How to Fill Out Form 990-PF for 2022. Step-by-Step Instructions for a Private Foundation
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- Опубліковано 30 вер 2024
- The IRS Form 990-PF is filed by a private foundation to report its income & expenses, charitable distributions and activities, and calculate taxes owed on its net investment income.
In this example, we cover an initial year return for a Florida non-operating private foundation funded by a Florida resident. Some of the main discussion points include the following:
1. Taxes on investment income. Non-operating foundations are not totally tax exempt. They must pay a 1.39% tax on net investment income. The foundation can deduct investment management fees and, in some cases, an allocation of other foundation operating expenses.
2. Minimum Investment Return & Distributable Amount. The foundation calculates its minimum investment return based on the FMV of foundation assets. Generally, a foundation must make charitable expenditures equal to or greater than 5% of its assets.
3. Schedule B Disclosures for Substantial Contributors. Schedule B is required to disclose all persons or entities that make contributions of cash or other noncash property, if those contributions exceed $5,000 during the year.
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this is the best ever source for 990-PF, thanks man you are a legend
Thanks for the support!
Thank you very much for providing this tutorial. As a non-accountant and first time 990 PF filer, your instruction is incredibly valuable!
Glad it helped!
This is the most helpful video line by line, wow. I mean thank you as this helps me for my private foundation filing.
Couple of questions: Which line item do banking fees go under(like the fees charged for using paypal/venmo)? 16b, c or 23? How about insurance fees, other expenses line 23? thx
On form 990 PF for a non-operating private foundation, are shirt sales lists in section XV-A as unrelated business income, with business code 458000? And if yes, what is the entry I would add to column e? I cannot locate the instructions for this. Thank you for a very helpful video.
What if you are an operating foundation (such as a public charity that failed the public support test and is now a foundation but is still operating in the same manner as before where you are operating your own programs - not making grants)? Would you completely skip column B in Part 1 and only use column C instead?
very helpful, thank you!!
Glad it was helpful!