How do I enter dividends form 1099-PATR without upgrading to "self employed"?

Forum|Forum|6 years ago
June 4, 2019
2 replies
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This is from a land/home mortgage from a land bank, not income from a farm

TurboTax Premier Online

Best answer by PatriciaV

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

If the dividends reported in Box 1 of your 1099-PATR fall into either of the following situations, you do not have to report them:

Your dividend was paid on property purchased for personal use; or
Your dividend was paid on capital assets or depreciable property used in your business.

Otherwise, Form 1099-PATR is reported on Schedule F (usually) or Schedule C.

PatriciaVAnswer

Employee

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

If the dividends reported in Box 1 of your 1099-PATR fall into either of the following situations, you do not have to report them:

Your dividend was paid on property purchased for personal use; or
Your dividend was paid on capital assets or depreciable property used in your business.

Otherwise, Form 1099-PATR is reported on Schedule F (usually) or Schedule C.

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sarah63

So we received this form because, yes, we received dividend from a land bank associated with the mortgage we have on land with an agricultural exemption. We do not run a business on the land, but per Texas law we may have an agricultural exemption since someone grazes cattle on the land. So we do not have to do anything with this? I want to be very clear that we do not have to claim this as income?????

tommellish

I received form 1099-patr with patronage dividends Box1 and qualified items(Section 199a Box8. Where do I enter this information in turbo tax????

PatriciaV

Employee

After you enter your Schedule F farm income and expenses, keep working through the interview until you see the page "Is This Qualified Business Income?" Check the box for "Yes" and continue a few more pages. On the page "Qualified payments from a cooperative" you will see boxes to report 199A deductions from Form 1099-PATR Line 6. Continue to the end of the farm section to save your entries.

What you enter here will appear on Schedule F above Part I, and on Form 8995A Line 38.

@tommellish

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