Form 1099-PATR - ability to populate Section 199A(a) Qualified Items in box 8 (AGS-14891)

Benefit

Minimize time and effort to populate box 8 of the 1099-PATR form and electronic file for the 2020 tax year by totaling boxes 1,2,3 and 5 (per National Society of Accountants for Cooperatives guidance).

Overview

With AGRIS 21.1.0 (and AGRIS 20.3.0 Software Update 2) Form 1099-PATR now has the ability to populate and report Section 199A(a) Qualified Items in box 8 of the 1099-PATR form and the electronic file (AGS-14891)

The National Society of Accountants for Cooperatives (NSAC) recommended to their members that Box 8 on the 1099-PATR form:

• Should be a total of box 1,2,3 and 5.

• Is not required / mandatory for inclusion on the 1099-PATR form, but it will be a detriment to the patron if the field is left blank.

Due to this recommendation, AGRIS now automatically fills box 8 on 1099-PATR form based on the detail in boxes 1,2,3, and 5.

This data is also added to the electronic file for reporting.

What do you need to do?

Make sure to update AGRIS to Version 20.3 software update 2 (or later).

Once you install the new AGRIS version, this field will automatically fill.

Here is a sample of the 2020 form:

Open

Here is a sample of the 2021 form:

Open