotax amended return    The OID listed is for each $1,000 of redemption price. Turbotax amended return You must adjust the listed amount if your debt instrument has a different principal amount. Turbotax amended return For example, if you have a debt instrument with a $500 principal amount, use one-half the listed amount to figure your OID. Turbotax amended return   If you held the debt instrument the entire year, use the OID shown in Section I-A for a calendar year. Turbotax amended return (If your debt instrument is not listed in Section I-A, consult the issuer for information about the issue price and the OID that accrued for that year. Turbotax amended return ) If you did not hold the debt instrument the entire year, figure your OID using the following method. Turbotax amended return Divide the OID shown by 12. Turbotax amended return Multiply the result in (1) by the number of complete and partial months (for example, 6½ months) you held the debt instrument during a calendar year. Turbotax amended return This is the OID to include in income unless you paid an acquisition premium. Turbotax amended return The reduction for acquisition premium is discussed next. Turbotax amended return Reduction for acquisition premium. Turbotax amended return   If you bought the debt instrument at an acquisition premium, figure the OID to include in income as follows. Turbotax amended return Divide the total OID on the debt instrument by the number of complete months, and any part of a month, from the date of original issue to the maturity date. Turbotax amended return This is the monthly OID. Turbotax amended return Subtract from your cost the issue price and the accumulated OID from the date of issue to the date of purchase. Turbotax amended return (If the result is zero or less, stop here. Turbotax amended return You did not pay an acquisition premium. Turbotax amended return ) Divide the amount figured in (2) by the number of complete months, and any part of a month, from the date of your purchase to the maturity date. Turbotax amended return Subtract the amount figured in (3) from the amount figured in (1). Turbotax amended return This is the OID to include in income for each month you hold the debt instrument during the year. Turbotax amended return Transfers during the month. Turbotax amended return   If you buy or sell a debt instrument on any day other than the same day of the month as the date of original issue, the ratable monthly portion of OID for the month of sale is divided between the seller and the buyer according to the number of days each held the debt instrument. Turbotax amended return Your holding period for this purpose begins the day you acquire the debt instrument and ends the day before you dispose of it. Turbotax amended return Debt Instruments Issued After July 1, 1982, and Before 1985 If you hold these debt instruments as capital assets, you must include part of the OID in income each year you own the debt instruments and increase your basis by the amount included. Turbotax amended return For information about showing the correct OID on your tax return, see How To Report OID, earlier. Turbotax amended return Form 1099-OID. Turbotax amended return   You should receive a Form 1099-OID showing OID for the part of the year you held the debt instrument. Turbotax amended return However, if you paid an acquisition premium, you may need to refigure the OID to report on your tax return. Turbotax amended return See Constant yield method and the discussions on acquisition premium that follow, later. Turbotax amended return If you held an OID debt instrument in a calendar year but did not receive a Form 1099-OID, see Form 1099-OID not received, immediately below, and refer to Section I-A available at www. Turbotax amended return irs. Turbotax amended return gov/pub1212 by clicking the link under Recent Developments. Turbotax amended return Form 1099-OID not received. Turbotax amended return    The OID listed is for each $1,000 of redemption price. Turbotax amended return You must adjust the listed amount if your debt instrument has a different principal amount. Turbotax amended return For example, if you have a debt instrument with a $500 principal amount, use one-half the listed amount to figure your OID. Turbotax amended return   If you held the debt instrument the entire year, use the OID shown in Section I-A. Turbotax amended return (If your instrument is not listed in Section I-A, consult the issuer for information about the issue price, the yield to maturity, and the OID that accrued for that year. Turbotax amended return ) If you did not hold the debt instrument the entire year, figure your OID using either of the following methods. Turbotax amended return Method 1. Turbotax amended return    Divide the total OID for a calendar year by 365 (366 for leap years). Turbotax amended return Multiply the result in (1) by the number of days you held the debt instrument during that particular year. Turbotax amended return  This computation is an approximation and may result in a slightly higher OID than Method 2. Turbotax amended return Method 2. Turbotax amended return    Look up the daily OID for the first accrual period you held the debt instrument during a calendar year. Turbotax amended return (See Accrual period under Constant yield method, next. Turbotax amended return ) Multiply the daily OID by the number of days you held the debt instrument during that accrual period. Turbotax amended return If you held the debt instrument for part of both accrual periods, repeat (1) and (2) for the second accrual period. Turbotax amended return Add the results of (2) and (3). Turbotax amended return This is the OID to include in income, unless you paid an acquisition premium. Turbotax amended return (The reduction for acquisition premium is discussed later. Turbotax amended return ) Constant yield method. Turbotax amended return   This discussion shows how to figure OID on debt instruments issued after July 1, 1982, and before 1985, using a constant yield method. Turbotax amended return OID is allocated over the life of the debt instrument through adjustments to the issue price for each accrual period. Turbotax amended return   Figure the OID allocable to any accrual period as follows. Turbotax amended return Multiply the adjusted issue price at the beginning of the accrual period by the debt instrument's yield to maturity. Turbotax amended return Subtract from the result in (1) any qualified stated interest allocable to the accrual period. Turbotax amended return Accrual period. Turbotax amended return   An accrual period for any OID debt instrument issued after July 1, 1982, and before 1985 is each 1-year period beginning on the date of the issue of the obligation and each anniversary thereafter, or the shorter period to maturity for the last accrual period. Turbotax amended return Your tax year will usually include parts of two accrual periods. Turbotax amended return Daily OID. Turbotax amended return   The OID for any accrual period is allocated equally to each day in the accrual period. Turbotax amended return You must include in income the sum of the OID amounts for each day you hold the debt instrument during the year. Turbotax amended return If your tax year includes parts of two or more accrual periods, you must include the proper daily OID amounts for each accrual period. Turbotax amended return Figuring daily OID. Turbotax amended return   The daily OID for the initial accrual period is figured using the following formula. Turbotax amended return   (ip × ytm) − qsi     p   ip = issue price ytm = yield to maturity qsi = qualified stated interest p = number of days in accrual period         The daily OID for subsequent accrual periods is figured the same way except the adjusted issue price at the beginning of each period is used in the formula instead of the issue price. Turbotax amended return Reduction for acquisition premium on debt instruments purchased before July 19, 1984. Turbotax amended return   If you bought the debt instrument at an acquisition premium before July 19, 1984, figure the OID includible in income by reducing the daily OID by the daily acquisition premium. Turbotax amended return Figure the daily acquisition premium by dividing the total acquisition premium by the number of days in the period beginning on your purchase date and ending on the day before the date of maturity. Turbotax amended return Reduction for acquisition premium on debt instruments purchased after July 18, 1984. Turbotax amended return   If you bought the debt instrument at an acquisition premium after July 18, 1984, figure the OID includible in income by reducing the daily OID by the daily acquisition premium. Turbotax amended return However, the method of figuring the daily acquisition premium is different from the method described in the preceding discussion. Turbotax amended return To figure the daily acquisition premium under this method, multiply the daily OID by the following fraction. Turbotax amended return The numerator is the acquisition premium. Turbotax amended return The denominator is the total OID remaining for the debt instrument after your purchase date. Turbotax amended return Section I-A is available at www. Turbotax amended return irs. Turbotax amended return gov/pub1212 and clicking the link under Recent Developments. Turbotax amended return Using Section I-A to figure accumulated OID. Turbotax amended return   If you bought your corporate debt instrument in a calendar year or the subsequent year, you can figure the accumulated OID to the date of purchase by adding the following amounts. Turbotax amended return The amount from the “Total OID to January 1, YYYY” column for your debt instrument. Turbotax amended return The OID from January 1 of a calendar year to the date of purchase, figured as follows. Turbotax amended return Multiply the daily OID for the first accrual period in the calendar year by the number of days from January 1 to the date of purchase, or the end of the accrual period if the debt instrument was purchased in the second or third accrual period. Turbotax amended return Multiply the daily OID for each subsequent accrual period by the number of days in the period to the date of purchase or the end of the accrual period, whichever applies. Turbotax amended return Add the amounts figured in (2a) and (2b). Turbotax amended return Debt Instruments Issued After 1984 If you hold debt instruments issued after 1984, you must report part of the OID in gross income each year that you own the debt instruments. Turbotax amended return You must include the OID in gross income whether or not you hold the debt instrument as a capital asset. Turbotax amended return Your basis in the debt instrument is increased by the OID you include in income. Turbotax amended return For information about showing the correct OID on your tax return, see How To Report OID, earlier. Turbotax amended return Form 1099-OID. Turbotax amended return   You should receive a Form 1099-OID showing OID for the part of a calendar year you held the debt