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Form 990-T Heading Information

Exempt under section (if not 501)

Identify under which code section the organization is exempt. The Form 990-T due date changes based on your code selection. This field is applicable to 990 returns only (not 990-PF).

Organization type

Identify whether the organization is a corporation or a type of trust in order to produce the correct tax calculation and version of Schedule D (Form 1041 or 1120). If this field is blank, the organization is assumed to be a 501(c) corporation.

Primary unrelated business activity

Describe the organization’s primary unrelated business activity. The description prints on Form 990-T, Page 1, line H, or in a submittable statement if the text exceeds one line.

IRS may discuss return with preparer

Select 1 to indicate that the IRS is authorized to discuss the return with the preparer or 2 to indicate it is not. Leaving this field blank marks the No checkbox in the signature section of Form 990-T. You may set this option globally for all new clients.

Form 990-T Income and Expense

Amount of taxable fringe employee benefits

The amount you enter in this field prints on Form 990-T, line 34. TCJA changes from 2017 made employee parking benefits taxable to the organization in certain instances, enter the taxable amount for this and other fringe benefits here.

Specific deduction (Force)

$1,000 is automatically used as a specific deduction. The amount you enter in this field prints on Form 990-T, line 37.

Net operating loss deduction, Prior to 2018 (Force)

Enter the amount to report on Form 990-T, line 35 if different from the calculated amount as printed on the Net Operating Loss Carryover Worksheet.

Schedule A, Part X officer compensation allocation

Amounts entered in the officer information window for Schedule A, Part X display in this statement and can be assigned to 990T Activities, for proper use on page 1 or Schedule M as a reduction to the income there. When no selection is made, Schedule A, Part X compensation defaults to appearing on the first activity on Form 990-T, page 1.

All activities lack a profit motive

Mark here to treat all activities as lacking a profit activity, if treatment among the activities differs, then leave this box blank and mark the applicable activity on Screen ActivT.

Calculate 990-T as a single activity

Mark here to treat all activities as a single activity. In certain cases, it may be preferable to track information separately and aggregate together at the end because all income items serve a single activity.

Form 990-T Tax Computation

Section 1291 deferred tax

Enter the amount incurred in the excess distribution or disposition of stocks in a passive foreign investment company attributable to unrelated business taxable income. This amount is included in the amount on form 990-T, Page 2, line 35c for corporations and Form 990-T, Page 2, line 36 for trusts. Sec. 1291 will print to the left of the line.

Section 1291 interest

Enter the aggregate interest (section 1291(c)(3)) from any deferred taxes related to excess distributions or dispositions of stock from a passive foreign investment company (PFIC) that are taxable as unrelated business taxable income. Sec. 1291 interest" and the interest amount prints at the bottom of the form.

Proxy tax (Force)

Use this field to force an amount to replace the calculated amount of proxy tax on nondeductible lobbying and political expenditures. This calculated or forced amount is reported on Form 990-T, Part III, line 37. This tax is applicable only to section 501(c)(4), (5), or (6) organizations.

General business credit alternative minimum tax reduction

Enter the amount of general business tax credit (for AMT purposes) allowed to offset the tax. The application uses any amount you enter.

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