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Processing 990 — tips

Form 990 versus Form 990-EZ

When the organization isn't a private foundation, the application prepares Form 990. To prepare Form 990-EZ, mark the 
Prepare Form 990-EZ
 checkbox on the
990
 screen.

Activity unit number in Screens 926, Event, EventPF, Fac, Notes, NotePF, Rent, and SchK

If you enter data on the
926
,
Event
,
EventPF
,
Fac
,
Notes
,
NotePF
,
Rent
, or
SchK
 screen, you'll need to enter a unit number on each screen. If the unit number is omitted, the information doesn't transfer to the return.

Placement of income on return

The application determines the placement of income on the return based on the various code options you select. To properly calculate the return, consider entering the information in:
  • Type of income
    .
  • Unrelated business code
    .
  • Exclusion code
    .
  • Form 990-T code
     (for placement of unrelated business activity).

Non-operating private foundation

The calculation of Form 990-PF, Part I, column C for a non-operating private foundation is different from the calculation for an operating private foundation. Use these codes for
Type of private foundation
 on the
990PF
 screen to identify which type of private foundation is being reported.
  • For a private operating foundation, leave the field blank. All columns on Form 990-PF, Page 1 are completed.
  • For a non-operating private foundation with no charitable activity income, enter
    1
    . Form 990-PF, Part I, column c shows a 0 for both
    Total Revenues
     and
    Total Expenses
     because the foundation is not subject to the calculation of
    Adjusted Net Income
    .
  • For a non-operating private foundation with charitable activity income, enter
    2
    . Form 990-PF, Part I, column C is calculated as follows:
    • Revenue is only reported on lines 10 and 11 and excludes investment income.
    • Expenses entered in the
      Even-2PF
       and
      Rent-2
       screens appear if the income is included on lines 10 and 11.
    • Expenses entered in the
      ExpPF
       screen appear as entered for
      Adjusted Net Income
      .
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