OID Entry On Schedule B

[Christian]

A client has come in with a U S Treasury OID from one of his banks. Time was when you could denote OID next to the entry on Schedule B by a simple override but no more. ATX shows the OID as a negative figure. All I want to do is show it as an interest entry which reads Bank of America U S Treasury OID. It's how it is entered on his prior return from his now former taxman and I like to match what folks have. Does anyone know a way to accomplish this ?

[Lee B]

You should be able to enter it from a 1099 worksheet using the bank's EIN.

[Christian]

When placing Interest on Treasury obligations in Box 3b it produces a line entry on the Schedule B but none of the codes in Adjustment to  box 3b produce what I expect so I quit. If my client asks about it I will simply point it's federal interest which is deducted from his Virginia return. 

[Abby Normal]

20 hours ago, cbslee said:

You should be able to enter it from a 1099 worksheet using the bank's EIN.

You only need the bank name. Just uncheck the Add to payer box. I never add payers from 1099 INT or DIV because I often put part of the account number in the name, and I don't want those polluting my payer list.

[Abby Normal]

OID is income, not a subtraction. I always enter as a separate interest income, in the appropriate box. Every CPA firm I ever worked with did it exactly the same.

[BrewOne]

May not be worth the trouble to calculate, but there is a de minimis amount on reporting OID (page 13 of Pub 550 gives an example).

[Abby Normal]

23 minutes ago, BrewOne said:

May not be worth the trouble to calculate, but there is a de minimis amount on reporting OID (page 13 of Pub 550 gives an example).

Yeah, I've always know there's a calculation but the OID amounts I see are too small to even think twice about.

It's more important that you pick up and accrued interest paid as a subtraction adjustment.