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Why can't you supply an option for a 1099-PATR?

Forum|Forum|3 years ago
February 16, 2023
2 replies
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I received a !099-PATR for a Ranch loan I had. I still get the Patronage dividends even after I paid off the loan early. I sold the property but I still get t he dividends. Why can't I just submit the amount without going through fifty questions about the land. I no longer own it.

TurboTax Premier Online

Best answer by DMarkM1

Yes, enter the form 1099-PATR as "Other reportable income."

"Less Common Income"
"Miscellaneous Income"
"Other Reportable Income"
"Yes"
Description 1099PATR Sold Property
Amount
Continue

This will put the income on line 8z, Schedule 1 with a description to reconcile the form 1099PATR you received. That will carry to line 8 on your 1040.

PatriciaV

Employee

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.

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W

wader-953Author

Maybe I misspoke. I receive a taxable Patronage check. I sold the property but I still receive a check even though I have sold the property and payed off the loan. I will still receive these each year until the original 30 year loan has played out. As it is now, Turbo Tax makes me go through my ownership of the land and expenses I had. There is no option to just input the amount I received. I don’t think it is right to have to say I own the land to input this amount. Is there another option?

DMarkM1Answer

Yes, enter the form 1099-PATR as "Other reportable income."

"Less Common Income"
"Miscellaneous Income"
"Other Reportable Income"
"Yes"
Description 1099PATR Sold Property
Amount
Continue

This will put the income on line 8z, Schedule 1 with a description to reconcile the form 1099PATR you received. That will carry to line 8 on your 1040.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"