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Form 990

Setting PAN or SuperBank Level Options

Several options at the PAN, SuperBank and account override levels are specific to how ONESOURCE Trust Tax handles your 990 accounts. Set the options the first year you use ONESOURCE Trust Tax to process 990 return types, then review and update the options as necessary each subsequent year.
note
All of the options at the PAN or SuperBank level display under the
Options and Overrides
 collapsible section on the Options and Overrides page. To limit the number of options displayed to a particular category, apply a filter. To apply a filter, select the filter bar below the
Category
 column, select the category, select Filter then select
Apply All Filters
. When you are ready to clear the filter, select Filter then select
Clear This Filter
 or
Clear All Filters
.

Setting Options in the Print Category

To set the options in the
Print
 category that apply to 990 return types:
  1. Select
    SETUP
    ,
    Options&Overrides
     then
    PAN Level
     or
    SuperBank Level
    .
  2. Set the following options in the
    Print
     category:
    Option
    Description
    990-Number of federal and state returns
    Select the number of federal and state returns printed for each 990 account. The default value is one copy.
    Suppress print of diagnostic page on 1041, 990 and 5227 tax returns printed locally or bulk shipped
    Determines whether the diagnostic pages are printed when a 1041, 990 series or 5227 return is printed using the local print or bulk ship method. Select
    Yes
     to suppress the diagnostic pages. Select
    No
     to print the diagnostic pages.
    Suppress print of the account number on 990 and 5227 tax returns
    Determines whether the account number is suppressed or printed on the pages of your 990, 990-EZ, 990-PF or 5227 returns. The selections include:
    • Print the account number
      -The account number is printed on all pages of the return.
    • Suppress print of the account number
      -The account number is suppressed on all pages of the return.
    • Print account number on diagnostic and bar code pages only
      -The account number is printed on the diagnostic and barcode pages but is suppressed on the other return pages.
    Print of Schedule D transactions (1041 and 990 accounts) (Option applicable for revocable accounts)
    For revocable 1041 accounts and 990 accounts, this option determines whether Schedule D transaction detail prints in a condensed or normal font. A condensed font has a narrow typeface, which allows more text to print in the same space as that of a normal font but may reduce readability.
    The selections include:
    • Print on a whitepaper statement using a condensed font, allowing only one line of output
      -Transaction detail prints on one line using a condensed font.
    • Print on whitepaper statement using a normal font, allowing multiple lines of output
      -Transaction detail prints on multiple lines using a normal font.
    Supporting statements detailing revenue and expenses-990 accounts
    For 990 accounts, select the level of detail to generate for supporting statements detailing revenue and expense items.
    Print supplemental schedule showing calculation of average fair market value of cash, securities, and assets-990-PF accounts
    Determines whether a supplemental schedule detailing the average fair market values for Part X on Form 990-PF is printed. Select
    Yes
     to print the supplemental schedule. Select
    No
     to suppress the supplemental schedule.
    Print next year's depreciation-990 accounts
    Suppress all depreciation detail-990 accounts
    Print Form 4562 if no current-year acquisitions and no prior-year listed property-990 accounts
    Apply to deprecation for 990 returns only.
    Select
    Yes
     for
    Print next year's depreciation-990 accounts
     to generate a projection for next year's depreciation.
    Select
    Yes
     for
    Suppress all depreciation detail-990 accounts
     to suppress all depreciation supporting detail.
    Yes
     is selected primarily when the depreciation total is entered rather than calculating the total from detail.
    Select
    Yes
     for
    Print Form 4562 if no current-year acquisitions and no prior-year listed property-990 accounts
     to print Form 4562 even when it is not required. Selecting
    No
     prints Form 4562 only when there is a current year acquisition.
    990-Print RMD Letters for 990 returns when applicable
    Determines whether Required Minimum Distribution (RMD) letters are printed for 990, 990-EZ and 990-PF returns. RMD letters explain the required distribution payout and are included in the Miscellaneous section of the tax return document.
    When this option is set to
    Yes
    :
    • The 990 and 990-EZ RMD letter prints if the organization is a non-functionally integrated Type III supporting organization.
    • The 990-PF RMD letter prints if the organization is not an IRC Section 4942(j)(3) or IRC Section 4942(j)(5) operating foundation, or the organization is not a foreign organization meeting the 85% test.
    When this option is set to
    No
    , the RMD letters do not print.
    Suppress print of Recipients who do not receive a distribution (990-PF only) (Option applicable beginning with tax year 2022)
    This option applies to 990-PF tax returns beginning with tax year 2022. It determines whether recipient records in an account that did not receive any distributions are printed in Part XIV of the 990-PF tax return.
    When this option is set to
    Yes
    , the recipient records in an account that did not receive any distributions are not printed in Part XIV of the 990-PF tax return. Flagging recipient records as deleted is no longer necessary.
    When this option is set to
    No
     (the default), the recipient records in an account that did not receive any distributions are printed in Part XIV of the 990-PF tax return.
  3. Select
    Save
    .

