Get the free Form 1099-PATR

This form reports patronage dividends and other distributions received from cooperatives, which may need to be included in your income tax return.

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 the payer information in the provided boxes, including the payer's name, address, and taxpayer identification number.
3. Fill in the recipient's details, including their name, address, and taxpayer identification number.
4. Enter the total distributions made to the recipient in the appropriate box.
5. Complete any additional boxes that are applicable, such as distributions from cooperatives and any related amounts.
6. Review the completed form for accuracy to ensure all information is correct.
7. Submit Form 1099-PATR to the IRS by the applicable deadline, and provide a copy to the recipient.

Who needs Form 1099-PATR?

1. Any cooperative that pays dividends or distributions to its members needs to issue Form 1099-PATR.
2. Farmers and those involved in cooperative agricultural organizations who receive patronage dividends.

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 a tax form used to report distributions made to cooperative members from a tax-exempt agricultural or horticultural cooperative.

Who is required to file Form 1099-PATR?

Cooperatives that make distributions of $10 or more to their members are required to file Form 1099-PATR.

How to fill out Form 1099-PATR?

To fill out Form 1099-PATR, you need to provide the payer's and recipient's details, including names, addresses, and taxpayer identification numbers, as well as the amount of distributions paid.

What is the purpose of Form 1099-PATR?

The purpose of Form 1099-PATR is to inform the IRS and the recipient about the amounts distributed to members, ensuring accurate reporting of income received from cooperative operations.

What information must be reported on Form 1099-PATR?

Form 1099-PATR must report the cooperative's name, address, and taxpayer identification number, the member's name and taxpayer identification number, the total amount of distributions, and any allocations of patronage dividends.