Who needs a 1099-PATR form?
Any person who received funds of at least in 10$ as patronage, as a dividend or as the result of any other kind of distribution needs this form.
What is the 1099-PATR form for?
The 1099-PATR form (Taxable Distributions Received from Cooperatives) is an application, which informs IRS about items, funds and incomes that were passed to patrons to report a tax return.
In most cases, this form is not needed for filing if contributions were made to private corporations, tax-exempt organization like HAS, Archer MSAs, Coverdell ESA. If an individual has non-taxable income, it must be noted in the following forms:
- Form 1040 (Schedule F)
- Form 4835
- Or Schedule C
These forms are related to specific cases, so you must check Pub. 225 for more detailed information about filing those forms.
Never forget that all data provided by a person, must be also indicated in the declaration of the patron.
Is the 1099-PATR Form accompanied by other forms?
The 1099-PATR is accompanied by the 1099-DIV form and the 1096 form.
When does the 1099-PATR Form expire?
The 1099-PATR form will expire at the end of the tax period.
How do I fill out 1099-PATR Form?
You must fill out this form by providing the following information:
Information about payer
Allocation retain (per-unit)
Income tax withheld
Redemption of non-qualified notices and retain allocations.
Patron’s AMT adjustment
Credits and deductions
Legal and actual addresses of the applicant and patron.
Any data, which is untrue or is unreported may result in penalties.
Where do I send the 1099-PATR Form?
The completed 1099 PATR form must be sent to the Internal Revenue Service.