What is the form used for? :
Exempt organizations use Form 990-T to:
- Report unrelated business income.
- Figure and report unrelated business income tax liability.
- Report proxy tax liability.
- Claim a refund of income tax paid by a regulated investment company (RIC) or a real estate investment trust (REIT) on the undistributed long-term capital gain.
- Request credit for certain federal excise taxes paid or for small employer health insurance premiums paid.
- Report unrelated business income tax on reinsurance entities.
Is the form Supported in our program? The 990-T form is supported in the 990 package exclusive to the Desktop version of UltimateTax. After 2020 the the form was no longer supported in the software.
How to access the form: While in a 990 return, navigate to the Main Info page and mark the box indicating that a 990-T return is being prepared. This will add the appropriate forms to the return.
Limits to the form: This form is only available to the 990 package. This form may not be electronically filed.
Which 990 Form should I file?
990-EZ - Return of Organization Exempt from Tax - Short
990 - Return of Organization Exempt from Income Tax
IRS Link: https://www.irs.gov/forms-pubs/about-form-990-t