Screen Undist - Undistributed Income and Private Operating Foundations (990)

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Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

Overview

Use this screen to enter information required to complete Form 990-PF regarding undistributed income, private operating foundation information, and supplementary information. Information on this screen completes the undistributed income carryover worksheet, and Parts XIII and Part VII-B.

Electronic Filing Note: See General and input screen-specific topics for electronic returns for data-entry guidelines to prevent electronic filing rejections.

Part XIII - Current Distributions

This section is used to enter amounts of the current year distributions to prior years, according to elections made.

Enter the amount of current qualifying distributions to apply to any undistributed income remaining from prior years. If an amount is entered in this field, a statement for the election must be filed with the IRS or attached to the return. Any amounts entered are used on the undistributed income worksheet and applied to the oldest years first, until exhausted.

Enter the amount of current-year qualifying distributions that the organization has elected to treat as a distribution applied to corpus. If an amount is entered in this field, a statement for the election must be filed with the IRS or attached to Form 990-PF.

Enter the amount of total distributions made out of corpus to satisfy the restrictions on amounts received from certain donors. This is the amount used on Form 990-PF, Part XIII, Line 7.

Undistributed Income

Use this section to enter information necessary to calculate undistributed income available for use in the current year and for carryover. This section enables the foundation to comply with the rules for applying its qualifying distributions for the current year. If information was entered in the statement dialog for the Computation if meeting 85% test field in Screen 990PF, then UltraTax CS marks the D2 checkbox on Form 990-PF, Page 1 and does not complete Part XIII nor the supporting worksheet.

Enter the prior years (for example, enter 08 for 2008) when the amount of undistributed income is from a year previous to 4 years prior (if the year is not specified the default year listed is used). Any year with resulting carryover to next year will be used to answer the questions in Part VII-B, Question 2.

These fields display the the undistributed income as of the end of the prior year. The first four amounts will combine to provide the entry for Part XIII, 2a. These amounts proforma if UltraTax CS was used to complete the return in a prior year. The prior undistributed income may need to be classified for 4942(a) or entered in a specific line to provide answer for Part VII-B.

Enter the prior year carryovers according to how the income has been classified. Only amounts entered as “Other Amounts” may appear on lines 6d and 6e as taxable in the current year, when not computed as used in the current year on the undistributed income carryover worksheet. Amounts should only be entered in the “Other Prior Years” row if more than 4 years of carryover exists.

A column is available for undistributed income from prior years for which a notice of deficiency under section 6212(a) has been mailed for the section 4942(a). The next column is for income which the first-tier tax has been assessed because the organization filed Form 4720 for a tax year prior.

This is for a required explanation if all years with carryover (going forward) from the current year has section 4942(a) amounts. This explanation causes question 2b in Part VII-B to answer no.

Excess Distributions Carryover

If the private foundation has made excess distributions out of corpus in prior years that have not been applied in any year, use this section to enter the amount for each year. Do not enter an amount for a particular year if the organization was a private foundation for any later year.

Part XIV - Private Operating Foundations

Use this section to enter the current, and 3 previous year amounts to complete Form 990-PF, Part XIV. All organizations that claim status as private operating foundations under section 4942(j)(3) or (5) (see the Type of private foundation field in Screen 990PF) must complete Part XIV.

For the calculation of the support alternative test in qualifying as an operating foundation, enter the largest amount of support received each year from an exempt organization.

For the calculation of the support alternative test in qualifying as an operating foundation based on the aggregation method, enter the largest amount of support received over a four-year period from a single exempt organization.

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