Draft instructions - Forms 1099-INT, 1099-OID and broker reporting requirements for 2014 

November 19: The IRS has posted draft instructions (dated November 18, 2013) for Form 1099-INT, Interest Income, and Form 1099-OID, Original Issue Discount, for 2014.

The 2014 draft instructions [PDF 313 KB] for Forms 1099-INT and 1099-OID highlight new reporting requirements in 2014 for:

  • Brokers to report gross proceeds from a sale or closing transaction with respect to debt instruments and certain options
  • A transfer of a debt instrument or an option to another broker
  • An organizational action that affects the basis of a debt instrument or an option

Final regulations (April 2013) provided rules to phase in the broker reporting requirements for debt instruments or options, and provided rules on transfers to another broker and for “an organizational action” that affects the basis of the debt instrument or option. Read TaxNewsFlash-United States: Regulations - Broker reporting of basis, premiums relating to debt instrument, option transactions

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