Tax990 Knowledge Base

How to complete Part XII Undistributed Income of Form 990-PF?

Form 990-PF - Part XII Undistributed Income:

Follow the steps below to complete Part XII of Form 990-PF.

If you’ve checked item D2 on page 1 or a foundation claiming operating foundation status for any of the years covered, you do not need to complete Part XII for those years.

In this section, you’re required to provide the following details for each line if applicable,

(a) Corpus

(b) Years prior to 2022

(c) For 2022

(d) For 2023

Line 1:
Enter the distributable amount for 2023 determined on line 7 of part X.

Line 2:
Cumulative undistributed income from 2022 and three prior years.

Lines 3a to 3f:
Enter the excess distributions carryover to 2023 from 5 prior years. Sum up the amount carried over to 2023 and enter the total excess distribution carryover.

Lines 4 and 4a to 4b:

Provide details regarding the qualifying distributions for 2023 from Part X and the amount spent on each category mentioned. Then, enter the remaining amount distributed apart from the corpus.

Line 5:

Enter the amount of excess distributions carryover from prior years that have been applied to the 2023 distributions.

Lines 6a to 6f:

Enter the net corpus amount remaining after adding excess distribution carryover, distributions from corpus, and remaining corpus distributions, then subtract any amounts applied to excess distribution carryover.

Lines 7:

Enter the amount treated as distributions out of corpus as per 170(b)(1)(F) or 4942(g)(3).

Lines 8 to 10:

Add the details of the excess distributions carried over from 2018 that were not applied on lines 5 or 7.

Calculate the distribution carryover to 2024 and fill out the details to help you analyze the excess from 2019 to 2023 tax years.