I opened a 16 mo, $100,000 CD at a regular FDIC insured American bank. Come January when 1099’s are mailed, I received a 1099 OID for that acct. When I contacted the bank, from the branch to the regional hdqtrs, I was told to just treat it as interest. I said that my E.A. tax preparer insisted that I had bought this CD at a discounted rate and that he needed more paperwork in order to calculate how to report this to the IRS on my 1040. They said “no, this is just a CD and they hadn’t sold me anything at a discount.” I consulted with a different tax preparer (30 years in the biz), who told me he simply reports it as interest. Has anyone had a similar experience? If I was filling out my return, how should I handle that 1099? Please don’t advise to change my tax guy, cause I’m already considering that. Thanks to anyone who can share some information, PS88
The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.