Setting Options in the Compute-States Category for Connecticut Form CT-990T

Complete the steps in this section only if you will prepare, review, process and file Connecticut Form CT-990T.
To set the options in the
Compute-States
 category that apply to Connecticut Form CT-990T:
  1. Select
    SETUP
    ,
    Options&Overrides
     then
    PAN Level
     or
    SuperBank Level
    .
  2. Set the following options in the
    Compute-States
     category:
    Option
    Description
    Direct deposit refund to a checking account rather than a savings account
    Direct deposit account number
    Bank Name (only applies to 990 CT)
    Direct deposit routing number
    Financial institution is not located in the United States and accepts International ACH Transactions
    These options apply to:
    • Connecticut Form CT-990T.
    • State returns that are e-filed and (when applicable) you want to receive state refunds electronically rather than by a mailed check.
    note
    If you do not enter bank account information or if the information is for a foreign bank account, the state taxing authority will mail a check.
    Set the
    Financial institution is not located in the United States and accepts International ACH Transactions
     option if you will e-file state returns and, when applicable, you want to receive state tax refunds electronically rather than by a mailed check. Select
    No
     if the financial institution is located in the United States. Select
    Yes
     if you want the state taxing authority to mail the refund check.
  3. Select
    Save
    .

Setting Options in the Capital Sales Category

To set the options in the
Capital Sales
 category that apply to 990 return types:
  1. Select
    SETUP
    ,
    Options&Overrides
     then
    PAN Level
     or
    SuperBank Level
    .
  2. Set the following options in the
    Capital Sales
     category:
    Option
    Description
    Suppress all sales with no gain/loss on 990 accounts
    When this option is set to
    Yes
    , capital sales with no gain or loss are suppressed from Schedule D (Form 1041) for 990 accounts.
    You can suppress sales for specific assets at the asset level (rather than at the PAN or SuperBank level) using the
    Comprehensive Asset List
     register.
    Suppress all sales for 990T accounts
    When this option is set to
    Yes
    , capital sales reported on Form 990-T are suppressed.
    Suppress all Schedule D detail on 990, 990EZ, and 990PF accounts
    Capital sales detail, which supports Schedule D (Form 1041), is suppressed when this option is set to
    Yes
     and Schedule D (Form 1041) is generated for a 990 account that files Form 990, 990-EZ or 990-PF.
    Suppress the printing of Schedule D on 990, 990-EZ and 990-PF
    Schedule D (Form 1041) is suppressed when this option is set to
    Yes
     and Schedule D (Form 1041) is generated for a 990 account that files Form 990, 990-EZ or 990-PF.
    Form 990/990-EZ-use book value as the cost basis of the sale
    The book value is used for the cost basis of a sale when this option is set to
    Yes
     and Form 990 or 990-EZ is generated for a 990 account.
  3. Select
    Save
    .

