What is IRS Form 1099-PATR?
767 views |
Last modified 7/20/2020 2:44:01 AM EST
Form 1099-PATR is an annual IRS tax return filed by the cooperatives of business for each person if:
- They paid the person at least $10 in patronage dividends and other distributions mentioned in section 6044(b).
- If they withheld any federal income tax under the backup withholding rules from the person, irrespective of the payment amount.
The individual for whom Form 1099-PATR is filed must receive a copy of the return from the cooperatives, as the distributions they receive from the cooperatives might be included in their taxable income.