1099 Information - Stock Records
Why did I receive a 1099?
In order to comply with IRS regulations, if a member or patron receives a tax reportable check during the current year, a 1099 tax form will be generated.
1099-DIV is generated when:
- Dividend issued is greater than $9.99.
- Dividend issued with a non-verified FED ID and Federal Tax was withheld.
- Redeemed/reissued dividends greater than $9.99.
1099-PATR is generated when:
- 40/60%-split refund is issued and the 40% cash portion is cashed.
- 40/60%-split refund is issued and the 40% cash portion is cashed and Federal Tax was withheld.
- Revolvement of 100% of a prior year's patronage refund allocation (assumes the 40% refund check was not cashed).
- Redemption of a member account when the original 40% check was not endorsed and cashed in the year of issuance.
- Reissue of a revolvement or redemption check when the original 40% check was not endorsed and cashed in the year of issuance.
- 100% refund (patronage refund in the amount of $5.00 through $9.99) was issued and Federal Tax was withheld.