Form 1099-PATR Redemption of nonqualified notices and retain allocations

[bsharples151]

I received a form 1099-PATR Taxable Distributions Received from Cooperatives. Boxes 1 and 4 have $0.00 amounts. Box 5 (Redemption of nonqualified notices and retain allocations) has an amount. This if for land we own but do not farm. Should I enter this under Farm Income and Farm Rental under the Business Items section?

I did notice this in TurboTax help: 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.

Does this mean I don't have to enter it at all? The amount I have is in Box 5. Box 1 is $0.00.

[teejk]

Patronage dividends are like a rebate. If you didn't deduct the underlying costs then the dividend is not taxable.

[ColeenD3]

@bsharples151

You are correct. 

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, though.