Setting Options in the Estimate and Underpayment Category

To set the options in the
Estimate and Underpayment
 category that apply to 990 return types:
  1. Select
    SETUP
    ,
    Options&Overrides
     then
    PAN Level
     or
    SuperBank Level
    .
  2. Set the following options in the
    Estimate and Underpayment
     category:
    Option
    Description
    Option upon which federal estimate is to be based (Form 990-W)
    Determines how estimated taxes are calculated for Form 990-W. The selections include:
    • Current year tax liability (safe harbor estimate)
      -The safe harbor estimate is calculated at the time the tax return is processed. This is the default.
    • No estimate computed or printed
      -The
      Application of federal overpayment of tax (990-W)
       option is ignored and no overpayment is applied.
    • Estimate with only "alphabetic" information
      -No amounts print on Form 990-W. Only alphabetic data (such as the account name and EIN, and the fiduciary name and address) is printed.
    • Current year income less Schedule D gain (using next year's rates)
      -Estimate amounts are calculated based on this year's income. Capital gain income is not included.
    • Current year income as adjusted (using next year's rates)
      -Adjustments can be entered using the account binder's Estimate Options and Application of Overpayment page. To access this page from the account binder, select
      Tax Review-990
       then
      Estimate Options and Application of Overpayment
      .
    • Specific amount entered on each private foundation account
      -A specific estimate amount can be entered using the account binder's Estimate Options and Application of Overpayment page.
    When the current year excise tax liability (Form 990-W) is less than …
    the total estimate will be paid in the …
    Identify the dollar threshold that triggers the entire excise tax amount to be paid in a specific quarter. The total excise tax amount is paid in the selected quarter when the total tax liability is less than the dollar amount entered.
    Enter the dollar amount of the dollar threshold in the
    When the current year excise tax liability (Form 990-W) is less than …
     option. Select the quarter in which the entire excise tax amount will be paid in
    the total estimate will be paid in the …
     option.
    Federal "alphabetic only" estimate will be generated when the excise tax liability (Form 990-W) is greater than …
    If the tax liability is greater than the amount entered in this option, Form 990-W is generated with only alphabetic data printed . No amounts are calculated or shown. For example, the account name and EIN as well as the fiduciary name and address are printed but no amounts are calculated or shown.
    Credit federal overpayment (Form 990-W) per overpayment application option when "alphabetic only" range specified
    Used only if an amount is entered in the
    Federal "alphabetic only" estimate will be generated when the tax liability (Form 990-W) is greater than …
     option. If this option is set to
    Yes
    , any overpayment is applied based on how the
    Application of federal overpayment of tax (Form 1041-ES)
     option is set. If this option is set to
    No
     (the default), the overpayment is not applied when alphabetic only estimates are used.
    Application of federal overpayment of tax (Form 990-W)
    Does not apply if the
    Option upon which federal estimate is to be based (Form 990-W)
     option is set to
    No estimate computed or printed or Estimates with only "alphabetic" information
    . The selections for this option include:
    • Refund entire overpayment
      -This is the default.
    • Apply to first installment due, refunding any excess
    • Apply to first 2 successive installments, refunding any excess
    • Apply to successive installments, refunding any excess
    Origin of federal estimated tax payments (Form 2220 for Form 990-PF)
    Determines the origin of estimated tax payment information (such as the amount or date paid) used to calculate Form 2220 with Form 990-PF. The selections include:
    • Use actual cash payments posted to tax codes 79 & 80 for estimate amounts
    • Use amounts per prior year tax return
    Compute/print of federal underpayment penalty Form 2220 (for Form 990-PF)
    Determines whether Form 2220 is generated with Form 990-PF. Even though an underpayment penalty is due or the annualized income installment method is used to compute an estimate payment, you may not be required to file Form 2220 with the IRS.
    The selections include:
    • Print form only if required or penalty is due or no penalty owed due to use of prior year tax
      -Form 2220 is generated only if it is: 1) required to be filed with the IRS; 2) a penalty is due; or, 3) no penalty is due because the account met the safe harbor requirement. This is the default.
    • Print form only if required to be filed or penalty is due
      -Form 2220 is generated only if it is: 1) required to be filed with the IRS, or 2) a penalty is due.
    • Print form only if required to be filed
      -Form 2220 is generated only if it is required to be filed with the IRS.
    • Always print form, even if no penalty applies
      -Except for final year accounts, Form 2220 is printed even if no penalty applies.
    • Never compute or print form
      -Form 2220 is never generated and no penalty calculated.
    Carry of underpayment penalty to face of federal return (Form 990-PF)
    Determines whether the underpayment penalty calculated on Form 2220 is reported on Form 990-PF. The selections include:
    • Always carry any computed penalty to face of return
      -The penalty calculated on Form 2220 is reported on Form 990-PF and is included in the amount due to the IRS. This is the default.
    • Do not carry penalty unless underpayment form is required to be filed
      -Unless an IRS requirement for filing Form 2220 is met, the penalty calculated on Form 2220 is not reported on Form 990-PF. The IRS applies the underpayment penalty to the account.
    • For example, the IRS does not require Form 2220 to be filed when a penalty is due because 100% of the prior year tax liability or 90% of the current year tax liability was not paid. When
      Do not carry penalty unless underpayment form is required to be filed
       is selected, the penalty is not reported on Form 990-PF, but the IRS applies the underpayment penalty to the account.
    • Never carry penalty to the face of return
      -The penalty calculated on Form 2220 is never reported on Form 990-PF. The IRS applies the underpayment penalty to the account.
  3. Select
    Save
    .

