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So, i don't need to report 1099-PATR income?
i received $377.17 worth of dividends from carolina farm credit. IT is a under "taxable distributions received from cooperatives". This is privately owned land by me and I am not using it to make an income.
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June 4, 2019
11:28 PM
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Get your taxes done using TurboTax
If the dividends in Box 1 of your 1099-PATR came from property purchased for personal use or capital assets/depreciable property used in your business, you do not have to enter your 1099-PATR. Keep it with your tax records.
Otherwise, Form 1099-PATR gets reported on Schedule F (Profit or Loss from Farming) in most cases.
In TurboTax, please do the following:
- Federal Taxes
- Wages & Income
- Other Business Situations, click Show more
- Farm Income and Farm Rental, click Start
June 4, 2019
11:28 PM