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How do you report income listed on Form 1099-PATR ?

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Question
How do you report income listed on Form 1099-PATR ?

Answer

Reporting income from Form 1099-PATR, Income from Cooperatives

Distributions you received from a cooperative and reported on Form 1099-PATR can be included in your income. Generally, you should report amounts (unless nontaxable) shown in boxes 1, 2, 3, and 5 of the Form 1099-PATR on 1 of these:

  • Schedule F Profit or Loss from Farming. Enter the cooperative income on line 5a of Schedule F. Report the taxable amount (unrelated to capital assets, personal items and depreciable items) on line 5b.
  • Schedule C / C-EZ Profit or Loss from Business. Enter the cooperative income on line 6 of Schedule C.
  • Form 4835 Farm Rental Income and Expenses. Enter the cooperative income on line 2a of Form 4835. Report the taxable income (unrelated to capital assets, personal items and depreciable items) on line 2b.

See instructions for Schedule F lines 5a and 5b to learn more.


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Views: 1874 Created on: Jun 15, 2013
Date updated: Dec 10, 2018
Posted in: Income

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