Frequently Asked Questions From Private Foundations About Form 990-PF

It's time for private foundations to catch up on Form 990-PF.

IRS Form 990-PF

Form 990-PF is a variant of the 990 series used by private foundations to report their total assets, financial activities, grants, awards, charitable distributions, and governing officers to the IRS. It also helps private foundations calculate taxes based on investment income.

Here are five common questions that a private foundation may have while preparing for its upcoming tax filing deadline.

Should my organization file Form 990-PF?

Generally, the organizations that are classified as private foundations by the IRS should file Form 990-PF online for every tax year.

Primarily, it is filed by,

  • Exempt and Taxable Private foundations 
  • Section 4947(a)(1) nonexempt charitable trusts treated as private foundations
  • Organizations that made an election under section 41(e)(6)(D)(iv)

For more details, check out this Article.

When is my Form 990-PF due?

Like all the other 990 variants, the deadline to file Form 990-PF is the 15th day of the 5th month after the end of the organization’s accounting period. When this due date falls on a holiday or weekend, private foundations have until the next business day to file.

The deadline for foundations operating on a calendar tax year was on May 16th, 2022.

If your foundation’s accounting period ended on May 31, 2022, the deadline to file your Form 990-PF is October 17.

Not sure if your private foundation should be filing Form 990-PF? Use our free tool.

What Information should be reported on Form 990-PF?

There are 16 parts in Form 990-PF, and of course, there’s a lot of information to report.

Form 990-PF asks for your organization’s basic information, followed by details of your organization’s activities, revenue, expenses, members, and net assets.

Before you file Form 990-PF, it’s helpful to make sure you have all the required documents ready for a smooth filing process.

For more details, check out our step-by-step guide on how to complete Form 990-PF.

Is there any extension to file?

If you need more time to file, you can file Form 8868 for a 6-month extension without providing any reason or facing any penalties.

Where can I File Form 990-PF?

E-file your Form 990-PF hassle-free with ExpressTaxExempt today.

ExpressTaxExempt offers an interview-style and a form-based filing method for your convenience.

ExpressTaxExempt also offers live customer support, automatic error checks, instant updates on your filing status, and more useful features to simplify your filing process.

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