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Form 990

Setting 990 Control Information

Many of the tax codes used for Form 1041 reporting are also used for 990 return type reporting. When setting 990 control information, you can assign predefined tax codes for Form 990, Form 990-EZ and Form 990-PF so that the taxable amounts from the transactions posted to those tax codes are reported on the correct lines and columns of the respective form. You can map partnership and S corporation income and deductions reported in Part III of Schedule K-1 to Forms 990, 990-EZ and 990-PF. See the following for details:
990-PF ratio amounts can be entered and tax code descriptions can be changed after the tax codes are assigned. See Entering Form 990-PF Ratio Amounts and Changing 990 Tax Code Descriptions.
note
Except for federal estimate tax codes 79 and 80, ONESOURCE Trust Tax does not allow you to assign tax codes that are automatically reported on your 990 returns. See Tax Codes Automatically Reported on 990 Return Types.
Except for 990-PF ratio amounts, your 990 control information is year specific. You must set or roll over your 990 control information each year you use ONESOURCE Trust Tax to process 990 return types.

Rolling Over 990 Control Information

After your 990 control information is set the first year, you can apply the same information to the next tax year by rolling over your 990 control information. To roll over your 990 control information, access the 990 Control page by selecting
SETUP
 then
990 Control
. If your 990 control information has not yet been rolled over, the following message displays:
Select
Save
. Now, you can review and update your 990 control information.

Setting Form 990 Control Information

When setting Form 990 control information, you can assign and review tax codes for revenue and expense items reported on Form 990. You can map partnership and S corporation income and deductions reported in Part III of Schedule K-1 to Form 990.
To set Form 990 control information:
  1. Select
    SETUP
     then
    990 Control
    .
  2. If your PAN is in a SuperBank association and is enabled for applying 990 control information changes across all PANs in the SuperBank association then, under the
    Associated PANs
     collapsible section, select the PAN check box for each PAN you want to apply 990 control information changes to.
  3. Under the
    Revenue
     and
    Expense
     collapsible sections, review the details for each tax code assignment. Complete the following, if necessary:
    • To assign a tax code for a revenue or expense item reported on Form 990, select the appropriate information for each field in the row that includes the text, "Please select here to add new row."
    • For revenue items, the IPA code indicates the column in Part VIII that the taxable amount from the transactions posted to the tax code is reported in. Your ability to select a business code depends on your selection for the
      IPA Code
       field.
    • For expense items, be sure to select the appropriate check box to indicate whether the expense item is related to program services, management and general expenses, or fund raising.
    • Select
      Save
       to add the tax code assignment to the grid and save your changes.
    • To change an existing tax code assignment, select the appropriate field in the tax code assignment row, make your selection then select
      Save
      .
    • To delete an existing tax code assignment, select Delete for the tax code assignment row then select
      Save
      . You can override the revenue and expense tax code assignments at the account level using the 990 Ratio page. See Entering Form 990-PF Ratio Amounts for details.
  5. Under the
    K-1 Income
     collapsible section, complete the following to map partnership and S corporation income reported in Part III of Schedule K-1 to Form 990:
    1. Under the
      K-1 Income
       collapsible section, select the Form 990 revenue item to map to from the
      Description
       field in the row that includes the text, "Please select here to add new row."
    2. Select the Schedule K-1 income line item to map to the Form 990 revenue item from the
      K-1 Income
       field.
    3. Select the IPA code and the business code for the Form 990 revenue item from the
      IPA Code
       and
      Business Code
       fields. Your ability to select a business code depends on your selection for the
      IPA Code
       field.
    4. Press TAB to move the mapping to the grid.
    5. Select
      Save
      .
  7. Under the
    K-1 Expense
     collapsible section, complete the following to map partnership and S corporation deductions reported in Part III of Schedule K-1 to Form 990:
    1. Select the Form 990 expense item to map to from the
      Description
       field in the row that includes the text, "Please select here to add new row."
    2. Select the Schedule K-1 expense line item to map to the Form 990 expense item from the
      K-1 Expense
       field.
    3. Select the
      Program Services
      ,
      Management and General
       and/or
      Fundraising
       check box to indicate whether the expense item is related to program services, management and general expenses, and/or fund raising.
    4. Press TAB to move the mapping to the grid,
    5. Select
      Save
      .

