After entering a Form 1099-INT or 1099-OID into TaxSlayer Pro, you may receive the following error message:
Sum of Nominee Interest, Decedent Interest, OID Adjustment, Accrued Interest, ABP
Adjustment and Accrued Market Discount Must be Less than or Equal to Total Interest.
This error generally occurs when the payer mistakenly combines taxable and tax-exempt items on the same form.
Form 1099-INT
Aside from keying in an incorrect number, this error generally occurs when the payer mistakenly reports OID amounts on Form 1099-INT instead of Form 1099-OID.
If the taxpayer received a 1099-OID from the same payer and there is an amount in Form 1099-INT Box 11 and an amount in Form 1099-OID Box 2 - Don't enter the Box 11 amount in the 1099-INT menu but instead enter it in the 1099-OID menu as Tax-Exempt OID (Box 11).
Form 1099-OID
As with Form 1099-INT, if you get the above error message the payer has not completed the form correctly. Here are several scenarios with workarounds:
- Only an amount in Box 10 Bond Premium - Don't enter the amount in Box 10 but enter it instead in Box 2 Other Periodic Interest.
- Amounts in Box 6 Acquisition Premium and Box 11 Tax-Exempt OID - Divide this form into two separate 1099-OID entries:
- The first entry will only include the Box 11 amount.
- The second entry will include the Box 6 amount along with the same amount entered in Box 2 Other Periodic Interest.
- Same as above but there is also an amount in Box 10 Bond Premium - Again divide the form into two separate 1099-OID entries:
- The first entry will only include the Box 11 amount.
- The second entry will include the Boxes 6 and 10 amounts along with their total entered in Box 2.
Additional Information: