Year-End Tax Notes

Items to take to your tax preparer:

  1. 1099-PATR – this was mailed to you in Jan 2019
  2. Form K-1 for any memberships in Grain Storage Partnerships through Key Cooperative, mailed to you the early part of 2019.
  3. December 7, 2019 letter regarding DPAD.
  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 3 – Per Unit Retained Amount (Purpims)

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

  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 or Mike Thomas 515-388-8034.
Please refer any specific tax-related questions to your tax advisor.

 

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