Nonprofit Tax Filing Requirements for National Railroad Retirement Investment Trust
An overview of applying for tax-exempt status, 990 filing requirements, and IRS deadline.
What Should National Railroad Retirement Investment Trust Know About Tax Exemption and Form 990 Filing?
- Updated August 14, 2023 - 2.00 PM - Admin, Tax990
For the purposes of granting federal tax exemption to nonprofit organizations, various IRC sections have been established by the IRS. Depending on the organization’s type, operational purpose, and a few other factors, the IRS will classify a nonprofit under the corresponding section.
This article details how the IRS defines National Railroad Retirement Investment Trusts, how they can obtain tax exemption, and what their tax filing requirements are.
Table of Contents
How Does the IRS Define National Railroad Retirement Investment Trust?
According to the IRC Section 501(c)(28), a National Railroad Retirement Investment Trust (NRRIT) is an organization that is:
Organized and operated exclusively for the purpose of managing and investing the assets of the Railroad Retirement Account.
Was established as a result of the Railroad Retirement and Survivors’ Improvement Act of 2001 and is neither an agency nor an instrumentality of the Federal Government.
Is National Railroad Retirement Investment Trust Tax-Exempt?
Yes! The National Railroad Retirement Investment Trust is provided with tax-exempt status under the IRC
Section 501(c)(28).
The application form for National Railroad Retirement Investment Trust to obtain tax-exempt status is Form 1024 – Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code.
What are the 990 filing Requirements for National Railroad Retirement Investment Trust?
The National Railroad Retirement Investment Trust is responsible for filing:
Form 990 – Return of Organization Exempt From Income Tax must be filed annually to report certain information required by the IRS. Organizations may be required to attach Schedules for reporting additional information as well, depending on what information was provided
Form 990-T - Must be filed annually if the unrelated business income of the National Railroad Retirement Investment Trust is $1000 or more for the respective tax year.
When is the Form 990 Deadline for National Railroad Retirement Investment Trust?
The deadline for National Railroad Retirement Investment Trust to file their 990 return is the 15th day of the 5th month following the end of the accounting period they follow.
This means May 15th will be their 990 deadline if they follow the calendar tax year.
Operating on a Fiscal Tax Year? Find your 990 due date.
If this deadline falls on a Saturday, Sunday, or a federal holiday, the National Railroad Retirement Investment Trust must file their 990 return by the next business day.
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