Is any additional reporting needed for organizations that received income from an unrelated business?
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Last modified 3/14/2023 10:14:14 AM EST |
990-PF 990-N 990-EZ 990 8868 1120-POL
Yes, if your organization has received a gross income of $1,000 or more from an unrelated business or trades for the tax year, it must file Form 990-T along with the Form 990-EZ return.
Here's how to report the unrelated business income in Tax990:
- Log into your Tax 990 account.
- On the dashboard, click on the "Start Return" button.
- Select the "Form 990-EZ" option on the list of Federal returns.
- Enter your organization details and click "Next."
- On the "Organization Tax Year" page, select the year you want to file the information return. Once done, the subsequent steps will be to fill the actual parts of the form.
- Under the More Information section, select "Start" for Other Information.
- Select "Yes" and enter the amount of gross income received from various unrelated businesses.
- Click Next.
- Now, follow the subsequent steps as prompted.
- Review the details, Pay, and click the Transmit button to transmit your return to the IRS.
However, if the organization fails to file Form 990-T for the above-stated condition, then it must provide an explanation for it in Schedule O, Supplemental Information, and attach the schedule along with Form 990-EZ.