Ability to report investment credits in box 7 of the 1099-PATR form and the electronic file (AGS-7360)

Table of Contents:

Benefits:

The IRS allows Coops to pass-through & report investment credits in box 7 of the 1099-PATR form and in the electronic file.  This enhancement reduces time and effort to comply with regulatory reporting requirements.

Navigation to Use: PAT > Account Balance Inquiry 

1. Choose the desired patron and click OK.

2. Click the Edit button and enter/edit the amount in the Investment Credit field.
   
   

   1. Open

      

3. Click OK to save the change.

Import

1. Investment Credit values may also be populated via the standard Patronage Pass Thru Credit Import File.

Export

1. Navigation:  Patronage > Report Manager > Advanced Reports > 1) Print Standard Reports.  Investment Credit values have been added to the Pass Through Credit Export advanced report as type number 8.

   3. Below is the screen that will result (row 1).  

      2. You'll need to enter "Record Type" in cell A1 and "PATP0" in cells A2 and below for all records your import.

Printing 1099-PATR Forms

1. Investment Credit values for each patron are included in box 7 of their 1099-PATR forms.

Electronic Reporting 

1. Investment Credit values for each patron are included in the appropriate fields in the "B", "C", and "K" records of the electronic reporting file.

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