What is the difference between a 990 and a 990-T?
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Last modified 3/30/2023 1:55:45 AM EST
Form 990 is filed by certain nonprofits with the IRS to report information about their organization's activities during the tax year. This return must be filed annually with the IRS to retain the organization's tax-exempt status.
Form 990-T is used to calculate and report the unrelated business income of an organization to the IRS during the tax year. This return must also be filed annually with the IRS.
Filing Requirements for Form 990 vs 990-T
Form 990 must be filed by tax-exempt organizations, nonexempt charity trusts, and section 527 political organizations with gross receipts ≥ $200,000 or total assets ≥ $500,000.
Form 990-T must be filed only by tax-exempt organizations that have a gross income from unrelated businesses of $1,000 or more during the tax year.
Additional Filing Requirements for Form 990 and 990-T
The organizations that file Form 990 or Form 990-T may be required to attach additional documents called Schedules based on their financial status, operational purposes, and activities.
Deadline for Form 990 and Form 990-T
- The Form 990 deadline is the 15th day of the 5th month following the end of the organization’s accounting period.
If your organization follows a Calendar Tax Year (meaning the tax period finishes on December 31), you must complete IRS Form 990 by May 15.
- The Form 990-T deadline for certain organizations such as Employees' trusts defined in section 401(a), IRAs (including SEPs and SIMPLEs), Roth IRAs, Coverdell ESAs, or 408(a) (Archer MSAs) is due by the 15th day of the 4th month after the end of their tax period.
Other organizations must file Form 990-T by the 15th day of the 5th month after the end of their tax period.
Filing Form 990 and 990-T with the IRS using Tax990
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