I received a 1099-PATR for taxable distributions from cooperatives from the sell of Silver Creek Water. Not sure where to enter this information when filing my taxes?
I received a 1099-PATR for taxable distributions from cooperatives from the sell of Silver Creek Water. Not sure where to enter this information when filing my taxes?
See the following answer from TurboTax Expert MonicaK to a similar question:
To enter a 1099-PATR for farm or co-op dividends:
Open (continue) your return in TurboTax
Inside TurboTax, search for 1099-PATR(be sure to include the dash) and then select the Jump to link in the search results
Follow the instructions to enter info about your farm
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:
Open (continue) your return in TurboTax
Inside TurboTax, search for business (schedule c) (use this exact phrase) and then select the Jump to link in the search results
When asked Did you have any self-employment income or expenses? answer Yes
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
Follow the instructions to enter info about your farm
When you get to Let's enter the income for your (type of farming) work, select Other self-employed income and Continue
Enter the information from your 1099-PATR on the Tell us about other self-employed income screen