Setting Form 990-EZ Control Information

When setting Form 990-EZ control information, you can assign and review tax codes for revenue and expense items reported on Form 990-EZ. You can map partnership and S corporation income and deductions reported in Part III of Schedule K-1 to Form 990-EZ.
To set Form 990-EZ control information:
  1. Select
    SETUP
    ,
    990 Control
     then
    990-EZ
    .
  2. If your PAN is in a SuperBank association and is enabled for applying 990 control information changes across all PANs in the SuperBank association then, under the
    Associated PANs
     collapsible section, select the PAN check box for each PAN you want to apply 990 control information changes to.
  3. Under the
    Revenue
     and
    Expense
     collapsible sections, review the details for each tax code assignment. Complete the following, if necessary:
    • To assign a tax code for a revenue or expense item reported on Form 990-EZ, select the appropriate information for each field in the row that includes the text, "Please select here to add new row." Select
      Save
       to add the tax code assignment to the grid and save your changes.
    • To change an existing tax code assignment, select the appropriate field in the tax code assignment row, make your selection then select
      Save
      .
    • To delete an existing tax code assignment, select Delete for the tax code assignment row then select
      Save
      .
  5. Under the
    K-1 Income
     collapsible section, complete the following to map partnership and S corporation income reported in Part III of Schedule K-1 to Form 990-EZ:
    1. Select the Form 990-EZ revenue item to map to from the
      Description
       field in the row that includes the text, "Please select here to add new row."
    2. Select the Schedule K-1 income line item to map to the Form 990-EZ revenue item from the
      K-1 Income
       field.
    3. Press TAB to move the mapping to the grid.
    4. Select
      Save
      .
  7. Under the
    K-1 Expense
     collapsible section, complete the following to map partnership and S corporation deductions reported in Part III of Schedule K-1 to Form 990-EZ:
    1. Select the Form 990-EZ expense item to map to from the
      Description
       field in the row that includes the text, "Please select here to add new row."
    2. Select the Schedule K-1 expense line item to map to the Form 990-EZ expense item from the
      K-1 Expense
       field.
    3. Press TAB to move the mapping to the grid.
    4. Select
      Save
      .

Setting Form 990-PF Control Information

When setting Form 990-PF control information, you can assign and review tax codes for revenue, expense and income producing activity items reported on Form 990-PF. You can map partnership and S corporation income and deductions reported in Part III of Schedule K-1 to Form 990-PF.
To set Form 990-PF control information:
  1. Select
    SETUP
    ,
    990 Control
     then
    990-PF
    .
  2. If your PAN is in a SuperBank association and is enabled for applying 990 control information changes across all PANs in the SuperBank association then, under the
    Associated PANs
     collapsible section, select the PAN check box for each PAN you want to apply 990 control information changes to.
  3. Under the
    Revenue
    ,
    Expense
     and
    Income Producing Activities
     collapsible sections, review the details for each tax code assignment. Complete the following, if necessary:
    • To assign a tax code for a revenue, expense or income producing activity item reported on Form 990-PF, select the appropriate information for each field in the row that includes text, "Please select here to add new row."
    • For revenue and expense items, select the appropriate check box to indicate the column(s) in Part I of Form 990-PF the taxable amount from the transactions posted to the tax code is reported on.
    • For income producing activity items, the IPA code indicates the column in Part XVI-A that the taxable amount from the transactions posted to the tax code is reported in. Your ability to select a business code depends on your selection for the
      IPA Code
       field.
    • Select
      Save
       to add the tax code assignment to the grid and save your changes.
    • To change an existing tax code assignment, select the appropriate field in the tax code assignment row, make your selection then select
      Save
      .
    • To delete an existing tax code assignment, select Delete for the tax code assignment row then select
      Save
      .
  7. Under the
    K-1 Income
     collapsible section, complete the following to map partnership and S corporation income reported in Part III of Schedule K-1 to Form 990-PF:
    1. Select the Form 990-PF revenue item to map to from the
      Description
       field in the row that includes the text, "Please select here to add new row."
    2. Select the Schedule K-1 income line item to map to the Form 990-PF revenue item from the
      K-1 Income
       field.
    3. Select the
      Amount Per Books
      ,
      Net Investment Income
       and/or
      Adjusted Net Income
       check box to indicate where on Form 990-PF the amounts associated with this mapping are reported.
    4. Press TAB to move the mapping to the grid.
    5. Select
      Save
      .
  9. Under the
    K-1 Expense
     collapsible section, complete the following to map partnership and S corporation deductions reported in Part III of Schedule K-1 to Form 990-PF:
    1. Select the Form 990-PF expense item to map to from the
      Description
       field in the row that includes the text, "Please select here to add new row."
    2. Select the Schedule K-1 expense line item to map to the Form 990-PF expense item from the
      K-1 Expense
       field.
    3. Select the
      Amount Per Books
      ,
      Net Investment Income
      ,
      Adjusted Net Income
       and/or
      Charitable Disbursement
       check box to indicate where on Form 990-PF the amounts associated with this mapping are reported.
    4. Press TAB to move the mapping to the grid.
    5. Select
      Save
      .
  11. Under the
    K-1 Income Producing Activities
     collapsible section, complete the following to map partnership and S corporation income to Form 990-PF income producing activity items:
    1. Select the Form 990-PF income producing activity item to map to from the
      Description
       field in the row that includes the text, "Please select here to add new row."
    2. Select the Schedule K-1 income line item to map to the Form 990-PF income producing activity item from the
      K-1 Income
       field.
    3. Select the IPA code and the business code for the Form 990-PF income producing activity item from the
      IPA Code
       and
      Business Code
       fields. Your ability to select a business code depends on your selection for the
      IPA Code
       field.
    4. Press TAB to move the mapping to the grid.
    5. Select
      Save
      .

