If you receive taxable interest, you may have to pay estimated tax on the additional income. For more information, see Estimated taxes and Am I required to make estimated tax payments? For more. . There are times when you may receive a Form 1099-INT or Form 1099-OID for amounts of interest (or OID) that actually belong to another person. In this case, The IRS considers you a nominee recipient. If you received a Form 1099-INT or Form 1099-OID that includes an amount. . If a taxable bond, note or other debt instrument was originally issued at a discount, part of the original issue discount may have to be included in income each year as interest, even if no payment is received during the year. Refer to Publication 550 or Publication 1212, Guide to Original.
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