instrument. Turbotax amended return However, if you paid an acquisition premium, you may need to refigure the OID to report on your tax return. Turbotax amended return See Constant yield method and Reduction for acquisition premium, later. Turbotax amended return   You may also need to refigure the OID for a contingent payment or inflation-indexed debt instrument on which the amount reported on Form 1099-OID is inaccurate. Turbotax amended return See Contingent Payment Debt Instruments or Inflation-Indexed Debt Instruments, later. Turbotax amended return If you held an OID debt instrument in a calendar year but did not receive a Form 1099-OID, see Form 1099-OID not received, immediately below, and refer to Section I-B available at www. Turbotax amended return irs. Turbotax amended return gov/pub1212 by clicking the link under Recent Developments. Turbotax amended return Form 1099-OID not received. Turbotax amended return   The OID listed is for each $1,000 of redemption price. Turbotax amended return You must adjust the listed amount if your debt instrument has a different principal amount. Turbotax amended return For example, if you have a debt instrument with a $500 principal amount, use one-half the listed amount to figure your OID. Turbotax amended return   Use the OID shown in Section I-B for a calendar year if you held the debt instrument the entire year. Turbotax amended return (If your debt instrument is not listed in Section I-B, consult the issuer for information about the issue price, the yield to maturity, and the OID that accrued for that year. Turbotax amended return ) If you did not hold the debt instrument the entire year, figure your OID as follows. Turbotax amended return Look up the daily OID for the first accrual period in which you held the debt instrument during a calendar year. Turbotax amended return (See Accrual period under Constant yield method, later. Turbotax amended return ) Multiply the daily OID by the number of days you held the debt instrument during that accrual period. Turbotax amended return Repeat (1) and (2) for any remaining accrual periods in which you held the debt instrument. Turbotax amended return Add the results of (2) and (3). Turbotax amended return This is the OID to include in income for that year, unless you paid an acquisition premium. Turbotax amended return (The reduction for acquisition premium is discussed later. Turbotax amended return ) Tax-exempt bond. Turbotax amended return   If you own a tax-exempt bond, figure your basis in the bond by adding to your cost the OID you would have included in income if the bond had been taxable. Turbotax amended return You need to make this adjustment to determine if you have a gain or loss on a later disposition of the bond. Turbotax amended return In general, use the rules that follow to determine your OID. Turbotax amended return Constant yield method. Turbotax amended return   This discussion shows how to figure OID on debt instruments issued after 1984 using a constant yield method. Turbotax amended return (The special rules that apply to contingent payment debt instruments and inflation-indexed debt instruments are explained later. Turbotax amended return ) OID is allocated over the life of the debt instrument through adjustments to the issue price for each accrual period. Turbotax amended return   Figure the OID allocable to any accrual period as follows. Turbotax amended return Multiply the adjusted issue price at the beginning of the accrual period by a fraction. Turbotax amended return The numerator of the fraction is the debt instrument's yield to maturity and the denominator is the number of accrual periods per year. Turbotax amended return The yield must be stated appropriately taking into account the length of the particular accrual period. Turbotax amended return Subtract from the result in (1) any qualified stated interest allocable to the accrual period. Turbotax amended return Accrual period. Turbotax amended return   For debt instruments issued after 1984 and before April 4, 1994, an accrual period is each 6-month period that ends on the day that corresponds to the stated maturity date of the debt instrument or the date 6 months before that date. Turbotax amended return For example, a debt instrument maturing on March 31 has accrual periods that end on September 30 and March 31 of each calendar year. Turbotax amended return Any short period is included as the first accrual period. Turbotax amended return   For debt instruments issued after April 3, 1994, accrual periods may be of any length and may vary in length over the term of the debt instrument, as long as each accrual period is no longer than 1 year and all payments are made on the first or last day of an accrual period. Turbotax amended return However, the OID listed for these debt instruments in Section I-B has been figured using 6-month accrual periods. Turbotax amended return Daily OID. Turbotax amended return   The OID for any accrual period is allocated equally to each day in the accrual period. Turbotax amended return Figure the amount to include in income by adding the OID for each day you hold the debt instrument during the year. Turbotax amended return Since your tax year will usually include parts of two or more accrual periods, you must include the proper daily OID for each accrual period. Turbotax amended return If your debt instrument has 6-month accrual periods, your tax year will usually include one full 6-month accrual period and parts of two other 6-month periods. Turbotax amended return Figuring daily OID. Turbotax amended return   The daily OID for the initial accrual period is figured using the following formula. Turbotax amended return   (ip × ytm/n) − qsi     p   ip = issue price ytm = yield to maturity n = number of accrual periods in 1 year qsi = qualified stated interest p = number of days in accrual period       The daily OID for subsequent accrual periods is figured the same way except the adjusted issue price at the beginning of each period is used in the formula instead of the issue price. Turbotax amended return Example 5. Turbotax amended return On January 1 of Year 1, you bought a 15-year, 10% debt instrument of A Corporation at original issue for $86,235. Turbotax amended return 17. Turbotax amended return According to the prospectus, the debt instrument matures on December 31 of Year 15 at a stated redemption price of $100,000. Turbotax amended return The yield to maturity is 12%, compounded semiannually. Turbotax amended return The debt instrument provides for qualified stated interest payments of $5,000 on June 30 and December 31 of each calendar year. Turbotax amended return The accrual periods are the 6-month periods ending on each of these dates. Turbotax amended return The number of days for the first accrual period (January 1 through June 30) is 181 days (182 for leap years). Turbotax amended return The daily OID for the first accrual period is figured as follows. Turbotax amended return   ($86,235. Turbotax amended return 17 x . Turbotax amended return 12/2) – $5,000     181 days     = $174. Turbotax amended return 11020 = $. Turbotax amended return 96193   181           The adjusted issue price at the beginning of the second accrual period is the issue price plus the OID previously includible in income ($86,235. Turbotax amended return 17 + $174. Turbotax amended return 11), or $86,409. Turbotax amended return 28. Turbotax amended return The number of days for the second accrual period (July 1 through December 31) is 184 days. Turbotax amended return The daily OID for the second accrual period is figured as follows. Turbotax amended return   ($86,409. Turbotax amended return 28 x . Turbotax amended return 12/2) – $5,000     184 days     = $184. Turbotax amended return 55681 = $1. Turbotax amended return 00303   184 Since the first and second accrual periods coincide exactly with your tax year, you include in income for Year 1 the OID allocable to the first two accrual periods, $174. Turbotax amended return 11 ($. Turbotax amended return 95665 × 182 days) plus $184. Turbotax amended return 56 ($1. Turbotax amended return 00303 × 184 days), or $358. Turbotax amended return 67. Turbotax amended return Add the OID to the $10,000 interest you report on your income tax return for Year 1. Turbotax amended return Example 6. Turbotax amended return Assume the same facts as in Example 5, except that you bought the debt instrument at original issue on May 1 of Year 1, with a maturity date of April 30, Year 16. Turbotax amended return Also, the interest payment dates are October 31 and April 30 of each calendar year. Turbotax amended return The accrual periods are the 6-month periods ending on each of these dates. Turbotax amended return The number of days for the first accrual period (May 1 through October 31) is 184 days. Turbotax amended return The daily OID for the first accrual period is figured as follows. Turbotax amended return   ($86,235. Turbotax amended return 17 x . Turbotax amended return 12/2) – $5,000     184 days     = $174. Turbotax amended return 11020 = $. Turbotax amended return 94625   184           The number of days for the second accrual period (November 1 through April 30) is 181 days (182 for leap years). Turbotax amended return The daily OID for the second accrual period is figured as follows. Turbotax amended return   ($86,409. Turbotax amended return 28 x . Turbotax amended return 12/2) – $5,000     181 days     = $184. Turbotax amended return 55681 = $1. Turbotax amended return 01965   181 If you hold the debt instrument through the end of Year 1, you must include $236. Turbotax amended return 31 of OID in income. Turbotax amended return This is $174. Turbotax amended return 11 ($. Turbotax amended return 94625 × 184 days) for the period May 1 through October 31 plus $62. Turbotax amended return 20 ($1. Turbotax amended return 01965 × 61 days) for the period November 1 through December 31. Turbotax amended return The OID is added to the $5,000 interest income paid on October 31 of Year 1. Turbotax amended return Your basis in the debt instrument is increased by the OID you include in income. Turbotax amended return On January 1 of Year 2, your basis in the A Corporation debt instrument is $86,471. Turbotax amended return 48 ($86,235. Turbotax amended return 17 + $236. Turbotax amended return 31). Turbotax amended return Short first accrual period. Turbotax amended return   You may have to make adjustments if a debt instrument has a short first accrual period. Turbotax amended return For example, a debt instrument with 6-month accrual periods that is issued on February 15 and matures on October 31 has a short first accrual period that ends April 30. Turbotax amended return (The remaining accrual periods begin on May 1 and November 1. Turbotax amended return ) For this short period, figure the daily OID as described earlier, but adjust the yield for the length of the short accrual period. Turbotax amended return You may use any reasonable compounding method in determining OID for a short period. Turbotax amended return