Year End Tax Information
February 1, 2018
YEAR-END TAX NOTES
Items to take to your tax preparer:
- 1099-PATR – this was mailed to you in Jan 2018
- Form K-1 for any memberships in Grain Storage Partnerships through Key Cooperative – mailed to you in Jan 2018.
- December 8, 2017 letter regarding DPAD.
- 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 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 5 – Redemption of Nonqualified Notices
- Any estate that had nonqualified patronage paid out will be included here.
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 taxable income.
- Based on member grain sales to Key Cooperative during the fiscal year.
Please refer any specific tax-related questions to your tax advisor.
Any additional questions regarding your 1099-PATR, contact Danielle Kleve 515-388-8037,
Vicki Gruhn 641-236-6591, or Mike Thomas 515-388-8034.