cathy3
Level 1

I am processing Form 990-T for a client with two different income producing trade activities.  IRS instructions indicate that a Schedule M needs to be completed for the second income producing trade.  How do I accomplish this in Lacerte?

0 Cheers
George4Tacks
Level 15

What type of activity? 

Screen 17, click add at the bottom of Item. 

Screen 22 - rental see code 99 - Select the business activity that is related only if Schedule M is required.  The activity is set up in the input screen Unrelated Business Activities (990-T Sch. M).

If the organization has more than one unrelated trade or business activity it must compute unrelated business taxable income (UBTI), including for purposes of determining any net operating loss deduction, separately with respect to any such trade or business shall not be less than zero when computing total UBTI.


Here's wishing you many Happy Returns

View solution in original post

0 Cheers