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This document is the return form for a private foundation, detailing its financial activities, contributions, expenses, and other necessary compliance information for the tax year 2009.

How to fill out i-iim return of private

How to fill out I-IIm Return of Private Foundation

1. Gather necessary financial documents including income statements, balance sheets, and expense reports.
2. Download the I-IIm Return of Private Foundation form from the IRS website or obtain a physical copy.
3. Fill in the organization’s name, Employer Identification Number (EIN), and the tax year on the form.
4. Report all sources of income, including grants and donations received, in the designated sections.
5. Detail the foundation's expenses, including administrative costs and grant disbursements, accurately.
6. Complete Schedule B, which reports on certain donors and the contributions received from them, if applicable.
7. Review the sections related to excise taxes, if any, and include them in the submission.
8. Double-check all calculations and ensure all supporting documentation is attached.
9. Sign and date the form before submitting it to the IRS by the deadline (typically 5 months after the end of the foundation's fiscal year).

Who needs I-IIm Return of Private Foundation?

1. Private foundations that are tax-exempt organizations under Section 501(c)(3) of the Internal Revenue Code.
2. Entities that are required to report their financial activities to the IRS.
3. Foundations that have received $100,000 or more in gross receipts during the tax year.

People Also Ask about

What is the tax return for a private foundation?

Private foundations are required to file an annual return with the IRS: Form 990-PF, Return of Private Foundation. Depending on where the private foundation conducts business and/ or is incorporated, it will have a corresponding state filing.

What is the 990-PF return of a private foundation?

The Form 990-PF, entitled "Return of Private Foundation" is a report that must be filed each year with the Internal Revenue Service (IRS) by organizations exempt from Federal income taxes under section 501 of the Internal Revenue Code, and whose annual receipts are normally more than $25,000 a year.

What is the 5% rule for private foundations?

If you have a private foundation, and you want to switch to being a public charity, the IRS expects you to walk the talk for the next 5 years until you've accumulated 60 months' worth of public support to calculate a public support test AND prove that your nonprofit has indeed become a public charity, not just in word,

What is a return of a private foundation?

Tax-exempt organizations must file a tax return called a Form 990 with the IRS each year to comply with federal regulations. There are several versions of Form 990: public charities file a Form 990, 990-EZ, or 990-N; private foundations file Form 990-PF (PF stands for Private Foundation).

Do private foundations file tax returns?

Although they are exempt from income taxation, exempt organizations, including private foundations, are generally required to file annual returns of their income and expenses with the Internal Revenue Service. If an organization has unrelated business income tax, it must file an unrelated business income tax return.

What taxes do private foundations pay?

Understanding the current law. Under current law, private foundations pay a 1.39% excise tax on their net investment income (NII) — that is, income derived from interest, dividends, and capital gains — a relatively straightforward system that has been in place since 2020.

What is the tax deduction for a private foundation?

Benefits of a private foundation Other benefits include: Potential immediate tax deduction — up to 30 percent of adjusted gross income for cash gifts and up to 20 percent of adjusted gross income for long-term appreciated publicly traded assets.

For pdfFiller’s FAQs

What is I-IIm Return of Private Foundation?

The I-IIm Return of Private Foundation is a tax form used by private foundations to report their financial activities, investments, and charitable distributions to the IRS.

Who is required to file I-IIm Return of Private Foundation?

Private foundations that are classified as charitable organizations under IRS rules and have gross receipts over a certain threshold must file the I-IIm Return.

How to fill out I-IIm Return of Private Foundation?

To fill out the I-IIm Return, a foundation must provide detailed information about its income, expenses, assets, and the grants it makes, following the specified instructions provided by the IRS.

What is the purpose of I-IIm Return of Private Foundation?

The purpose of the I-IIm Return is to ensure transparency and accountability of private foundations, allowing the IRS to monitor their activities and ensure compliance with tax regulations.

What information must be reported on I-IIm Return of Private Foundation?

The I-IIm Return requires reporting of the private foundation's financial position, income, expenditures, grants made, and investment activities, along with compliance with minimum distribution requirements.