Examples of reasonable compounding methods include continuous compounding and monthly compounding (that is, simple interest within a month). Turbotax amended return Consult your tax advisor for more information about making this computation. Turbotax amended return   The OID for the final accrual period is the difference between the amount payable at maturity (other than a payment of qualified stated interest) and the adjusted issue price at the beginning of the final accrual period. Turbotax amended return Reduction for acquisition premium. Turbotax amended return   If you bought the debt instrument at an acquisition premium, figure the OID includible in income by reducing the daily OID by the daily acquisition premium. Turbotax amended return To figure the daily acquisition premium, multiply the daily OID by the following fraction. Turbotax amended return The numerator is the acquisition premium. Turbotax amended return The denominator is the total OID remaining for the debt instrument after your purchase date. Turbotax amended return Example 7. Turbotax amended return Assume the same facts as in Example 6, except that you bought the debt instrument on November 1 of Year 1 for $87,000, after its original issue on May 1 of Year 1. Turbotax amended return The adjusted issue price on November 1 of Year 1 is $86,409. Turbotax amended return 28 ($86,235. Turbotax amended return 17 + $174. Turbotax amended return 11). Turbotax amended return In this case, you paid an acquisition premium of $590. Turbotax amended return 72 ($87,000 − $86,409. Turbotax amended return 28). Turbotax amended return The daily OID for the accrual period November 1 through April 30, reduced for the acquisition premium, is figured as follows. Turbotax amended return 1) Daily OID on date of purchase (2nd accrual period) $1. Turbotax amended return 01965*  2)  Acquisition premium $590. Turbotax amended return 72    3)  Total OID remaining after purchase date ($13,764. Turbotax amended return 83 − $174. Turbotax amended return 11) 13,590. Turbotax amended return 72   4) Line 2 ÷ line 3 . Turbotax amended return 04346  5)  Line 1 × line 4 . Turbotax amended return 04432  6)  Daily OID reduced for the acquisition premium. Turbotax amended return Line 1 − line 5 $0. Turbotax amended return 97533  * As shown in Example 6. Turbotax amended return The total OID to include in income for Year 1 is $59. Turbotax amended return 50 ($. Turbotax amended return 97533 × 61 days). Turbotax amended return Contingent Payment Debt Instruments This discussion shows how to figure OID on a contingent payment debt instrument issued after August 12, 1996, that was issued for cash or publicly traded property. Turbotax amended return In general, a contingent payment debt instrument provides for one or more payments that are contingent as to timing or amount. Turbotax amended return If you hold a contingent payment bond, you must report OID as it accrues each year. Turbotax amended return Because the actual payments on a contingent payment debt instrument cannot be known in advance, issuers and holders cannot use the constant yield method (discussed earlier under Debt Instruments Issued After 1984) without making certain assumptions about the payments on the debt instrument. Turbotax amended return To figure OID accruals on contingent payment debt instruments, holders and issuers must use the noncontingent bond method. Turbotax amended return Noncontingent bond method. Turbotax amended return    Under this method, the issuer must compute a comparable yield for the debt instrument and, based on this yield, construct a projected payment schedule for the instrument, which includes a projected fixed amount for each contingent payment. Turbotax amended return In general, holders and issuers accrue OID on this projected payment schedule using the constant yield method that applies to fixed payment debt instruments. Turbotax amended return When a contingent payment differs from the projected fixed amount, the holders and issuers make adjustments to their OID accruals. Turbotax amended return If the actual contingent payment is larger than expected, both the issuer and the holder increase their OID accruals. Turbotax amended return If the actual contingent payment is smaller than expected, holders and issuers generally decrease their OID accruals. Turbotax amended return Form 1099-OID. Turbotax amended return   The amount shown on Form 1099-OID in box 1 you receive for a contingent payment debt instrument may not be the correct amount to include in income. Turbotax amended return For example, the amount may not be correct if the contingent payment was different from the projected amount. Turbotax amended return If the amount in box 1 is not correct, you must figure the OID to report on your return under the following rules. Turbotax amended return For information on showing an OID adjustment on your tax return, see How To Report OID, earlier. Turbotax amended return Figuring OID. Turbotax amended return   To figure OID on a contingent payment debt instrument, you need to know the “comparable yield” and “projected payment schedule” of the debt instrument. Turbotax amended return The issuer must make these available to you. Turbotax amended return Comparable yield. Turbotax amended return   The comparable yield generally is the yield at which the issuer would issue a fixed rate debt instrument with terms and conditions similar to those of the contingent payment debt instrument. Turbotax amended return The comparable yield is determined as of the debt instrument's issue date. Turbotax amended return Projected payment schedule. Turbotax amended return   The projected payment schedule for a contingent payment debt instrument includes all fixed payments due under the instrument and a projected fixed amount for each contingent payment. Turbotax amended return The projected payment schedule is created by the issuer as of the debt instrument's issue date. Turbotax amended return It is used to determine the issuer's and holder's interest accruals and adjustments. Turbotax amended return Steps for figuring OID. Turbotax amended return   Figure the OID on a contingent payment debt instrument in two steps. Turbotax amended return Figure the OID using the constant yield method (discussed earlier under Debt Instruments Issued After 1984 ) that applies to fixed payment debt instruments. Turbotax amended return Use the comparable yield as the yield to maturity. Turbotax amended return In general, use the projected payment schedule to determine the instrument's adjusted issue price at the beginning of each accrual period (other than the initial period). Turbotax amended return Do not treat any amount payable as qualified stated interest. Turbotax amended return Adjust the OID in (1) to account for actual contingent payments. Turbotax amended return If the contingent payment is greater than the projected fixed amount, you have a positive adjustment. Turbotax amended return If the contingent payment is less than the projected fixed amount, you have a negative adjustment. Turbotax amended return Net positive adjustment. Turbotax amended return   A net positive adjustment exists for a tax year when the total of any positive adjustments described in (2) above for the tax year is more than the total of any negative adjustments for the tax year. Turbotax amended return Treat a net positive adjustment as additional OID for the tax year. Turbotax amended return Net negative adjustment. Turbotax amended return   A net negative adjustment exists for a tax year when the total of any negative adjustments described in (2) above for the tax year is more than the total of any positive adjustments for the tax year. Turbotax amended return Use a net negative adjustment to offset OID on the debt instrument for the tax year. Turbotax amended return If the net negative adjustment is more than the OID on the debt instrument for the tax year, you can claim the difference as an ordinary loss. Turbotax amended return However, the amount you can claim as an ordinary loss is limited to the OID on the debt instrument you included in income in prior tax years. Turbotax amended return You must carry forward any net negative adjustment that is more than the total OID for the tax year and prior tax years and treat it as a negative adjustment in the next tax year. Turbotax amended return Basis adjustments. Turbotax amended return   In general, increase your basis in a contingent payment debt instrument by the OID included in income. Turbotax amended return Your basis, however, is not affected by any negative or positive adjustments. Turbotax amended return Decrease your basis by any noncontingent payment received and the projected contingent payment scheduled to be received. Turbotax amended return Treatment of gain or loss on sale or exchange. Turbotax amended return   If you sell a contingent payment debt instrument at a gain, your gain is ordinary income (interest income), even if you hold the debt instrument as a capital asset. Turbotax amended return If you sell a contingent payment debt instrument at a loss, your loss is an ordinary loss to the extent of your prior OID accruals on the debt instrument. Turbotax amended return If the debt instrument is a capital asset, treat any loss that is more than your prior OID accruals as a capital loss. Turbotax amended return See Regulations section 1. Turbotax amended return 1275-4 for exceptions to these rules. Turbotax amended return Premium, acquisition premium, and market discount. Turbotax amended return   The rules for accruing premium, acquisition premium, and market discount do not apply to a contingent payment debt instrument. Turbotax amended return See Regulations section 1. Turbotax amended return 1275-4 to determine how to account for these items. Turbotax amended return Inflation-Indexed Debt Instruments This discussion shows how you figure OID on certain inflation-indexed debt instruments issued after January 5, 1997. Turbotax amended return An inflation-indexed debt instrument is generally a debt instrument on which the payments are adjusted for inflation and d
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The Turbotax Amended Return

