Get the free Form 1099-PATR

This form is used to report taxable distributions received from cooperatives, including patronage dividends and other allocations that may be subject to income tax reporting.

How to fill out form 1099-patr

How to fill out Form 1099-PATR

1. Obtain Form 1099-PATR from the IRS website or your tax software.
2. Fill in your name, address, and taxpayer identification number (TIN) in the recipient information section.
3. Enter the name of the cooperative or corporation that made the payments to you in the payer information section.
4. Input the amount of patronage dividends or other distributions received in box 1.
5. If applicable, complete box 2 for any tax-exempt distributions.
6. Fill in box 3 for any amounts withheld for federal income tax.
7. Review all information for accuracy before filing.
8. Send the completed form to both the IRS and the recipient by the deadline.

Who needs Form 1099-PATR?

1. Farmers or agricultural producers who receive patronage dividends from cooperatives.
2. Members of cooperatives that distribute earnings back to their members.
3. Individuals or entities that receive distributions from certain agricultural or irrigation cooperatives.

People Also Ask about

Do I have to report patronage dividends?

who purchased goods for business use and used the cost of the goods to reduce their taxable income. If this applies to you, then the patronage return earned on the goods purchased is taxable and you must include the amount in your income on your tax return.

Why did I receive a 1099-PATR?

Cooperatives file Form 1099-PATR for each person: To whom the they paid at least $10 in patronage dividends and other distributions described in section 6044(b). From whom they withheld any federal income tax under the backup withholding rules regardless of the amount of the payment.

What is Form 1099 Patr for?

File Form 1099-PATR, Taxable Distributions Received From Cooperatives, for each person to whom the cooperative has paid at least $10 in patronage dividends and other distributions described in section 6044(b), or from whom you withheld any federal income tax under the backup withholding rules regardless of the amount

Where do I enter 1099 patr in TurboTax?

Where do I enter Form 1099-PATR? Open or continue your return. Navigate to 1099-PATR: TurboTax Online/Mobile: Go to 1099-PATR. Follow the instructions to enter info about your farm. When you get to Your Farming Income and Expenses, you will enter your 1099-PATR info in Livestock, grain, produce, custom work, co-ops.

What does patr stand for?

0:00 18:56 Form 1099 PATR taxable distributions received from cooperatives. So cooperatives are required toMoreForm 1099 PATR taxable distributions received from cooperatives. So cooperatives are required to file form 1099 patr for each person uh to whom they paid at least $10 in patronage dividends.

For pdfFiller’s FAQs

What is Form 1099-PATR?

Form 1099-PATR is used to report distributions from cooperatives to their members, primarily the patronage dividends paid to them.

Who is required to file Form 1099-PATR?

Cooperatives that make payments of $10 or more in patronage dividends to their members are required to file Form 1099-PATR.

How to fill out Form 1099-PATR?

To fill out Form 1099-PATR, filers must provide the recipient's information, including their name, address, TIN, and the amount of patronage dividends paid, as well as any federal income tax withheld.

What is the purpose of Form 1099-PATR?

The purpose of Form 1099-PATR is to ensure that both the IRS and the members of cooperatives are aware of the income received from patronage dividends, facilitating appropriate tax reporting.

What information must be reported on Form 1099-PATR?

Form 1099-PATR must report the recipient's name, address, taxpayer identification number, the amount of patronage dividend, any federal income tax withheld, and any other relevant information depending on the circumstances.