Form 1099-OID, Original Issue Discount - Document Skill

The Form 1099-OID, Original Issue Discount skill extracts data from Forms 1099-OID, which are used to report original issue discount (OID) on certain debt instruments sold at a discount from their maturity value. This form is usually filled out by the issuer of a debt instrument (payer), such as a bond or note, for the purpose of providing it to the holder of the debt instrument (recipient). The Form 1099-OID, Original Issue Discount skill is a preview skill. It has been trained on a limited set of documents and is designed to help you quickly get started with processing Forms 1099-OID. For production use, you may need to uptrain the skill with your own document samples. This skill recognizes handwritten text. The option is enabled by default. If you do not import handwritten forms, disable the Handwritten option in the skill settings.

Countries and Languages

Countries	Languages
USA	English

Extracted Fields

Basic Form Information

Field	Description
Void	Specifies that the processed form should be annulled.
Corrected	Specifies that the processed form is being submitted to correct data provided earlier.
Year	The reporting fiscal year.

Payer Details

Field	Description
Name	The name, address, and phone number of the payer.
Street	The name, address, and phone number of the payer.
City	The name, address, and phone number of the payer.
State	The name, address, and phone number of the payer.
ZIP Code	The name, address, and phone number of the payer.
Country	The name, address, and phone number of the payer.
Phone	The name, address, and phone number of the payer.

Tax Identification Numbers

Field	Description
Payer’s TIN	The tax identification number assigned to the payer.
Recipient’s TIN	The tax identification number assigned to the recipient.

Recipient Details

Field	Description
Name	The name and address of the recipient.
Street	The name and address of the recipient.
City	The name and address of the recipient.
State	The name and address of the recipient.
ZIP Code	The name and address of the recipient.
Country	The name and address of the recipient.

Account and Compliance Information

Field	Description
Account Number	The unique number used by the payer to identify the recipient.
FATCA Filing Requirement	Specifies that the Foreign Account Tax Compliance Act (FATCA) filing requirement is satisfied.

Original Issue Discount Information

Field	Description
Original Issue Discount for the Year	The taxable OID on the obligation for the part of the year during which it was owned by the payer.
Other Periodic Interest	The qualified stated interest on the obligation for the year, which is an amount separate from the OID.
Early Withdrawal Penalty	Interest or principal forfeited if the payer withdrew the money before the maturity date of the obligation.
Federal Income Tax Withheld	Backup withholding.
Market Discount	The amount of market discount that accrued on the debt instrument during the tax year in the amount of $10 or more.
Acquisition Premium	The amount of acquisition premium amortization for the year that reduces the amount of OID that is included as interest on payer’s income tax return.
Description	The identification (CUSIP) number or description of the obligation (may include the stock exchange, issuer, coupon rate, and year of maturity).
Original Issue Discount on US Treasury Obligations	OID on a U.S. Treasury obligation for the part of the year during which it was owned by the payer.
Investment Expenses	The share of non-taxable expenses incurred by a regulated investment company (RIC), proportional to the payment share of the recipient.
Bond Premium	The bond premium amount for the year for covered taxable securities.
Tax-exempt OID	The OID for the part of the year during which it was owned by the payer.

State Tax Information

Field	Description
State 1	State-specific payment information.
State 2	State-specific payment information.
State Identification Number 1	State-specific payment information.
State Identification Number 2	State-specific payment information.
State Tax Withheld 1	State-specific payment information.
State Tax Withheld 2	State-specific payment information.

Key Fields

Year
Payer Details/Name
Payer’s TIN
Recipient’s TIN
Recipient Details/Name
Account Number
Original Issue Discount for the Year

Validation Rules

Rule	Description
Complete Form Year	Checks the value in the Year field. It removes any white spaces and converts a 2-digit year into a 4-digit format. If the last two digits are numeric and start with 9, it converts the value to the 1900’s (for example, 99 converts to 1999). Otherwise, it assumes the date is from the 2000’s (for example, 24 converts to 2024).

​Countries and Languages

​Extracted Fields

​Basic Form Information

​Payer Details

​Tax Identification Numbers

​Recipient Details

​Account and Compliance Information

​Original Issue Discount Information

​State Tax Information

​Key Fields

​Validation Rules