Received both 1099-INT and 1099-OID for the same Certificate of Deposit account?
The 1099-OID shows the difference between the official face value when you bought it and what you paid. The 1099-INT shows the difference between what the bank gave you when it matured and the official face value when you bought it. Add these two figures to determine the difference what the bank gave you when it matured and what you paid. This is the amount you made, and the amount on which you pay tax. All of the interest is to be reported on Schedule B if you file Form 1040 or Schedule 1 if you file Form 1040A. See Publication 550 to determine how to report the 1099-OID amounts on Schedule D.
