IRS Form 990-T

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IRS Form 990-T

Every person or organization receiving an income of any origin is obliged to pay taxes to the state. For that purpose, every year, they have to report about their income and the amount of tax to pay up to a certain, strictly defined date. It is important to follow this requirement, prescribed by the state laws; otherwise, the intruder will be punished by a fine.

The so-called income tax amount significantly varies, depending on the type of taxpayer and the origin of income subject to taxation. The Internal Revenue Service is responsible for all these issues in the United States, and the taxpayers must regularly submit to this service all information about their financial activities using certain specially assigned forms. These forms are really numerous and vary greatly, so it is not surprising that it is almost impossible to report correctly if you are not an experienced accountant or lawyer. But using our form-building software, you may easily cope with this task!

The 990 forms: history and purpose

The 990 group of forms includes several types of papers indicated by different letters intended for various types of reports. But all these 990 forms cover the financial activities of the non-profit organizations, or, in other words, the organizations having a tax-exempt status.

In fact, these forms provide a wide audience with information on the financial activities of the nonprofit organizations, and sometimes it is the only data source about this public sector. This form was first used in 1941, and through the past 80 years, it was changed and modified many times by the size and content. No wonder that this kind of document is widely used for historical and cultural studies as well as for the evaluation and ranking of the non-commercial sector organizations.

What is the 990-T form?

As for the 990-T form, in particular, it is intended for annual reporting about the income received from any activities not related directly to the general aim of the organization, as it was stated in the registration documents. The main purpose of this kind of reporting is to prevent using a tax-exempt status dishonestly.

This form should be submitted (with some exceptions) by the 15th day of the fifth month after the end of the tax year of the relevant organization. There are also certain differences in filling this form depending on the income and types of activities performed, but they are too numerous and complicated to list them here in detail. By the way, there are more than 800 International Revenue Service forms and schedules. Just follow up our form-building guide, and the task will be simplified!

Who must submit this form

Form 990-T must be filled and submitted by almost all tax-exempt organizations classified by the International Revenue Code as non-governmental or non-profit organizations. The main ones are:

  • Charitable and religious organizations and foundations;
  • Governmental and pension structures;
  • Educational, scientific, and cultural institutions;
  • Political unions;
  • Other non-commercial agencies that correspond to certain requirements, like social welfare organizations, labor organizations, civil leagues, and any of the kind.

How to submit the 990-T form

Previously, it was possible to send the filled form 990-T either by mail or electronically, though, at present, this report must be provided only by email for the financial periods from July 1, 2019.  Be careful not to miss the final date of submission. Otherwise, a progressive penalty is prescribed, and the entity can even be closed as it is considered to be a gross violation of the law.

Other IRS Forms for Charities and Nonprofits

If you are an owner of an exempt organization, you might find some other IRS forms necessary as well.


Guide to Fill out 990-T

The latest 990-T edition consists of two pages that include the introduction for general information about the organization and five following parts.

filling out an irs form 990-t

  • Fill in all the boxes and sections

Check box A only if the address of your organization changed! And be attentive when filling the box B – it defines the type of your organization.

step 2 fill in all the boxes and sections - filling out an irs form 990-t

  • Indicate taxable income

The next two parts of the 990-T form – Part I and Part II – contain the calculation of the taxable income and different kinds of taxes to be paid by the organization. Fill in the boxes, if necessary.

step 3 indicate taxable income - filling out an irs form 990-t

  • Fill out the tax and payments section

Complete the boxes in Part III, “Tax and Payments” section, if needed. You may leave some of them empty.

step 4 fill out the tax and payments section - filling out an irs form 990-t

  • Provide supplemental information in Parts IV and V

Sign and date your application.  Now the 990-T form is completed and ready to be submitted.

In addition to the 990-T form filling, you may also need to prepare various supplementary schedules. Use our form-building software to fill out the forms accurately and properly to embrace legitimacy and effect.