Year End Tax Info
February 2, 2017
Items to take to your tax preparer:
- 1099-PATR – this was mailed to you in Jan 2017
- December 9, 2016 letter regarding patronage and DPAD – mailed with patronage check, if applicable.
- Check stub from patronage distribution – this was mailed in December 2016
- Check stub from any equity revolvement checks received during the year
- Normal distributions this year were made in September
- 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
- The taxable amount of patronage that was paid to you by check
- Any estate that had non-qualified patronage paid out will be included
Box 3 – Per Unit Retained Amount (Purpims)
- Your gross grain sales to Key Cooperative
- Before any deductions taken from your check (storage, drying, checkoff, etc.)
- Based on calendar year
Box 6 – Domestic Production Activity Deduction (DPAD) or Section 199
- The amount that was passed through to members from Key Cooperative
- The member may be able to deduct this from their income taxes
- 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.