Turbotax amended return Index A Abusive tax shelters (see Tax shelters) Accounting fees, Attorney or accounting fees. Turbotax amended return Accrual method, Accrual method taxpayers. Turbotax amended return , Accrual method. Turbotax amended return , Holders must use accrual method. Turbotax amended return , When To Deduct Investment Interest Accuracy-related penalty, Accuracy-related penalty. Turbotax amended return Acquisition discount, Government obligations. Turbotax amended return , Acquisition discount on short-term obligations. Turbotax amended return Adjusted basis, Basis adjustment. Turbotax amended return , Fair market value equal to or more than donor's adjusted basis. Turbotax amended return , Adjusted Basis, Short sales. Turbotax amended return Alaska Permanent Fund dividends, Alaska Permanent Fund dividends. Turbotax amended return , Child's Alaska Permanent Fund dividends. Turbotax amended return Amortization of bond premium, Bond Premium Amortization, Bonds acquired after October 22, 1986, but before 1988. Turbotax amended return Annuities Borrowing on, Borrowing on insurance. Turbotax amended return Interest on, Interest on annuity contract. Turbotax amended return Life insurance proceeds used to buy, Annuity. Turbotax amended return Sale of, Sale of Annuity Single-premium, Single-premium life insurance, endowment, and annuity contracts. Turbotax amended return Trade for, Trade of investment property for an annuity. Turbotax amended return , Insurance Policies and Annuities Applicable federal rate, Applicable federal rate. Turbotax amended return Appreciated financial positions, Constructive Sales of Appreciated Financial Positions Arbitrage bonds, Arbitrage bonds. Turbotax amended return Assistance (see Tax help) At-risk rules, At-risk rules. Turbotax amended return , At-risk rules. Turbotax amended return Attorneys' fees, Attorney or accounting fees. Turbotax amended return Automatic investment service, Automatic investment service and dividend reinvestment plans. Turbotax amended return , Automatic investment service. Turbotax amended return , Automatic investment service. Turbotax amended return Average basis, Average Basis Double-category method, Transition rule from double-category method. Turbotax amended return Illustrated, Average basis method illustrated. Turbotax amended return B Backup withholding, Backup withholding. Turbotax amended return Bad debts, Nonbusiness bad debt. Turbotax amended return , Nonbusiness Bad Debts Bankrupt financial institutions Deposit in, Deposit in Insolvent or Bankrupt Financial Institution Bargain purchases, Bargain purchases. Turbotax amended return Basis, Basis of Investment Property, U. Turbotax amended return S. Turbotax amended return Treasury Notes or Bonds Adjusted, Basis adjustment. Turbotax amended return , Fair market value equal to or more than donor's adjusted basis. Turbotax amended return , Adjusted Basis, Short sales. Turbotax amended return Average, Average Basis Cost, Cost Basis, Cost Basis Inherited property, Property Received as Inheritance Investment property, Basis of Investment Property Like-kind exchanges, Basis of property received. Turbotax amended return Other than cost, Basis Other Than Cost REITs, Shares in a mutual fund or REIT. Turbotax amended return REMIC, residual interest, Basis in the residual interest. Turbotax amended return Replacement stock, Basis of replacement stock. Turbotax amended return Shares acquired by reinvestment, Reinvestment right. Turbotax amended return Stocks and bonds, Basis adjustment. Turbotax amended return , Basis. Turbotax amended return , Basis. Turbotax amended return , Stocks and Bonds Bearer obligations, Bearer CDs. Turbotax amended return , Bearer Obligations Below-market loans, Below-Market Loans Bonds Accrued interest on, Accrued interest on bonds. Turbotax amended return Amortization of premium, Bond Premium Amortization Arbitrage, Arbitrage bonds. Turbotax amended return Basis, Basis. Turbotax amended return , Stocks and Bonds Capital asset, Stocks, stock rights, and bonds. Turbotax amended return Convertible, Convertible stocks and bonds. Turbotax amended return Coupon, Coupon bonds. Turbotax amended return Enterprise zone facility, Enterprise zone facility bonds. Turbotax amended return Federally guaranteed, Federally guaranteed bonds. Turbotax amended return Identification, Identifying stock or bonds sold. Turbotax amended return Market discount, Market discount. Turbotax amended return , Limit on interest deduction for market discount bonds. Turbotax amended return , Market discount on bonds. Turbotax amended return , Market discount bonds. Turbotax amended return , Market discount bonds. Turbotax amended return New York Liberty bonds, New York Liberty bonds. Turbotax amended return Par value, Bonds purchased at par value. Turbotax amended return Premiums on, Bond premium. Turbotax amended return , Premiums on bonds. Turbotax amended return Private activity, Private activity bonds. Turbotax amended return Redemption or retirement of, Redemption or retirement of bonds. Turbotax amended return Sold between interest dates, Bonds Sold Between Interest Dates State and local government, Tax-exempt state and local government bonds. Turbotax amended return Stripped, Stripped bonds or coupons. Turbotax amended return , Stripped Bonds and Coupons, Stripped tax-exempt obligation. Turbotax amended return Tax credit bonds, Tax credit bonds. Turbotax amended return Tax-exempt, Tax-exempt state and local government bonds. Turbotax amended return Traded flat, Bonds traded flat. Turbotax amended return U. Turbotax amended return S. Turbotax amended return savings (see U. Turbotax amended return S. Turbotax amended return savings bonds) U. Turbotax amended return S. Turbotax amended return Treasury (see U. Turbotax amended return S. Turbotax amended return Treasury bills, notes, and bonds) Brokerage fees, Fees to buy or sell. Turbotax amended return , Sale expenses. Turbotax amended return C Calls and puts, Puts and Calls Table 4-3, Table 4-3. Turbotax amended return Puts and Calls Capital assets, Capital Assets and Noncapital Assets Capital gain distributions, Capital Gain Distributions, Basis adjustment. Turbotax amended return , Capital gain distributions. Turbotax amended return , Child's capital gain distributions. Turbotax amended return , Capital gain distributions received. Turbotax amended return Capital gains and losses, Capital Gains and Losses, Loss on stock that paid qualified dividends. Turbotax amended return Constructive ownership transactions, Gains From Certain Constructive Ownership Transactions Definition, Capital or Ordinary Gain or Loss Empowerment zone assets, Exclusion of Gain From DC Zone Assets Investment property, Investment property. Turbotax amended return Long-term, Short-Term or Long-Term Capital Gain or Loss, Long-term gains and losses. Turbotax amended return Long-term debt instruments, Long-term debt instruments issued after 1954 and before May 28, 1969 (or before July 2, 1982, if a government instrument). Turbotax amended return Losses, limit on, Limit on deduction. Turbotax amended return Passive activities, Passive activity gains and losses. Turbotax amended return Qualified covered call options, Capital loss on qualified covered call options. Turbotax amended return Qualified small business stock, Gains on Qualified Small Business Stock Reporting requirements, How To Report Gains and Losses (Form 6781), How to report gain. Turbotax amended return Rollover of gain from sale of securities, Rollover of Gain From Publicly Traded Securities Short-term, Short-Term or Long-Term Capital Gain or Loss, Short-term gains and losses. Turbotax amended return Tax rates, Capital Gain Tax Rates, Table 4-4. Turbotax amended return What Is Your Maximum Capital Gain Rate? Table 4-4, Table 4-4. Turbotax amended return What Is Your Maximum Capital Gain Rate? Capital loss carryover, Capital loss carryover. Turbotax amended return , Capital Losses Worksheet 4-1, Worksheet 4-1. Turbotax amended return Capital Loss Carryover Worksheet Cash method, Cash method taxpayers. Turbotax amended return , Cash method. Turbotax amended return , When To Deduct Investment Interest Reporting options for savings bond interest, Reporting options for cash method taxpayers. Turbotax amended return Cash-settled options, Cash-settled options. Turbotax amended return Casualty losses, Ordinary loss or casualty loss. Turbotax amended return CDOs (Collateralized debt obligations), Collateralized Debt Obligations (CDOs) Certificates of deposit (CDs), Certificates of Deposit (CDs) Children Alaska Permanent Fund dividends, Child's Alaska Permanent Fund dividends. Turbotax amended return Capital gain distributions, Child's capital gain distributions. Turbotax amended return Custodian account for, Custodian account for your child. Turbotax amended return Gifts to, Income from property given to a child. Turbotax amended return Investment income of, Tax on unearned income of certain children. Turbotax amended return , Investment income of child reported on parent's return. Turbotax amended return Qualified dividends, Child's qualified dividends. Turbotax amended return Savings account with parent as trustee, Savings account with parent as trustee. Turbotax amended return U. Turbotax amended return S. Turbotax amended return savings bond owner, Child as only owner. Turbotax amended return Clerical help, Clerical help and office rent. Turbotax amended return Co-owners of U. Turbotax amended return S. Turbotax amended return savings bonds, Co-owners. Turbotax amended return Collateralized debt obligations (CDOs), Collateralized Debt Obligations (CDOs) Collectibles, Collectibles gain or loss. Turbotax amended return Commissions, Commissions and load charges. Turbotax amended return Commodity futures, Commodity Futures, Commodity futures. Turbotax amended return Community property U. Turbotax amended return S. Turbotax amended return savings bonds, Community property. Turbotax amended return Constructive ownership transactions, Constructive ownership of stock. Turbotax amended return , Gains From Certain Constructive Ownership Transactions Constructive receipt, Constructive receipt. Turbotax amended return Constructive sales, Constructive Sales of Appreciated Financial Positions Contractors, insolvency of, Insolvency of contractor. Turbotax amended return Conversion transactions, Conversion Transactions Convertible stocks and bonds, Convertible stocks and bonds. Turbotax amended return Cooperatives, sales of stock to, Sales of Stock to ESOPs or Certain Cooperatives Corporate distributions, Dividends and Other Distributions Capital gain, Capital gain distributions. Turbotax amended return , Child's capital gain distributions. Turbotax amended return , Capital gain distributions received. Turbotax amended return Constructive, Constructive distributions. Turbotax amended return Dividends (see Dividends) Fractional shares, Fractional shares. Turbotax amended return Liquidating, Liquidating Distributions, Liquidating distributions. Turbotax amended return Nondividend, Nondividend Distributions, Nondividend distributions. Turbotax amended return Return of capital, Basis adjustment. Turbotax amended return Stock rights, Distributions of Stock and Stock Rights Undistributed capital gains, Undistributed capital gains of mutual funds and REITs. Turbotax amended return Corporate reorganizations, Corporate reorganizations. Turbotax amended return Cost basis, Cost Basis, Cost Basis Coupon bonds, Coupon bonds. Turbotax amended return D Day traders, Special Rules for Traders in Securities Dealer equity options, Dealer equity option. Turbotax amended return Dealer securities futures contracts, Dealer securities futures contract. Turbotax amended return Debt instruments, retirement of, Retirement of debt instrument. Turbotax amended return Decedents, Appreciated property you gave the decedent. Turbotax amended return , Decedent's