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Yes, if you are required to file an income tax return. Generally, an amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable.
so where do i put the information in as its in box 6 says Section 199A (g) deduction
Copy B Form 1099-PATR 2020 taxable distributions
My 1099-DIV with a 199A value is in box 5. In forms view, TT uses the value in that box to reduce your reduce your taxable amount of the gross in box 1.
The objective is make sure you take advantage of the tax-free nature of that income source.
Good luck.
If you received a Form 1099-PATR, enter the information (including Box 6, Sec 199A(g) Deduction) as follows:
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:
Where do I enter Form 1099-PATR?
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