Setting Options in the Electronic Filing Category

To set the options in the
Electronic Filing
 category that apply to 990 return types:
  1. Select
    SETUP
    ,
    Options&Overrides
     then
    PAN Level
     or
    SuperBank Level
    .
  2. Set the following options in the
    Electronic Filing
     category:
    Option
    Description
    EFIN for participating in the IRS e-file Program
    Enter your Electronic Filing Identification Number (EFIN). Your EFIN is assigned to you by the IRS.
    note
    Returns can be processed without your EFIN. However, your EFIN must be entered in this option before submitting returns for e-filing.
    Consider 990 returns for electronic filing qualification
    Select
    Yes
     to allow ONESOURCE Trust Tax to determine whether a 990, 990-EZ, 990-PF, 990-T or 4720 return qualifies for e-file. The determination is made when the return is processed.
    note
    Set this option to
    Yes
     before processing 990, 990-EZ, 990-PF, 990-T and/or 4720 returns. Otherwise, the returns will not be considered for e-file.
    Consider 990 situs state returns for electronic filing qualification (Refer to Customer Center for the complete list of available states) (Option applicable beginning with 2021 tax year)
    This option is applicable beginning with tax year 2021. Select
    Yes
     to allow ONESOURCE Trust Tax to determine whether 990 situs state tax returns qualify for e-filing. Currently, only the state of California (Form 199) is available for e-filing.
    note
    Set this option to
    Yes
     before processing state tax returns. Otherwise, the returns will not be considered for e-filing.
    Consider 990 non-situs state returns for electronic filing qualification (Refer to Customer Center for the complete list of available states) (Option applicable beginning with 2021 tax year)
    This option is applicable beginning with tax year 2021. Select
    Yes
     to allow ONESOURCE Trust Tax to determine whether 990 non-situs state returns qualify for e-filing. Currently, only the state of California (Form 199) is available for e-filing.
    note
    Set this option to
    Yes
     before processing state tax returns. Otherwise, the returns will not be considered for e-filing.
    ERO 5 digit self-selected PIN for signing 1041, 990, and NY e-filed returns
    Enter a five-digit self-assigned PIN. The PIN is used to sign 1041, 990 and New York e-filed returns.
    For 1041 returns, your ERO PIN is printed on Form 8879-F as an alternate signature. For 990 returns, your ERO PIN is printed on Form 8879-EO. For New York, your ERO PIN is used to e-file Form IT-205.
    Your EFIN is added to the ERO PIN when the return is processed.
    Number of federal returns printed when the federal return is qualified for electronic filing
    Select the number of copies to print for federal returns that are qualified for e-filing.
    note
    For local print requests that include federal returns that qualify for e-filing, this option is honored only when documents are printed from a register and
    Default Set
     is selected for the
    Copies
     drop-down list on the Print pop-up window.
    To submit a bulk ship print request that includes zero copies of the returns that qualify for e-filing and the requested number of copies of the nonqualified returns, complete the following:
    1. Set this option and the
      Number of state returns printed when the resident state return is qualified for electronic filing (Applies to all state returns printed, not just the resident state)
       Electronic Filing option to zero copies.
    2. On the Print pop-up window, select
      Tax Return
       from the
      Document Option
       drop-down list then select
      Default Set
       from the
      Copies
       drop-down list.
    You can exclude an account's federal or state return from e-filing at any time prior to submitting an e-file request.