capital loss. Turbotax amended return U. Turbotax amended return S. Turbotax amended return savings bond interest, reporting of, Decedents. Turbotax amended return Demutualization, Demutualization of Life Insurance Companies Deposits, loss on, Deposit in Insolvent or Bankrupt Financial Institution Discount on debt instruments, Discount on Debt Instruments Certificates of deposit, Certificates of Deposit (CDs) Election to report all interest as OID, Election To Report All Interest as OID Face-amount certificates, Face-Amount Certificates Gain or loss treatment, Discounted Debt Instruments Inflation-indexed, Inflation-Indexed Debt Instruments Market discount bonds (see Market discount bonds) Original issue discount (see Original issue discount (OID)) Short-term obligations, Discount on Short-Term Obligations, Short-term government obligations. Turbotax amended return Stripped bonds and coupons, Stripped Bonds and Coupons Discounted debt instruments, Discount on Debt Instruments Discounted tax-exempt obligations, Discounted tax-exempt obligations. Turbotax amended return Dividends, Dividends and Other Distributions, Form 1099-DIV. Turbotax amended return (see also Form 1099-DIV) Alaska Permanent Fund, Alaska Permanent Fund dividends. Turbotax amended return , Child's Alaska Permanent Fund dividends. Turbotax amended return Exempt-interest, Exempt-interest dividends. Turbotax amended return , Exempt-interest dividends. Turbotax amended return , Exempt-interest dividends on mutual fund stock. Turbotax amended return Extraordinary, Extraordinary dividends. Turbotax amended return Holding period, Holding period. Turbotax amended return Insurance policies, Dividends on insurance policies. Turbotax amended return Money market funds, Money Market Funds Nominees, Nominees. Turbotax amended return , Nominees. Turbotax amended return Ordinary, Ordinary Dividends Patronage, Patronage dividends. Turbotax amended return Payments in lieu of, Payments in lieu of dividends. Turbotax amended return Qualified, Qualified Dividends, Qualified dividends. Turbotax amended return , Child's qualified dividends. Turbotax amended return Qualified foreign corporation, Qualified foreign corporation. Turbotax amended return Received in January, Dividends received in January. Turbotax amended return Reinvestment of, Reinvested distributions. Turbotax amended return Reinvestment plans, Dividends Used To Buy More Stock, Automatic investment service and dividend reinvestment plans. Turbotax amended return , Dividend reinvestment plans. Turbotax amended return Reporting requirements, Form 1099-DIV. Turbotax amended return , How To Report Dividend Income, Stripped Preferred Stock Restricted stock, Dividends received on restricted stock. Turbotax amended return Sale or trade vs. Turbotax amended return , Dividend versus sale or trade. Turbotax amended return Scrip, Scrip dividends. Turbotax amended return Sold stock, Dividends on stock sold. Turbotax amended return Stock, Stock dividends. Turbotax amended return , Stock dividends. Turbotax amended return Underreported, Underreported interest and dividends. Turbotax amended return Veterans' insurance, Interest on VA dividends. Turbotax amended return , Dividends on veterans' insurance. Turbotax amended return Divorce, Property Received From Your Spouse, Transfers Between Spouses E Education Savings Bond Program, Education Savings Bond Program Interest excluded under, Interest excluded under the Education Savings Bond Program. Turbotax amended return Recordkeeping requirements, Education Savings Bond Program Employee stock options, Reminders Employee stock ownership plans (ESOPs), sales of stock to, Sales of Stock to ESOPs or Certain Cooperatives Employer identification numbers (EINs), Identifying number. Turbotax amended return Empowerment zone, Exclusion of Gain From DC Zone Assets Endowment contracts, Single-premium life insurance, endowment, and annuity contracts. Turbotax amended return Enterprise zone facility bonds, Enterprise zone facility bonds. Turbotax amended return Equity option, Equity option. Turbotax amended return Estate income received by beneficiary, Beneficiary of an estate or trust. Turbotax amended return Exchanges of mutual fund shares, Exchange of Shares In One Mutual Fund For Shares In Another Mutual Fund Exclusion of gain DC zone assets, Exclusion of Gain From DC Zone Assets Exempt-interest dividends on mutual fund stock, Exempt-interest dividends on mutual fund stock. Turbotax amended return Expenses of producing income, Expenses of Producing Income F Face-amount certificates, Face-Amount Certificates Fair market value, Fair market value. Turbotax amended return , Fair market value less than donor's adjusted basis. Turbotax amended return , Fair market value. Turbotax amended return Federal guarantee on bonds, Federally guaranteed bonds. Turbotax amended return Fees to buy or sell, Fees to buy or sell. Turbotax amended return Financial asset securitization investment trusts (FASITs), FASITs First-in first-out (FIFO), First-in first-out (FIFO). Turbotax amended return Foreign currency transactions, Foreign currency contract. Turbotax amended return Foreign income, Reminders Form 1040, Form 1040. Turbotax amended return , Form 1040A or Form 1040. Turbotax amended return Form 1040, Schedule B, Schedule B (Form 1040A or 1040). Turbotax amended return Form 1040, Schedule D, How to report gain. Turbotax amended return Form 1040A, Form 1040A. Turbotax amended return Form 1040X, Filing a claim for refund. Turbotax amended return Form 1041, Filing requirement. Turbotax amended return Form 1065, Filing requirement. Turbotax amended return Schedule K-1, Schedule K-1 (Form 1065). Turbotax amended return Form 1066, Schedule Q, Schedule Q (Form 1066). Turbotax amended return , Investment expenses from pass-through entities. Turbotax amended return Form 1096, File Form 1099-INT with the IRS. Turbotax amended return , File Form 1099-DIV with the IRS. Turbotax amended return , File Form 1099-B or Form 1099-S with the IRS. Turbotax amended return Form 1099-B, Form 1099-B. Turbotax amended return , Form 1099-B transactions. Turbotax amended return , File Form 1099-B or Form 1099-S with the IRS. Turbotax amended return Form 1099-CAP, Form 1099-CAP transactions. Turbotax amended return Form 1099-DIV, General Information, Form 1099-DIV. Turbotax amended return , Form 1099-DIV. Turbotax amended return , File Form 1099-DIV with the IRS. Turbotax amended return Form 1099-INT, General Information, Form 1099-INT. Turbotax amended return , Form 1099-INT for U. Turbotax amended return S. Turbotax amended return savings bond interest. Turbotax amended return , Form 1099-INT. Turbotax amended return , File Form 1099-INT with the IRS. Turbotax amended return , Forms 1099-INT and 1099-OID. Turbotax amended return , Forms 1099-INT and 1099-OID. Turbotax amended return Form 1099-MISC, Form 1099-MISC. Turbotax amended return , Reporting Substitute Payments Form 1099-OID, Form 1099-OID. Turbotax amended return , Form 1099-OID, Form 1099-OID. Turbotax amended return , Forms 1099-INT and 1099-OID. Turbotax amended return , Forms 1099-INT and 1099-OID. Turbotax amended return Form 1099-S, Form 1099-S transactions. Turbotax amended return , File Form 1099-B or Form 1099-S with the IRS. Turbotax amended return Form 1120, Filing requirement. Turbotax amended return Form 2439, Undistributed capital gains of mutual funds and REITs. Turbotax amended return Form 3115, Change from method 2. Turbotax amended return , Choosing To Amortize, How To Make the Mark-to-Market Election Form 4684, Ordinary loss or casualty loss. Turbotax amended return Form 4797, How to report. Turbotax amended return , Losses on Section 1244 (Small Business) Stock, How to report. Turbotax amended return Form 4952, Form 4952 Form 6198, At-risk rules. Turbotax amended return Form 6781, Form 6781. Turbotax amended return , How to report. Turbotax amended return , How To Report Gains and Losses (Form 6781), Section 1256 contracts and straddles. Turbotax amended return Form 8275, Negligence or disregard of rules or regulations. Turbotax amended return Form 8275-R, Negligence or disregard of rules or regulations. Turbotax amended return Form 8582, Form 8582. Turbotax amended return Form 8615, Tax on unearned income of certain children. Turbotax amended return Form 8815, Form 8815. Turbotax amended return , Figuring the interest part of the proceeds (Form 8815, line 6). Turbotax amended return , Interest excluded under the Education Savings Bond Program. Turbotax amended return Form 8824, How to report. Turbotax amended return Form 8832, Clubs formed before 1997. Turbotax amended return Form 8886, Reportable Transaction Disclosure Statement, Negligence or disregard of rules or regulations. Turbotax amended return Form 8949 Bad debts, How to report bad debts. Turbotax amended return Basis adjustment, Basis adjustment. Turbotax amended return Capital Gains, Reporting Capital Gains and Losses Capital Losses, Reporting Capital Gains and Losses Cooperative, sale to certain, Sales of Stock to ESOPs or Certain Cooperatives Copyrights in musical works, Capital asset treatment for self-created musical works. Turbotax amended return Employee stock ownership plan, sale to, Sales of Stock to ESOPs or Certain Cooperatives Empowerment Zone Assets, Exclusion of Gain From DC Zone Assets Exempt-interest dividends, Exempt-interest dividends on mutual fund stock. Turbotax amended return Form 1099-B, Form 1099-B. Turbotax amended return , Form 1099-B transactions. Turbotax amended return Form 1099-CAP, Form 1099-CAP transactions. Turbotax amended return Form 1099-S, Form 1099-S transactions. Turbotax amended return Fractional shares, Fractional shares. Turbotax amended return Gain, qualified small business stock, How to report gain. Turbotax amended return How to fill in, generally, Reporting Capital Gains and Losses Long-term gains and losses, Long-term gains and losses. Turbotax amended return Marked-to-market election, Mark-to-market election made. Turbotax amended return Market discount bonds, Market discount bonds. Turbotax amended return , Market discount bonds. Turbotax amended return Musical compositions, Capital asset treatment for self-created musical works. Turbotax amended return Nominees, Nominees. Turbotax amended return Nonbusiness bad debt, Nonbusiness bad debt. Turbotax amended return Nondividend distributions, Nondividend distributions. Turbotax amended return Option, How to report. Turbotax amended return Property bought at various times, Sale of property bought at various times. Turbotax amended return Rollover, publicly traded securities, Rollover of Gain From Publicly Traded Securities Rollover, qualified small business stock, How to report gain. Turbotax amended return Sale expenses, Sale expenses. Turbotax amended return Short-term gains and losses, Short-term gains and losses. Turbotax amended return Software, Stocks and Bonds Worthless securities, How to report loss. Turbotax amended return Form SS-4, Identifying number. Turbotax amended return Form W-8BEN, Nonresident aliens. Turbotax