E-File Form 990-PF for 2024: Return for Private Foundation

Form 990-PF comprises 16 parts (Some parts are optional for certain organizations) Here is an overview of all the parts in Form 990-PF:

• Part I - Analysis of Revenue and Expenses
• Financial information such as revenue, expenses, assets, and liabilities
• 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 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

Check out our step-by-step instructions to understand how to complete Form 990-PF.

• Private foundations that file Form 990-PF may be required to attach Schedule B, depending on the data they reported.
• Schedule B is typically filed when a private foundation has received contributions of $5000 or more from any one contributor during the corresponding tax year. Learn more about Schedule-B

Yes! The IRS mandates that Form 990-PF must be filed electronically for tax years ending on or after July 31, 2020 (per the Taxpayer Act of 2019).

• Yes! If your foundation needs more time to file Form 990-PF, you can file Form 8868 to extend your 990-PF deadline. Upon filing Form 8868 on or before the original deadline, the IRS will grant an automatic 6-month extension.
• This means if your organization follows the calendar tax year and files an extension, your extended 990-PF deadline will be November 15.

• For smaller organizations with gross receipts < $1,208,500, the penalty for late filing Form 990-PF is $20/day. The maximum penalty is $12,000 or 5% of the foundation’s gross receipts (whichever is less).
• For larger organizations with gross receipts > $1,208,500, the penalty for late filing Form 990-PF is $120/day. The maximum penalty is $60,000 or 5% of the foundation’s gross receipts (whichever is less). Learn more about 990-PF penalties.

No, A Private foundation cannot choose to file Form 990 & Form 990-EZ. They are required to file Form 990-PF, irrespective of their gross receipts and assets.

Yes, Even if the foundation has no gross income in the tax year and has incurred losses on investments, it is still required to file Form 990-PF annually.

Generally, Private foundations hat obtain exempt status from the IRS are not required to pay federal income taxes. However, a domestic exempt private foundation, a domestic taxable private foundation, or a nonexempt charitable trust treated as a private foundation must make estimated tax payments for the excise tax based on investment income if it can expect its estimated tax to be $500 or more.