    • If the account is excluded before processing, an e-filing rejection diagnostic is generated and the
      Number of federal returns printed when the federal return is qualified for electronic filing
       and
      Number of state returns printed when the resident state return is qualified for electronic filing (Applies to all state returns printed, not just the resident state)
       options do not apply.
    • If the account is excluded after processing, the
      Number of federal returns printed when the federal return is qualified for electronic filing
       and
      Number of state returns printed when the resident state return is qualified for electronic filing (Applies to all state returns printed, not just the resident state)
       options are honored.
    Does the IRS have the most current Responsible Party information on file? (Option applicable beginning with tax year 2022) Option applicable for 990 returns
    Form 8822-B has been attached in PDF format. (Option applicable beginning with tax year 2022) Option applicable for 990 returns
    These options are applicable to federal 990 return types beginning with tax year 2022.
    IRS regulations require an entity with an EIN to update the responsible party information within 60 days of any change by filing Form 8822-B, Change of Address or Responsible Party. ONESOURCE Trust includes an e-filing check for the responsible party. Use these options to indicate the status of the responsible party information provided to the IRS for 1041 returns.
    No
     is the default selection. If a 990 return type is e-filed with a
    No
     selection for the
    Does the IRS have the most current Responsible Party information on file?
     option and without an attached Form 8822-B, an e-filing alert is generated but the return will not be rejected for e-filing.
    Settlement date for 990 state balance due payments (Date entered must have a four character year, i.e. MM-DD-YYYY) (beginning Tax year 2021)
    For original and amended 990 state returns, enter the date you want to debit your checking account in the
    Settlement date for 990 state balance due payments (Date entered must have a four character year, i.e. MM-DD-YYYY) (beginning Tax year 2021)
     option. A settlement date must be entered prior to processing 990 state tax returns.
    note
    Each year, you must update the settlement date to a date in the current year. If the
    Settlement date for 990 state balance due payments (Date entered must have a four-character year, i.e. MM-DD-YYYY (beginning Tax year 2021)
     Electronic Filing option does not include a current year date, then the date in the state e-file records will be revised automatically to the current year and month. The day will remain same, which may result in an invalid settlement date if the date falls on a weekend or a legal holiday.
    E-filing for original and amended 990 state returns is available beginning with tax year 2019. Currently, only California (Form 199) is available for e-filing. California requires Form 199 to be e-filed and requires a copy of the federal 990, 990-EZ or 990-PF return. ONESOURCE Trust Tax recommends waiting until after the federal 990, 990-EZ or 990-PF return is e-filed and accepted before e-filing the California Form 199 return. Federal 990 returns and California Form 199 returns must be qualified for e-filing and any Electronic Filing Reject Diagnostics must be cleared before the return can be e-filed.
    Name
    Street
    City
    State
    Zip Code
    Social Security Number or Preparer Tax Identification Number
    Employer I.D. Number
    Phone Number
    Use these options to enter the ERO information. The ERO information is not printed on Form 8879-F or 8879-EO, but the information is included in the data transmitted to the IRS.
  3. Select
    Save
    .

