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Your Guide To IRS Form 1099-PATR

Be on the lookout for the IRS 1099-PATR Form if you received a dividend associated with a farm or cooperative! 

Today we are continuing our investigation of IRS 1099 forms with a closer look at the 1099-PATR.  After answering your questions, you can fill, sign, and send a fillable version using PDFfiller!

What is form IRS 1099-PATR?

The IRS 1099 PATR form records the taxable distributions received from cooperatives. Cooperatives file this form for every individual to whom they have paid a minimum amount of $10 in patronage dividends.

Most often, Form 1099-PATR reports dividends associated with farms. However, you may also receive this form for other reasons.  For example you may receive a 1099 PATR if you have your home mortgage from a land bank.

What are exemptions on IRS 1099-PATR?

A cooperative involved in the retail sale of services and goods that are for living, personal, or family use may receive exemption from filing Form 1099-PATR.

You do not need to file  form IRS 1099-PATR for payments made to a corporation, tax exempted organization, or trust.

How to file the form 1099-PATR?

To file the form 1099-PATR you need to furnish the statement of the recipient. To fill this form you need to provide details like an account number, patronage dividends paid in cash, per-unit retain allocation paid in cash, backup holdings and other details to ensure transparency.

Is IRS 1099-PATR accompanied by other forms?

This form must be filed with IRS Form 1096 for the Privacy Act and Paperwork Reduction Act Notice.

When is IRS 1099-PATR due?

File copy A with the IRS by the end of February 28, and furnish the recipient with copy B by January 31.

How do I fill out IRS 1099-PATR?

In the form, you need to provide the payer’s information, business tax identification number, recipient’s identification number and other basic information. Fill the numbered boxes after reading the instruction carefully.

When you are ready to start filling your IRS 1099 PATR form with PDFfiller , you can find a fillable version of it here.  And in the meantime, May the sun shine warm upon your face; and the rains fall soft upon your fields.