This article will provide you with general information about Form 990 in ProSeries Professional, and answer common questions about the form.
What is the purpose of Form 990?
Per the IRS instructions for Form 990:
“Purpose of Form
Forms 990 and 990-EZ are used by tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations to provide the IRS with the information required by section 6033.”
How do I access Form 990 in ProSeries Professional?
The 990 program must be installed before it can be accessed. ProSeries Basic doesn't support Form 990.
Follow these steps to download and install the 990:
- From HomeBase, select the Update menu and choose Select and Download New Products.
- Check the box labeled 990 under Federal Products (if not already checked).
- Click Next to start the download if Form 990 is available.
Follow these steps to create a new 990 return once installed:
- From HomeBase, select the File menu and choose New Client.
- Select Form 990: Tax-Exempt Orgs.
- Click OK.
Follow these steps to open Form 990 from within in the return:
- Open the 990 return.
- Press F6 to open the Open Forms window.
- Type 1 and press Enter.
Other common questions about exempt organizations (Form 990, 990-PF, 990-T, and 990-N) in ProSeries
Where do I enter PPP loans?
Per Form 990 instructions for Part VIII, line 1e, The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) established the Paycheck Protection Program (PPP) to provide loans to small businesses as a direct incentive to keep their workers on the payroll. The loans are forgiven if all employee retention criteria are met and the funds are used for eligible expenses. Amounts of PPP loans that are forgiven may be reported on line 1e as contributions from a governmental unit in the tax year that the amounts are forgiven.
In what cases is Schedule B required?
In tax year 2018, IRS instructions for Schedule B changed. Many organizations aren't required to report the names and addresses of donors on Schedule B. Only section 501(c)(3) organizations and section 527 organizations must still report this information. See IRS Instructions for Schedule B for additional information.
To indicate whether the Schedule B is required, go to Form 990 p3: Part IV, line 2.
In what cases is Schedule A required?
Schedule A is only required for certain organizations. There are 2 ways to indicate that Schedule A is required:
- On the Federal Information Worksheet, check the box for 501(c) Paragraph No field, and enter 3.
- On the Federal Information Worksheet, check the box 4947(a)(1) Nonexempt.
Do I need to complete schedules A-K of 990-T?
Page 4 of the 990-T instructions state that if Part I, line 13, column A is more than $10,000, complete all lines and schedules that apply. If line 13, column A is $10,000 or less, complete Part I, lines 1-13, column A. Schedules A-K aren't required.
To suspend the calculations when line 13 is $10,000 or less, go to Form 990-T, Sch A and check the box at the top of Part I.