Year End Tax Info

Items to take to your tax preparer:

  1. 1099-PATR – this was mailed to you in Jan 2017
  2. December 9, 2016 letter regarding patronage and DPAD – mailed with patronage check, if applicable.
  3. Check stub from patronage distribution – this was mailed in December 2016
  4. Check stub from any equity revolvement checks received during the year
    1. Normal distributions this year were made in September
    2. Estate payments made throughout the year

You may have received all or none of the above items depending on business done

The following information will be found on the 1099-PATR you received from Key Cooperative:

Box 1 – Patronage Dividends

  1. The taxable amount of patronage that was paid to you by check
  2. Any estate that had non-qualified patronage paid out will be included

Box 3 – Per Unit Retained Amount (Purpims)

  1. Your gross grain sales to Key Cooperative
  2. Before any deductions taken from your check (storage, drying, checkoff, etc.)
  3. Based on calendar year

Box 6 – Domestic Production Activity Deduction (DPAD) or Section 199

  1. The amount that was passed through to members from Key Cooperative
  2. The member may be able to deduct this from their income taxes
  3. Based on member grain sales to Key Cooperative during the fiscal year.

Any additional questions regarding your 1099-PATR, contact Danielle Kleve 515-388-8037, Vicki Gruhn 641-594-8102, or Mike Thomas 515-388-8034.

Please refer any specific tax related questions to your tax advisor.

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