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Version: 1.7.1

overview

Form 1099-OID is an IRS tax form that is used to report the OID (Original Issue Discount) on certain kinds of bond interest. This means that the bond was purchased for a lower price than it will be worth when it reaches maturity.

This form must be filed if the OID in gross income is a minimum of $10 and for any person whom the payer has withheld and paid any foreign tax on OID. Also, this form may also be filed under the backup withholding rules (irrespective of the total amount paid).

Services you can avail of through TaxBandits API:​

  • Federal Filing - E-file 1099-OID with IRS.
  • Postal Mailing - Distribute the recipient copy of Form 1099-OID via Postal Mail.
  • Online Access - Make the digital copies of Form 1099-OID available online for the corresponding recipients.

Form 1099-OID endpoints:​​

You can use the following endpoints to complete the 1099-OID filing.

note

In order to use the following endpoints, you must call the Auth method to get the access token. This access token must be supplied in the request header as the ‘Bearer‘ token. Refer to OAuth 2.0 Authentication for more information on JWT authentication.

  • Create - To create Form 1099-OID for the recipients under the corresponding payer. While creating the form, you can opt for postal mail, and online access if required.
  • Update - To make changes to an existing Form 1099-OID
  • Transmit - To transmit the 1099-OID to the IRS.
  • Status - To check the status of the 1099-OID after transmission. (As an alternative, you can configure Webhooks for E-file Status Change)

If need to retrieve Form PDFs, you can use one of the endpoints mentioned here.

Other 1099-OID Endpoints:​

You can use any of the following endpoints based on your needs.

  • ValidateForm - To validate the field-level specifications of Form 1099-OID before creating the form. (Optional)
  • Validate - To audit the created Form 1099-OID data before transmission to the IRS.
  • List - To list all Form 1099-OID created and transmitted on the account for a particular submission or Payer
  • Get - To retrieve the recipient data, business data, and form data from the 1099-OID created.
  • GetbyRecordIds - To retrieve the recipient data, business data, and form data using the recordids (without submissionid).
  • Delete - To delete the 1099-OID return you prepared in TaxBandits.

1099-OID PDF Retrieval​​

You can obtain the PDF version of your 1099-OID forms using one of the following endpoints:

  • RequestDraftPdfUrl - To return the Draft PDF for review purposes. These forms are not transmitted and will have a watermark "For Review only" on it.
  • RequestPdfURLs - To retrieve PDFs for single or multiple recipients.
  • GetPDF - To get the link for Form 1099-OID PDF. To use this, you must have configured Webhook for it, so that the endpoint will return the PDFs via Webhook.

Note: To retrieve the final version of 1099 Form PDFs, you can use either RequestPdfURL or GetPDF and not both.

To learn how to retrieve a 1099 PDF, click here