IRS Form 990-PF for Private Foundations- Updated April 21, 2023 - 3.00 PM Admin, ExpressTaxExempt
Form 990-PF (Return of Private Foundation) is one of the variants of 990 forms filed by organizations that claimed private foundation status to report their annual information to the IRS.
The following are the topics covered to provide clear details on Form 990-PF requirements, deadline, and other related information.
1. What is Form 990-PF?
Form 990-PF is an annual information return filed by certain private foundations to report their revenue and expenses, activities, names of trustees and officers, application information, and a complete grants list.
It is also used to figure the tax based on investment income and to report charitable distributions and activities.
2. Who must file Form 990-PF?
Form 990-PF must be filed by the following private foundations every year:
- Exempt private foundations (section 6033(a), (b), and (c))
- Taxable private foundations (section 6033(d))
- Section 4947(a)(1) nonexempt charitable trusts treated as private foundations
- Organizations that made an election under section 41(e)(6)(D)(iv)
- Private foundations that are making a section 507(b) termination
- Organizations that agree to private foundation status and whose applications for exempt status are pending on the deadline for filing
- Organizations that claim private foundation status haven't yet applied for exempt status and whose application isn't yet untimely under section 508(a) for retroactive recognition of exemption
Need help in completing your Form 990-PF?
Access our step-by-step guide to know what are all the things that the IRS requires on Form 990-PF and how to complete it line by line.
3. When is Form 990-PF due?
If a private foundation operates on a calendar tax year (which means the tax year ends on December 31), then Form 990-PF must be filed by May 15th.
4. Breakdown of Form 990-PF
Form 990-PF contains 16 parts in total, wherein some parts are optional.
The following are the topics that are more specific about the parts involved in
- Part I - Analysis of Revenue and Expenses
- Part II - Balance Sheets
- Part III - Analysis of Changes in Net Assets or Fund Balances
- Part IV - Capital Gains and Losses for Tax on Investment Income
- Part V - Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948)
- Part VI - Statements Regarding Activities
- Part VII - Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees, and Contractors
- Part VIII - Summary of Direct Charitable Activities and Program-Related Investments
- Part IX - Minimum Investment Return
- Part X - Distributable Amount
- Part XI - Qualifying Distributions
- Part XII - Undistributed Income
- Part XIII - Private Operating Foundations
- Part XIV - Supplementary Information
- Part XV - Analysis of Income-Producing Activities and Relationship of Activities to the Accomplishment of Exempt Purposes
- Part XVI - Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
Need More Instructions about Form 990-PF?
Click here to find step-by-step instructions on how to complete each part of
5. Additional Requirements For Form 990-PF
The private foundations may require to attach Schedule B, Schedule of Contributors, with their Form 990-PF to provide additional information on contributions that they reported on Form 990-PF, Return of Private Foundation,
Part I, line 1.
When Should Private Foundations attach Schedule B?
Private Foundations that receive contributions of $5,000 or more from any one contributor during the tax year should attach Schedule B with Form 990-PF.
Learn More about Form 990-PF Schedule B.
The private foundations that aren’t required to attach Schedule B should answer “No” on Part I, line 2 on their Form 990-PF.
6. What is the penalty for late filing Form 990-PF?
The penalty for not filing or late filing Form 990-PF without providing any proper reason is $20 / day up to a maximum of $10,000 or 5% of the foundation’s gross receipts (whichever is less).
For larger private foundations (gross receipts exceeding $1 million), the penalty is $100 / day up to a maximum of $50,000 or 5 percent of the foundations’ gross receipts (whichever is less).
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7. Is there an extension for Form 990-PF?
Yes! Private foundations extend the 990-PF filing deadline by filing extension
By filing Form 8868, the private foundations can get an automatic 6-Month extension to file Form 990-PF.
The IRS requires no explanation to file tax extension Form 8868 as it is completely automatic.
8. How to file Form 990-PF?
Under the “TaxPayer Act of 2019”, the IRS has mandated the electronic filing of Form 990-PF for quick, secure, and more accurate filing. Learn More.
To file 990-PF electronically without any hassles, you can get started with a reliable and trustworthy e-file provider.
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