Setting Options in the Fiduciary Info Category

To set the options in the
Fiduciary Info
 category that apply to 990 return types:
  1. Select
    SETUP
    ,
    Options&Overrides
     then
    PAN Level
     or
    SuperBank Level
    .
  2. Set the following options in the
    Fiduciary Info
     category:
    Option
    Description
    I authorize the ERO to enter my Officer PIN as my signature on 990 e-filed returns
    Select
    Yes
     if you authorized a tax preparer to enter the officer PIN. Otherwise, select
    No
    .
    Officer 5 digit self-selected PIN for signing 990 e-filed returns
    Enter a self-assigned, five-digit officer PIN. The officer PIN is used for signing the 990 series returns that are e-filed.
    Your officer PIN prints as an alternate signature on Form 8879-EO.
    Officer/Trustee/Fiduciary Signature line (990) only
    Title for Signature line (990 only)
    Determine what is printed on the officer or trustee signature line for 990 return types.
    Use the
    Officer/Trustee/Fiduciary Signature line (990 only)
     option to enter the text to print on the signature line.
    Use the
    Title for Signature line (990 only)
     option to enter the title to print on the signature line.
    Date for Fiduciary signature line (Will be used on all tax returns regardless of tax year)
    Override date for Fiduciary Signature line (Date entered must have a four character year, i.e., MM-DD-YYYY)
    The
    Date for fiduciary signature line (Will be used on all tax returns regardless of tax year)
     option determines whether the compute date or the override date is used as the date for the signature lines on all 990 return types regardless of the tax year. If you select
    Override date
    , enter the date you want to use as the override date in the
    Override date for Fiduciary Signature line [Date entered must have a four character year, i.e., MM-DD-YYYY]
     option.
    When entering an override date, use the MM-DD-YYYY format.
    First name of officer signing the return (990 Only) (Option applicable beginning with 2020 tax year)
    Last name of officer signing the return (990 Only) (Option applicable beginning with 2020 tax year)
    SSN of officer signing the return (990 Only) (option applicable beginning with 2020 tax year)
    These options apply to e-filing 990 return types beginning with tax year 2020.
    Use these fields to enter the first name, last name and SSN of the officer signing the 990 return type.
  3. Select
    Save
    .

Setting Options in the Paid Preparer Category

To set the options in the
Paid Preparer
 category that apply to 990 return types:
  1. Select
    SETUP
    ,
    Options&Overrides
     then
    PAN Level
     or
    SuperBank Level
    .
  2. Set the following options in the
    Paid Preparer
     category:
    Option
    Description
    Print paid preparer information on returns
    Determines whether the paid preparer information is printed on federal and state returns. Select
    Yes
     to print the paid preparer information. Select
    No
     to suppress the paid preparer information.
    note
    To selectively print paid preparer information, enter the paid preparer details using the PAN or SuperBank level options. After these options are set, select this option at the account level for each account that requires the paid preparer information to be printed on its federal and/or state return. To access the account-level option, open the account then select
    Account
     then
    Options&Overrides
     in the topic list panel.
    Permit the IRS to discuss returns with the paid preparer (1041 and 990 only)
    Determines whether the Yes or No box on Form 1041 and the 990 return series is checked for the question asking whether the IRS may discuss the return with the preparer.
    Select
    Yes
     to check the Yes box. Select
    No
     to check the No box.
    Preparer Name (990 only)
    Preparer Social Security Number (990 only)
    Preparer Tax Identification Number (990 only)
    Preparer is self-employed (990 only)
    Phone number (enter as XXX-XXX-XXXX)
    E-mail Address
    Date for Paid Preparer signature line (Will be used on all tax returns regardless of tax year)
    Override Date for Paid Preparer Signature line [Date entered must have a four character year, i.e., MM-DD-YYYY]
    Apply to Forms 990, 990-EZ and 990-PF.
    The
    Print paid preparer information on returns
     option must be set to
    Yes
     before the values for the following options print in the Paid Preparer section of Form 990, 990-EZ or 990-PF:
    • Preparer Name (990 only)
    • Preparer Tax Identification Number (990 only)
    • Preparer is self-employed (990 only)
    • Phone number (enter as XXX-XXX-XXXX)
    • Date for Paid Preparer signature line (Will be used on all tax returns regardless of tax year)
    • Override Date for Paid Preparer Signature line [Date entered must have a four character year, i.e., MM-DD-YYYY]
    The date selected for the
    Date for Paid Preparer signature line (Will be used on all tax returns regardless of tax year)
     option prints in the Paid Preparer section regardless of the tax year. If you select
    Override date
    , you must use the
    Override Date for Paid Preparer Signature line [Date entered must have a four character year, i.e., MM-DD-YYYY]
     option to enter the specific date you want printed in the Paid Preparer section.
  3. Select
    Save
    .

This article applies to:

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