Looking for some additional help in how to answer this question. I have a Farmers Coop 1099 PATR with #'s in boxes 1,3,& 7. I understand that Box 1 - Patronage dividends is taxable amount the Coop has allocated to me. I understand Box 3- Per-unit retain allocations is the gross value of the grain I sold to the Coop. I understand Box 7 - Qualified payments is the amount the Coop has paid me both in dividends and grain sales. So, what is my net income? Is it just the Coop grain payments or is it all farm income or is it all income or is it only the dividend? I reviewed an answer to a similar question in '20 but am unclear just what #'s to use in determining the %.
Is the amount received on the 1099PATR my dividend - Box 1?
What is my revenue received?- All farm gross income, all grain sales, all qualified payments????
Then last but not least what is the net income they are referring to? All income from all sources, all income from only farm sources, only Coop dividends, only Coop Per unit retain allocations,???-
"taking the amount you received on the 1099-PATR and dividing it by the total amount of revenue you received. This will give you a percentage. Take the net income and multiply the net income by this percentage."
Thank you in advance
You'll need to sign in or create an account to connect with an expert.
From the TurboTax FAQ, perhaps the following will assist you:
TurboTax FAQ
by TurboTax•2336•Updated 2 weeks ago
Most often, your Form 1099-PATR reports dividends associated with a farm or cooperative (co-op). You can also receive a 1099-PATR for other reasons (for example, a land bank mortgage or backup withholdings made on your behalf).
Tip: If the dividends in box 1 of your 1099-PATR came from property purchased for personal use (or capital assets or depreciable property used in your business), you don't have to enter your 1099-PATR. Keep it with your tax records, though.
To enter a 1099-PATR for farm or co-op dividends:
If your 1099-PATR isn't for farm or co-op dividends, it gets entered as general business income:
While I acknowledge this does not answer your specific question, I hope it leads you in the right direction.
Appreciate your response. Thank you.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
MiaC555
New Member
asalot
Level 1
asalot
Level 1
tah0476
Returning Member
thomasi
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.