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moshiur95
New Member

How do I report a special patronage dividend from my credit service? They send a 1099-PATR for $600 or more?

 
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1 Reply
MonikaK1
Expert Alumni

How do I report a special patronage dividend from my credit service? They send a 1099-PATR for $600 or more?

To enter a 1099-PATR for farm or co-op dividends:

 

  1. Open (continue) your return in TurboTax
  2. Inside TurboTax, search for 1099-PATR (be sure to include the dash) and then select the Jump to link in the search results
  3. Follow the instructions to enter info about your farm
  4. When you get to Your Farming Income and Expenses, you will enter your 1099-PATR info in Livestock, grain, produce, custom work, co-ops

If your 1099-PATR isn't for farm or co-op dividends, it gets entered as general business income:

 

  1. Open (continue) your return in TurboTax
  2. Inside TurboTax, search for business (schedule c) (use this exact phrase) and then select the Jump to link in the search results
  3. When asked Did you have any self-employment income or expenses? answer Yes
    1. If you'd previously entered self-employed income, you'll come to Your 2022 self-employed work summary. Select Add another line of work to enter information about your farm
  4. Follow the instructions to enter info about your farm
  5. When you get to Let's enter the income for your (type of farming) work, select Other self-employed income and Continue
  6. Enter the information from your 1099-PATR on the Tell us about other self-employed income screen

See this help article for more information.

 

See here for more information from the IRS on this topic.

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