1099 Patron Tax Form for Patronage Paid in 2024
Jan 28, 2025
Members who received patronage paid to them in April 2024 from Country Visions Cooperative were mailed a 1099-PATR form in late January 2025. This patronage distribution was for your purchases from our fiscal year, September 2022 to August 2023. In previous years, many individuals have had questions regarding this form. The following information may assist in addressing the most commonly asked questions.
The dollar amount in box 1 of the 1099-PATR 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 reached the parked equity requirement) and the other 60% remains as your equity in Country Visions Cooperative. Members who need to report the amount on the 1099-PATR form as taxable income are those who use their purchases as deductions on their income tax returns—such as farmers, salespeople, and businesses. In general, if you claimed your purchase as an expense, the patronage you received should be reported as income. For others, this income is considered nontaxable. For instance, patronage earned from propane purchased for home heating would be nontaxable income.
Box 3, per-unit retain allocations, is the gross value of grain sold to Country Visions Cooperative during calendar year 2024. Amounts in Box 7 and Box 8 are simply the totals of what is included in Box 1 and Box 3.
Please consult your tax advisor regarding your particular tax situation.
All members must meet the $2,500.00 of required permanent equity and amounts exceeding that may eventually qualify for payout as revolved equity. Country Visions is currently on a 10-year revolvement of qualified equities.
The Cooperatives Board of Directors and employees thank you for your past and continued business.
The dollar amount in box 1 of the 1099-PATR 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 reached the parked equity requirement) and the other 60% remains as your equity in Country Visions Cooperative. Members who need to report the amount on the 1099-PATR form as taxable income are those who use their purchases as deductions on their income tax returns—such as farmers, salespeople, and businesses. In general, if you claimed your purchase as an expense, the patronage you received should be reported as income. For others, this income is considered nontaxable. For instance, patronage earned from propane purchased for home heating would be nontaxable income.
Box 3, per-unit retain allocations, is the gross value of grain sold to Country Visions Cooperative during calendar year 2024. Amounts in Box 7 and Box 8 are simply the totals of what is included in Box 1 and Box 3.
Please consult your tax advisor regarding your particular tax situation.
All members must meet the $2,500.00 of required permanent equity and amounts exceeding that may eventually qualify for payout as revolved equity. Country Visions is currently on a 10-year revolvement of qualified equities.
The Cooperatives Board of Directors and employees thank you for your past and continued business.