amended return Form W-9, Certification. Turbotax amended return Fractional shares, Fractional shares. Turbotax amended return , Automatic investment service. Turbotax amended return Free tax services, Free help with your tax return. Turbotax amended return Frozen deposits, Interest income on frozen deposits. Turbotax amended return , Frozen deposits. Turbotax amended return Futures contracts Regulated, Regulated futures contract. Turbotax amended return Securities, Securities futures contract. Turbotax amended return , Securities futures contract to sell. Turbotax amended return , Securities Futures Contracts Futures, commodity, Commodity Futures, Commodity futures. Turbotax amended return Wash sales, Options and futures contracts. Turbotax amended return G Gains on qualified small business stock, Gains on Qualified Small Business Stock Gains on sales or trades, How To Figure Gain or Loss, Gain on Sale or Trade of Depreciable Property, Property received from a related party. Turbotax amended return (see also Capital gains and losses) Gifts, What's New, Income from property given to a child. Turbotax amended return , Property Received as a Gift, Property received as a gift. Turbotax amended return Gifts of shares, Shares received as gift. Turbotax amended return Government obligations, Government obligations. Turbotax amended return H Hedging transactions, Hedging exception. Turbotax amended return , Hedging Transactions, Hedging transaction. Turbotax amended return Help (see Tax help) Holding period Investment property, Holding Period Replacement stock, Holding period of replacement stock. Turbotax amended return Shares acquired by reinvestment, Reinvested distributions. Turbotax amended return Straddles, Holding Period and Loss Treatment Rules I Income from sources outside U. Turbotax amended return S. Turbotax amended return , Reminders Income tax treaties (Table 1-3), Qualified Dividends Indian tribal government, Indian tribal government. Turbotax amended return Individual retirement arrangements (IRAs) Interest income, Individual retirement arrangements (IRAs). Turbotax amended return Inflation-indexed debt instruments, Inflation-Indexed Debt Instruments, Stripped inflation-indexed debt instruments. Turbotax amended return Inherited property Basis, Property Received as Inheritance Holding period, Inherited property. Turbotax amended return Transfer by inheritance, Transfer by inheritance. Turbotax amended return Insolvency of contractors, Insolvency of contractor. Turbotax amended return Installment sales, Installment sales. Turbotax amended return Insurance Borrowing on, Borrowing on insurance. Turbotax amended return Dividends, interest on, Interest on insurance dividends. Turbotax amended return , Dividends on insurance policies. Turbotax amended return Interest option on, Interest option on insurance. Turbotax amended return Life insurance companies, demutualization, Demutualization of Life Insurance Companies Life, paid to beneficiary, Insurance Prepaid premiums, Prepaid insurance premiums. Turbotax amended return Single-premium life, Single-premium life insurance, endowment, and annuity contracts. Turbotax amended return Trades, Insurance Policies and Annuities Veterans' dividends, interest on, Interest on VA dividends. Turbotax amended return , Dividends on veterans' insurance. Turbotax amended return Interest expenses Allocation of, Allocation of Interest Expense Investment interest, Investment Interest Limit on, Limit on interest deduction for market discount bonds. Turbotax amended return , Limit on Deduction When to deduct, When To Deduct Investment Interest Margin accounts, Interest on margin accounts. Turbotax amended return Paid in advance, Interest paid in advance. Turbotax amended return Straddles, Interest expense and carrying charges on straddles. Turbotax amended return Interest income, Interest Income Annuity contracts, Interest on annuity contract. Turbotax amended return Bonds traded flat, Bonds traded flat. Turbotax amended return Certificates of deposits, Certificates of deposit and other deferred interest accounts. Turbotax amended return Condemnation awards, Interest on condemnation award. Turbotax amended return Deferred interest accounts, Certificates of deposit and other deferred interest accounts. Turbotax amended return Dividends on deposit or share accounts, Dividends that are actually interest. Turbotax amended return Frozen deposits, Interest income on frozen deposits. Turbotax amended return , Frozen deposits. Turbotax amended return Gift for opening account, Gift for opening account. Turbotax amended return Individual retirement arrangements (IRAs), Individual retirement arrangements (IRAs). Turbotax amended return Installment sale payments, Installment sale payments. Turbotax amended return Insurance dividends, Interest on insurance dividends. Turbotax amended return Money market funds, Money market funds. Turbotax amended return Nominee distributions, Nominees. Turbotax amended return Prepaid insurance premiums, Prepaid insurance premiums. Turbotax amended return Reporting, When To Report Interest Income, Penalty on early withdrawal of savings. Turbotax amended return Seller-financed mortgage, Form 1040A. Turbotax amended return , Interest on seller-financed mortgage. Turbotax amended return Tax refunds, Interest on tax refunds. Turbotax amended return Tax-exempt, Tax-Exempt Interest, Reporting tax-exempt interest. Turbotax amended return Taxable, Taxable Interest — General, Bonds traded flat. Turbotax amended return , Taxation of interest. Turbotax amended return , Taxable Interest U. Turbotax amended return S. Turbotax amended return savings bonds, person responsible for tax (Table 1-2), Table 1-2. Turbotax amended return Who Pays the Tax on U. Turbotax amended return S. Turbotax amended return Savings Bond Interest Underreported, Underreported interest and dividends. Turbotax amended return Unstated, Unstated interest. Turbotax amended return Usurious interest, Usurious interest. Turbotax amended return VA insurance dividends, Interest on VA dividends. Turbotax amended return Investment clubs, Investment Clubs, Filing requirement. Turbotax amended return Investment counsel and advice, Investment counsel and advice. Turbotax amended return Investment expenses, Investment Expenses Allocated, Allocated investment expenses. Turbotax amended return At-risk rules, At-risk rules. Turbotax amended return Deductible, Expenses of Producing Income Interest, Investment interest deducted. Turbotax amended return Limits on deductions, Limits on Deductions Nondeductible, Nondeductible Expenses Pass-through entities, Investment expenses from pass-through entities. Turbotax amended return Reporting requirements, How To Report Investment Expenses Investment income, Investment Income Children, Tax on unearned income of certain children. Turbotax amended return , Investment income of child reported on parent's return. Turbotax amended return General Information, General Information Net income, Net Investment Income Records to keep, General Information Reporting of (Table 1-1), Table 1-1. Turbotax amended return Where To Report Common Types of Investment Income Investment property, Investment property. Turbotax amended return Basis, Basis of Investment Property Definition, Investment property. Turbotax amended return Gain or loss treatment, Investment property. Turbotax amended return Gift, received as, Property Received as a Gift Holding period, Holding Period Liquidation, received in, Investment property received in liquidation. Turbotax amended return Nontaxable trades, received in, Property Received in Nontaxable Trades Sales and trades, Sales and Trades of Investment Property Services, received for, Property Received for Services Spouse, received from, Property Received From Your Spouse Taxable trades, received in, Property Received in Taxable Trades J Joint accounts, Joint accounts. Turbotax amended return Joint and separate returns, Joint return. Turbotax amended return , Joint and separate returns. Turbotax amended return L Life insurance companies demutualization, Demutualization of Life Insurance Companies Like-kind exchanges, Like-Kind Exchanges, Like-Kind Exchanges Basis of property received, Basis of property received. Turbotax amended return Reporting requirements, How to report. Turbotax amended return Liquidating distributions, Liquidating Distributions, Investment property received in liquidation. Turbotax amended return Listed options, Listed option. Turbotax amended return Load charges, Commissions and load charges. Turbotax amended return Loans Below-market, Below-Market Loans, Effective dates. Turbotax amended return Gift and demand, Gift and demand loans. Turbotax amended return Guarantees, Loan guarantees. Turbotax amended return Term, Term loans. Turbotax amended return Local government obligations (see State or local government obligations) Long-term capital gains and losses, Short-Term or Long-Term Capital Gain or Loss, Long-term gains and losses. Turbotax amended return Long-term debt instruments, Long-term debt instruments issued after 1954 and before May 28, 1969 (or before July 2, 1982, if a government instrument). Turbotax amended return Losses on sales or trades, Property received from a related party. Turbotax amended return (see also Capital gains and losses) Amount calculation, How To Figure Gain or Loss Carryback election, Loss carryback election. Turbotax amended return , Loss carryback election. Turbotax amended return Mutual fund or REIT stock held 6 months or less, Loss on mutual fund or REIT stock held 6 months or less. Turbotax amended return Passive activities, Passive activity losses. Turbotax amended return , Passive activity losses. Turbotax amended return , Passive activity losses and credits. Turbotax amended return , Losses from passive activities. Turbotax amended return Related parties, Losses on Sales or Trades of Property Section 1244 (small business) stock, Losses on Section 1244 (Small Business) Stock Small business investment company stock, Losses on Small Business Investment Company Stock Wash sales, Coordination of Loss Deferral Rules and Wash Sale Rules M Mark-to-market election, Mark-to-market election made. Turbotax amended return Marked-to-market rules, Marked-to-Market Rules, Mark-to-market election made. Turbotax amended return Market discount bonds, Market discount. Turbotax amended return , Market Discount Bonds, Partial principal payments. Turbotax amended return , Limit on interest deduction for market discount bonds. Turbotax amended return , Market discount on bonds. Turbotax amended return , Market discount bonds. Turbotax amended return , Market discount bonds. Turbotax amended return Accrued market discount, Accrued market discount. Turbotax amended return Maximum rate of capital gains (Table 4-4), Table 4-4. Turbotax amended return What Is Your Maximum Capital Gain Rate? Mechanics' and suppliers' liens, Mechanics' and suppliers' liens. Turbotax amended return Meetings, expenses of attending, Stockholders' meetings. Turbotax amended return