Entering Form 990-PF Ratio Amounts

990-PF ratio amounts allow you to report less than 100 percent of the taxable amount for a revenue or expense item in a specific column on Form 990-PF. For example, your 990-PF accounts treat trustee fees as 100 percent allocated to revenue and expenses per books, 80 percent allocated to net investment income, and 20 percent allocated to disbursements for charitable purposes. To report these percentages in the appropriate columns on Form 990-PF, you will need to assign tax codes 24 (Trustee/Executor Fees-Principal (allocable)) and 25 (Trustee/Executor Fees-Income (allocable)) to the
Compensation of Officers, etc description
, and select the
Amount Per Books
,
Net Investment Income
 and
Charitable Disbursements
 check boxes for the tax code assignment. Selecting the check boxes indicates that you want the taxable amounts from the transactions posted to tax codes 24 and 25 to be reported in columns (a), (b) and (d) in Part I of Form 990-PF. After saving the tax code assignments, you can then enter the Form 990-PF ratio amounts by accessing the Form 990-PF Ratio Overrides page and, for the
Compensation of officers, etc.
 row, enter
.80
 in the
(b) Net investment income
 field and
.20
 in the
(d) Disbursements for charitable purposes
 field.
990-PF ratio amounts are not year-specific. After they are set, they apply to all tax years.
To enter Form 990-PF ratio amounts:
  1. Select
    SETUP
    ,
    990 Control
     then
    990 -PF Ratio Overrides
    . The 990-PF Ratio Overrides page displays each 990-PF revenue and expense item on a separate row.
  2. For each revenue and expense item you want to enter a 990-PF ratio amount for, select in the appropriate field then enter the ratio amount as a decimal percentage.
  3. Select
    Save
    . You can override the Form 990-PF ratio amounts at the account level using the 990-PF Ratio Overrides page. To access the 990-PF Ratio Overrides page, open the account you want to override Form 990-PF ratio amounts for, select
    Account
     then
    990-PF Ratio Overrides
     in the topic list panel.

Changing 990 Tax Code Descriptions

You can change the tax code descriptions for the tax codes that were assigned to Forms 990, 990-EZ and 990-PF. The descriptions you enter do not display in the applicable pages of ONESOURCE Trust Tax but, if you print tax code level detail for your 990 accounts, the descriptions you enter are printed on the whitepaper statements generated with the tax return.
note
You can print tax code level detail for your 990 accounts by selecting
Tax code level detail for revenue and expenses
 from the
Supporting statements detailing revenue and expenses-990 accounts
 Print option on the Options and Overrides page.
To change 990 tax code descriptions:
  1. Select
    SETUP
    ,
    990 Control
     then
    990 Tax Code Description
    . The 990 Tax Code Description page shows the tax codes in descending order. The
    Used on 990
    ,
    Used on 990EZ
     and
    Used on 990PF
     columns indicate whether the tax code is mapped to Form 990, 990-EZ or 990-PF.
  2. For each tax code description you want to change, select the
    New Description
     field then type the description you want to use.
  3. Select
    Save
     to save your changes.

This article applies to:

  • PRODUCT: ONESOURCE Trust Tax
  • Return type: 990 Exempt Organization