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anice42
New Member

I have a letter from a coop that says this replaces the 1099-PATR how do I enter that information on here?

 
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3 Replies
PattiF
Expert Alumni

I have a letter from a coop that says this replaces the 1099-PATR how do I enter that information on here?

If the letter from the co-op reports dividends associated with a farm or cooperative, these would be entered as though they were reported on a 1099-PATR. If the information in the letter is dividends from property purchased for personal use, then you don't need to report anything.

 

To report dividends from a co-op:

  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

 

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anice42
New Member

I have a letter from a coop that says this replaces the 1099-PATR how do I enter that information on here?

I guess I should explain a little more. The letter is for crops I sold at the coop. It is technically income but I don’t work regularly on the farm or anything. 

DaveF1006
Employee Tax Expert

I have a letter from a coop that says this replaces the 1099-PATR how do I enter that information on here?

Yes, this is income that should be reported on your return. If you don't own the farm or work on it, I would report this as hobby income because this is something you  enjoy but don't intend to make a living at it. To report.

 

  1. Sign in to your TurboTax account.
  2. Click on Federal Taxes tab.
  3. Choose Wages and Income.
  4. Scroll down to Less Common Income and click Start to to right of Miscellaneous Income, 1099-A, 1099-C.
  5. Click Start to right of Hobby income and expenses.
  6. You can deduct expenses you incurred in growing this crop.

If this is a business for you and if you intend to make money, you will need to file a Self-Employment tax return if this business is a growing concern.

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