Missing children, photographs of, Reminders Mixed straddles, Mixed straddles. Turbotax amended return , Mixed straddles. Turbotax amended return Money market funds, Money Market Funds Interest income, Money market funds. Turbotax amended return Mortgages Revenue bonds, Mortgage revenue bonds. Turbotax amended return Secondary liability on home, Secondary liability on home mortgage. Turbotax amended return Seller-financed, Interest on seller-financed mortgage. Turbotax amended return Municipal bonds, State or Local Government Obligations, Reporting tax-exempt interest. Turbotax amended return , Tax-exempt state and local government bonds. Turbotax amended return (see also State or local government obligations) Mutual funds, Capital Gain Distributions, Other income (nonpassive income). Turbotax amended return , Choosing to include net capital gain. Turbotax amended return , Including mutual fund or REMIC expenses in income. Turbotax amended return , Shares in a mutual fund or REIT. Turbotax amended return , Special Rules for Mutual Funds, Loss on mutual fund or REIT stock held 6 months or less. Turbotax amended return Individual retirement arrangements (IRAs), Qualified retirement plans and IRAs. Turbotax amended return publicly offered, Publicly-offered mutual funds. Turbotax amended return N Net Investment Income Tax, What's New, Net investment income tax (NIIT). Turbotax amended return New York Liberty bonds, New York Liberty bonds. Turbotax amended return NIIT, What's New, Net investment income tax (NIIT). Turbotax amended return Nominee distributions Dividends, Nominees. Turbotax amended return , Nominees. Turbotax amended return Interest income, Nominees. Turbotax amended return , Nominee distributions. Turbotax amended return Original issue discount, Nominee. Turbotax amended return Nonbusiness bad debts, Nonbusiness bad debt. Turbotax amended return , Nonbusiness Bad Debts Noncapital assets, Capital Assets and Noncapital Assets Nondeductible investment expenses, Nondeductible Expenses Nondividend distributions, Nondividend Distributions Nonequity options, Nonequity option. Turbotax amended return Nonqualified preferred stock, Nonqualified preferred stock. Turbotax amended return Nonresident aliens Backup withholding, Nonresident aliens. Turbotax amended return Nontaxable return of capital, Basis adjustment. Turbotax amended return Nontaxable stock rights, Nontaxable stock rights. Turbotax amended return Nontaxable trades, Nontaxable Trades, Nontaxable trades. Turbotax amended return Notes Individuals, bought at discount, Notes of individuals. Turbotax amended return U. Turbotax amended return S. Turbotax amended return Treasury (see U. Turbotax amended return S. Turbotax amended return Treasury bills, notes, and bonds) O Office expenses, Clerical help and office rent. Turbotax amended return Options, Options Calls and puts, Puts and Calls Cash settlement, Cash-settled options. Turbotax amended return , Cash settlement option. Turbotax amended return Dealer equity, Dealer equity option. Turbotax amended return Deep-in-the-money, Qualified covered call options and optioned stock. Turbotax amended return Employee stock, Reminders Equity, Equity option. Turbotax amended return Gain or loss, Options, Qualified covered call options and optioned stock. Turbotax amended return Holding period, Option exercised. Turbotax amended return Listed, Listed option. Turbotax amended return Nonequity, Nonequity option. Turbotax amended return Qualified covered call, Qualified covered call options and optioned stock. Turbotax amended return Reporting requirements, How to report. Turbotax amended return Section 1256 contracts, Section 1256 Contracts Marked to Market, Section 1256 contract options. Turbotax amended return Wash sales, Options and futures contracts. Turbotax amended return Ordinary gains and losses, Capital or Ordinary Gain or Loss, Ordinary loss or casualty loss. Turbotax amended return Original issue discount (OID), Original issue discount. Turbotax amended return , Original Issue Discount (OID), Stripped tax-exempt obligations. Turbotax amended return , Original issue discount (OID) on debt instruments. Turbotax amended return Adjustment to, Original issue discount (OID) adjustment. Turbotax amended return Reporting requirements, Exceptions to reporting OID. Turbotax amended return , Form 1099-OID Rules, Applying the OID Rules P Pass-through entities Rollover of gain, Pass-through entity. Turbotax amended return Passive activities Gains and losses, Passive activity losses. Turbotax amended return , Passive activity losses. Turbotax amended return , Passive activity losses and credits. Turbotax amended return , Losses from passive activities. Turbotax amended return , Passive activity gains and losses. Turbotax amended return Patronage dividends, Patronage dividends. Turbotax amended return Penalties Accuracy-related, Accuracy-related penalty. Turbotax amended return , Accuracy-related penalties. Turbotax amended return Backup withholding, Penalties. Turbotax amended return Civil fraud, Civil fraud penalty. Turbotax amended return Early withdrawal, Interest subject to penalty for early withdrawal. Turbotax amended return , Penalty on early withdrawal of savings. Turbotax amended return Failure to pay tax, Failure to pay tax. Turbotax amended return Failure to supply SSN, Penalty for failure to supply SSN. Turbotax amended return Substantial understatement, Substantial understatement of tax. Turbotax amended return Valuation misstatement, Substantial valuation misstatement. Turbotax amended return Political parties Debts owed by, Debts owed by political parties. Turbotax amended return Preferred stock Nonqualified, Nonqualified preferred stock. Turbotax amended return Redeemable at a premium, Preferred stock redeemable at a premium. Turbotax amended return Stripped, Stripped Preferred Stock Premiums on bonds, Bond premium. Turbotax amended return , Premiums on bonds. Turbotax amended return Private activity bonds, Private activity bonds. Turbotax amended return Public utility stock reinvestment, Public utilities. Turbotax amended return Publications (see Tax help) Puts and calls, Puts and Calls Table 4-3, Table 4-3. Turbotax amended return Puts and Calls Q Qualified dividends, Qualified dividends. Turbotax amended return Qualified small business stock, Qualified small business stock. Turbotax amended return , Qualified small business stock. Turbotax amended return , Gains on Qualified Small Business Stock Gains on, Gains on Qualified Small Business Stock R Real estate investment trusts (REITs), Undistributed capital gains of mutual funds and REITs. Turbotax amended return , Shares in a mutual fund or REIT. Turbotax amended return , Loss on mutual fund or REIT stock held 6 months or less. Turbotax amended return Real estate mortgage investment conduits (REMICs), REMICs, Expenses. Turbotax amended return , Including mutual fund or REMIC expenses in income. Turbotax amended return Regular interest, Regular Interest Residual interest, Residual Interest, Residual interests in a REMIC. Turbotax amended return Recordkeeping requirements Education Savings Bond Program, Education Savings Bond Program Investment income, General Information Small business stock, Losses on Section 1244 (Small Business) Stock Redemption of stock, Redemption of stock. Turbotax amended return Redemption or retirement of bonds, Redemption or retirement of bonds. Turbotax amended return Regulated futures contract, Regulated futures contract. Turbotax amended return Reinvestment rights, Commissions and load charges. Turbotax amended return REITs (see Real estate investment trusts (REITs)) Related party transactions, Unpaid expenses owed to related party. Turbotax amended return , Related Party Transactions, Property received from a related party. Turbotax amended return Related persons, Related persons. Turbotax amended return REMICs (see Real estate mortgage investment conduits (REMICs)) Reorganizations, corporate, Corporate reorganizations. Turbotax amended return Reporting requirements Bad debts, How to report bad debts. Turbotax amended return Bond premium amortization, How To Report Amortization Capital gains and losses, How To Report Gains and Losses (Form 6781), How to report gain. Turbotax amended return , Reporting Capital Gains and Losses Dividend income, How To Report Dividend Income Exempt-interest dividends, Information reporting requirement. Turbotax amended return Interest on U. Turbotax amended return S. Turbotax amended return savings bonds, Reporting options for cash method taxpayers. Turbotax amended return , Choice to report interest each year. Turbotax amended return Investment expenses, How To Report Investment Expenses Like-kind exchanges, How to report. Turbotax amended return Options, How to report. Turbotax amended return Original issue discount, Form 1099-OID S corporation income, deductions, and credits, Reporting S corporation income, deductions, and credits. Turbotax amended return Section 1256 contracts, How To Report State or local government obligations, Information reporting requirement. Turbotax amended return Straddles, Section 1256 contracts and straddles. Turbotax amended return Substitute payments, Reporting Substitute Payments Tax-exempt interest income, Reporting tax-exempt interest. Turbotax amended return Trades, How To Report Repossession of real property, Real property repossessed. Turbotax amended return Restricted property, Restricted property. Turbotax amended return Restricted stock, Dividends received on restricted stock. Turbotax amended return Retirement of debt instrument, Retirement of debt instrument. Turbotax amended return Return of capital (see Nondividend distributions) Revocable trust, trustee's commissions for, Trustee's commissions for revocable trust. Turbotax amended return Rollover of gain from sale Securities, Rollover of Gain From Publicly Traded Securities, Rollover of Gain S S corporations, S Corporations, S corporation stock. Turbotax amended return Safe deposit box, Safe deposit box rent. Turbotax amended return Sales and trades of investment property, Sales and Trades of Investment Property Definition, What Is a Sale or Trade? Savings bonds (see U. Turbotax amended return S. Turbotax amended return savings bonds) SBIC stock (see Small business investment company stock) Scrip dividends, Scrip dividends. Turbotax amended return Section 1202 gain, Section 1202 Exclusion, Gain on qualified small business stock. Turbotax amended return Section 1244 stock, Losses on Section 1244 (Small Business) Stock Section 1250 gain, Unrecaptured section 1250 gain. Turbotax amended return Section 1256 contracts, Section 1256 Contracts Marked to Market, Section 1256 contracts. Turbotax amended return , Section 1256 contract options. Turbotax amended return , Section 1256 contracts and straddles. Turbotax amended return Net gain on, Net section 1256 contracts gain. Turbotax amended return Net loss on, Net section 1256 contracts loss. Turbotax amended return Reporting requirements, How To Report Securities Holding period, Holding Period