Get the free Schedule SA (IL-990-T) - Specific Accounting Method of Computing Net Income for Exem...

Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. Illinois Department of Revenue Specific Accounting Method Schedule SA (IL-990-T) of Computing

How to fill out schedule sa il-990-t

How to fill out schedule sa il-990-t:

1. Obtain the schedule sa il-990-t form from the Internal Revenue Service (IRS) or their official website.
2. Begin by providing your organization's name, address, and employer identification number (EIN) at the top of the form.
3. Indicate the tax year for which you are completing the schedule sa il-990-t.
4. Fill in Part I of the form which requires the organization to disclose any unrelated business taxable income (UBTI).
5. Report the total amount of gross income from unrelated business activities in line 1.
6. Deduct any allowable operating expenses related to the unrelated business activities in line 2.
7. Calculate the net income or loss from unrelated business activities by subtracting line 2 from line 1 and report it on line 3.
8. If the organization has more than one unrelated trade or business, additional schedules may be required to report the details. Fill out these additional schedules accordingly.
9. Proceed to Part II of the form which deals with the organization's liability for alternative minimum tax (AMT) on certain adjustments from the unrelated business taxable income.
10. Follow the instructions on the form to determine if your organization is liable for AMT and report the appropriate information in Part II.
11. If your organization is exempt from AMT, simply mark the box on line 5b.
12. Once all the required information has been entered, double-check the form for accuracy and completeness.
13. Attach the completed schedule sa il-990-t to your organization's form 990-T when filing your tax return.
14. Retain a copy of the completed schedule and supporting documents for your records.

Who needs schedule sa il-990-t:

1. Nonprofit organizations that engage in unrelated business activities and have gross income of $1,000 or more from such activities are required to fill out schedule sa il-990-t.
2. This includes organizations exempt from income tax under section 501(a) of the Internal Revenue Code, such as charities, social clubs, trade associations, and religious organizations.
3. The purpose of this schedule is to report the income, expenses, and potential liability for alternative minimum tax (AMT) related to these unrelated business activities.

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