If you have received distributions from co-operative societies, the IRS considers this as taxable income and expects its citizens to report this revenue in the IRS tax Form 1099- PATR. This is a tax form that helps taxpayers to report their income from less-familiar sources. Taxpayers will receive this Form from the co-operatives if they were paid at least $10 as dividends or other distributions from the co-operatives in the previous tax year. Apart from distributions the...
Form 1099-PATR, Taxable Distributions Received from Cooperatives
April 28, 2022