Installment sales, Installment sales. Turbotax amended return Lost, stolen, etc. Turbotax amended return , cost of replacing, Cost of replacing missing securities. Turbotax amended return Rollover of gain from sale, Rollover of Gain From Publicly Traded Securities, Rollover of Gain Traders in, Special Rules for Traders in Securities Worthless, Worthless Securities, Worthless securities. Turbotax amended return Securities futures contracts, Dealer securities futures contract. Turbotax amended return , Securities futures contract. Turbotax amended return , Securities Futures Contracts Self-employment income, Self-Employment Income Self-employment tax, Self-employment tax. Turbotax amended return Seller-financed mortgages, Interest on seller-financed mortgage. Turbotax amended return Short sales, Short Sales, Extraordinary dividends. Turbotax amended return Adjusted basis, Short sales. Turbotax amended return Expenses of, Short-sale expenses. Turbotax amended return Extraordinary dividends, Extraordinary dividends. Turbotax amended return Puts, Put option as short sale. Turbotax amended return Small business investment company stock, Short sale. Turbotax amended return Short-term capital gains and losses, Short-Term or Long-Term Capital Gain or Loss, Short-term gains and losses. Turbotax amended return Short-term obligations, Discount on Short-Term Obligations, Choosing to include accrued discount and other interest in current income. Turbotax amended return , Acquisition discount on short-term obligations. Turbotax amended return , Short-term government obligations. Turbotax amended return Interest deduction, limit on, Limit on interest deduction for short-term obligations. Turbotax amended return Sixty/forty (60/40) rule, 60/40 rule. Turbotax amended return Small business investment company stock, Losses on Small Business Investment Company Stock, SSBIC stock. Turbotax amended return Reporting requirements, How to report. Turbotax amended return Small business stock, Qualified small business stock. Turbotax amended return , Losses on Section 1244 (Small Business) Stock, Qualified small business stock. Turbotax amended return , Gains on Qualified Small Business Stock Social security number (SSN) Custodial accounts, Custodian account for your child. Turbotax amended return Joint accounts, SSN for joint account. Turbotax amended return Requirement to give, Social security number (SSN). Turbotax amended return Specialized small business investment company stock, Specialized small business investment company stock or partnership interest. Turbotax amended return , SSBIC stock. Turbotax amended return Spouses Transfers between, Property Received From Your Spouse, Transfers Between Spouses (see also Related party transactions) State or local government obligations, State or Local Government Obligations, Taxable Interest Market discount bonds (see Market discount bonds) Private activity bonds, Private activity bonds. Turbotax amended return Registration requirement, Registration requirement. Turbotax amended return Tax-exempt interest, Tax-Exempt Interest Taxable interest, Taxable Interest Stock Basis, Basis adjustment. Turbotax amended return , Basis adjustment. Turbotax amended return , Basis. Turbotax amended return , Stocks and Bonds, Basis of replacement stock. Turbotax amended return Capital asset, Stocks, stock rights, and bonds. Turbotax amended return Constructive ownership, Constructive ownership of stock. Turbotax amended return Convertible, Convertible stocks and bonds. Turbotax amended return Corporate, Corporate Stocks Dividends (see Dividends) Fractional shares, Fractional shares. Turbotax amended return , Automatic investment service. Turbotax amended return Identification, Identifying stock or bonds sold. Turbotax amended return Installment sales, Installment sales. Turbotax amended return Nonqualified preferred stock, Nonqualified preferred stock. Turbotax amended return Options for employees, Reminders Public utility, reinvestment, Public utilities. Turbotax amended return Redemption of, Redemption of stock. Turbotax amended return Replacement stock, Basis of replacement stock. Turbotax amended return Restricted stock, Dividends received on restricted stock. Turbotax amended return Rights, Distributions of Stock and Stock Rights, Stock rights. Turbotax amended return , Nontaxable stock rights. Turbotax amended return S corporations, S corporation stock. Turbotax amended return Sales to ESOPs or cooperatives, Sales of Stock to ESOPs or Certain Cooperatives Small business, Qualified small business stock. Turbotax amended return , Qualified small business stock. Turbotax amended return Specialized small business investment company, Specialized small business investment company stock or partnership interest. Turbotax amended return Splits, Stock splits. Turbotax amended return Straddles (see Straddles) Stripped preferred stock, Stripped Preferred Stock Surrender of, Surrender of stock. Turbotax amended return Trades, Stock for stock of the same corporation. Turbotax amended return Trust instruments treated as, Certain trust instruments treated as stock. Turbotax amended return Straddles, Straddles, Interest expense and carrying charges relating to mixed straddle account positions. Turbotax amended return Holding period, Holding Period and Loss Treatment Rules Interest expense and carrying charges, Interest expense and carrying charges on straddles. Turbotax amended return Loss deferral rules, Loss Deferral Rules Mixed, Mixed straddles. Turbotax amended return , Mixed straddles. Turbotax amended return , Mixed Straddle Elections Reporting requirements, Section 1256 contracts and straddles. Turbotax amended return Stripped bonds and coupons, Stripped bonds or coupons. Turbotax amended return , Stripped Bonds and Coupons, Stripped tax-exempt obligation. Turbotax amended return Stripped preferred stock, Stripped Preferred Stock Substitute payments, Reporting Substitute Payments T Tables Capital gains maximum rate (Table 4-4), Table 4-4. Turbotax amended return What Is Your Maximum Capital Gain Rate? Income tax treaties (Table 1-3), Qualified Dividends Investment income, reporting of (Table 1-1), Table 1-1. Turbotax amended return Where To Report Common Types of Investment Income Puts and calls (Table 4-3), Table 4-3. Turbotax amended return Puts and Calls U. Turbotax amended return S. Turbotax amended return savings bonds, person responsible for tax (Table 1-2), Table 1-2. Turbotax amended return Who Pays the Tax on U. Turbotax amended return S. Turbotax amended return Savings Bond Interest Tax credit bonds, Tax credit bonds. Turbotax amended return Tax help, How To Get Tax Help Tax rates, What's New Capital gain and losses, Capital Gain Tax Rates Tax refunds Interest on, Interest on tax refunds. Turbotax amended return Tax shelters, Tax Shelters and Other Reportable Transactions, Whether To Invest Penalties, Penalties Reporting requirements, Investor Reporting Rules to curb abuse, Rules To Curb Abusive Tax Shelters Tax-exempt bonds, Tax-exempt state and local government bonds. Turbotax amended return Tax-exempt income Expenses of, Tax-exempt income. Turbotax amended return Interest, Tax-Exempt Interest, Reporting tax-exempt interest. Turbotax amended return Tax-exempt obligations, Tax-Exempt Interest, Stripped tax-exempt obligations. Turbotax amended return , Discounted tax-exempt obligations. Turbotax amended return Taxable income, expenses of, Expenses for both tax-exempt and taxable income. Turbotax amended return Taxes State and local transfer, State and local transfer taxes. Turbotax amended return State income, State income taxes. Turbotax amended return Term loans, Term loans. Turbotax amended return Trade or business, Passive activity. Turbotax amended return Traders in securities, Special Rules for Traders in Securities Trades Insurance, Insurance Policies and Annuities Investment property, Sales and Trades of Investment Property Like-kind, Like-Kind Exchanges, Like-Kind Exchanges Nontaxable, Property Received in Nontaxable Trades, Nontaxable Trades, Nontaxable trades. Turbotax amended return Reporting requirements, How To Report Stock, Stock for stock of the same corporation. Turbotax amended return Taxable, Property Received in Taxable Trades U. Turbotax amended return S. Turbotax amended return Treasury notes or bonds, U. Turbotax amended return S. Turbotax amended return Treasury Notes or Bonds Treasury bills, notes, and bonds (see U. Turbotax amended return S. Turbotax amended return Treasury bills, notes, and bonds) Treasury inflation-indexed securities, Inflation-Indexed Debt Instruments Treasury inflation-protected securities (TIPS), Treasury inflation-protected securities (TIPS). Turbotax amended return , Inflation-Indexed Debt Instruments Treaties, income tax (Table 1-3), Qualified Dividends Trust income received by beneficiary, Beneficiary of an estate or trust. Turbotax amended return Trustee's commission for revocable trust, Trustee's commissions for revocable trust. Turbotax amended return U U. Turbotax amended return S. Turbotax amended return savings bonds, U. Turbotax amended return S. Turbotax amended return obligations. Turbotax amended return , U. Turbotax amended return S. Turbotax amended return Savings Bonds Reporting interest on, U. Turbotax amended return S. Turbotax amended return obligations. Turbotax amended return , U. Turbotax amended return S. Turbotax amended return Savings Bonds Retirement or profit-sharing plan, distributed from, Savings bonds distributed from a retirement or profit-sharing plan. Turbotax amended return Worksheet, Worksheet for savings bonds distributed from a retirement or profit-sharing plan. Turbotax amended return Tax, responsible person (Table 1-2), Table 1-2. Turbotax amended return Who Pays the Tax on U. Turbotax amended return S. Turbotax amended return Savings Bond Interest U. Turbotax amended return S. Turbotax amended return Treasury bills, notes, and bonds, U. Turbotax amended return S. Turbotax amended return obligations. Turbotax amended return , U. Turbotax amended return S. Turbotax amended return Treasury Bills, Notes, and Bonds, U. Turbotax amended return S. Turbotax amended return Treasury Notes or Bonds, U. Turbotax amended return S. Turbotax amended return Treasury notes and bonds. Turbotax amended return Undistributed capital gains, Undistributed capital gains. Turbotax amended return Usurious interest, Usurious interest. Turbotax amended return V Veterans' insurance Dividends on, Dividends on veterans' insurance. Turbotax amended return W Warrants, Warrants. Turbotax amended return Wash sales, Wash Sales, Securities Futures Contracts Holding period, Wash sales. Turbotax amended return Loss deferral rules, straddles, Coordination of Loss Deferral Rules and Wash Sale Rules Withholding, backup, Backup withholding. Turbotax amended return Worksheets Capital loss carryover, Worksheet 4-1. Turbotax amended return Capital Loss Carryover Worksheet Worthless securities, Worthless Securities, Worthless securities. 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