2023 Form 990-T Exempt Organization Business Income Tax Return (and proxy tax under section 6033(e))-2025

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The document is Form 990-T, the Exempt Organization Business Income Tax Return for the year 2023. It is used by tax-exempt organizations to report unrelated business taxable income and calculate their tax liability. The form includes sections for organizational information, income computation, deductions, tax calculations, and payments. It also requires disclosures regarding foreign financial accounts and other specific activities related to the organization's finances.

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Who must file Form 990-T?

Unrelated Business Taxable Income (UBTI) 1 When UBTI equals $1,0002 or more per year, a Form 990-T must be filed by the custodian for each applicable retirement account and taxes may be required to be paid from the retirement account.

What are the penalties for Form 990-T?

Late Filing Penalties for Form 990-T The IRS penalizes organizations 5% of the unpaid tax for each month/part of a month that Form 990-T is late. The maximum penalty is 25% of the unpaid tax. If your return is more than 60 days late, the maximum penalty is $435.

What is the proxy tax under Section 6033 E?

Organizations that do not provide notices of amounts of membership dues allocable to nondeductible lobbying expenditures are subject to tax (commonly called a proxy tax) under IRC section 6033(e)(2) on the amount of the expenditures.

What is the difference between a 990 and 990T?

Filing Requirements for Form 990 vs 990-T Form 990-T must be filed only by tax-exempt organizations that have a gross income from unrelated businesses of $1,000 or more during the tax year.

Why did I receive a Form 990-T?

If you hold assets in a self-directed IRA or HSA account and you havent done so already, youll soon be grappling with a Form 990T (Form 990-T) for this tax season. A 990T is the form IRA holders must use to report their retirement account assets.

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What is an exempt organization business income tax return?

Tax-exempt organizations generally operate for charitable or other beneficial purposes and therefore most income that they receive is exempt from tax under the Internal Revenue Code. However, income-producing activities considered unrelated to their exempt purposes may result in taxable income.

2023 Form 990-T Exempt Organization Business Income Tax Return (and proxy tax under section 6033(e))-2025

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Who must file Form 990-T?

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What is the difference between a 990 and 990T?

Why did I receive a Form 990-T?

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What is an exempt organization business income tax return?

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