1099 Patron Tax Form for Patronage Paid in 2023

Jan 30, 2024


1099 Patron Tax Form for Patronage Paid in 2023
Recently, 1099-PATR  forms were mailed to all members who received patronage paid to them in April 2023. This patronage distribution was for your purchases from our fiscal year September 2021 to August 2022.

Several people have had questions about the form. This additional information may help answer the most frequently asked questions.

The dollar amount on your 1099 form is your full, 100% patronage dividend distribution. You received a check for 40% of this amount (100% if you are age 70 or older) and the other 60% remains as your equity in Country Visions Co-op. All members must meet the $2,500.00 of required permanent equity and amounts exceeding that may eventually qualify for payout as revolved equity.  We are currently on a 10-year revolvement of qualified equities.

The members who have to claim the amount on the 1099 form as taxable income are those members who use what they purchase as a deduction on their income tax return, such as farmers, salespeople and businesses. For all others this is nontaxable income. Generally speaking, if what you bought was claimed as an expense, then what you got back is claimed as income. Please consult your tax advisor regarding your particular tax situation.

The Cooperatives Board of Directors and employees thank you for past and continued business.
 

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