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Federal input screens

Screen POL - Political Organizations (1120)

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General Information

Section 501(c) exempt organization
If this field is marked and the
Section 527(f)(3) separate segregated fund
 field is not marked, the organization is an exempt organization and is not a political organization.
Taxable income for a section 501(c) exempt organization is the smaller of: 1) the net investment income of the organization for the tax year or 2) the amount spent for an exempt function during the tax year either directly or indirectly through another organization. Use the
Amount of net investment income
 and
Aggregate amount expended for an exempt function
 fields to determine the taxable income of the organization. All other income and deduction fields on Form 1120-POL will be blank when the organization is not a political organization.
Organization is a newsletter fund
If this field is marked, the political organization is not allowed the $100 specific deduction.

Income and Deductions

Amount of net investment income
Enter the amount of net investment income if an exempt organization under section 501(c). Taxable income for an exempt organization described in section 501 (c) that is not a political organization is the smaller of: 1) the net investment income of the organization for the tax year or 2) the amount spent for an exempt function during the tax year either directly or indirectly through another organization.
Aggregate amount expended for an exempt function
In the statement, enter the aggregate amount expended for an exempt function if an exempt organization under section 501(c). Taxable income for an exempt organization described in section 501 (c) that is not a political organization is the smaller of: 1) the net investment income of the organization for the tax year or 2) the amount spent for an exempt function during the tax year either directly or indirectly through another organization.

Additional Information

Tax-exempt interest
The amount entered in this field, combined with interest amounts entered in the K1-4 screen, transfers to the Additional Information section of Form 1120-POL.
Date organization formed
Enter the date only if it is different from the
Date incorporated
 field in the 1120 screen.
Telephone number
Enter the telephone number only if it is different from the
Client phone number
 field in the 1120 screen.

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