Form 1024

What is form 1024?

Form 1024 is a document used by organizations to apply for recognition of exemption under section 501(a) of the Internal Revenue Code. It is submitted to the Internal Revenue Service (IRS) to gain tax-exempt status. This form is essential for organizations seeking tax-exempt status and can provide numerous benefits.

What are the types of form 1024?

There are two primary types of form 1024: Form 1024-A and Form 1024-EZ. Form 1024-A is the Application for Recognition of Exemption Under Section 501(c)(4) of the Internal Revenue Code. This type of form is used by social welfare organizations to request tax-exempt status. On the other hand, Form 1024-EZ, also known as the Streamlined Application for Recognition of Exemption, is a simplified version of Form 1024. It is used by small nonprofit organizations with projected annual gross receipts of $50,000 or less and total assets of $250,000 or less.

Form 1024-A: Application for Recognition of Exemption Under Section 501(c)(4)
Form 1024-EZ: Streamlined Application for Recognition of Exemption

How to complete form 1024

Completing form 1024 may seem daunting, but with the right guidance, it becomes a straightforward process. Here are the steps to complete form 1024:

01
Gather all necessary information and documents, such as the organization's name, address, purpose, finances, and governance structure.
02
Fill out the form accurately and provide all requested information. Be sure to double-check the information for accuracy before submission.
03
Attach any required schedules, attachments, or supporting documents as outlined in the instructions.
04
Review the completed form and attachments to ensure everything is filled out correctly.
05
Submit the form to the IRS, either electronically or by mail. Follow the instructions provided by the IRS for submission.
06
Wait for the IRS to review and process the form. This process may take some time, so it's crucial to be patient and follow up if necessary.

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Questions & answers

Form 1024 must be submitted electronically through Pay.gov. You can access the most recent revision of the form at Pay.gov.To submit Form 1024, you must: Register for an account on Pay.gov. Enter “1024” in the search box and select Form 1024. Complete the form.
The required user fee for Form 1024 will remain $600 for 2022. Applicants must pay the fee through Pay.gov when submitting the form. Payment can be made directly from a bank account or by credit or debit card.
How much is the user fee for an exemption application? The user fee for Form 1023 is $600. The user fee for Form 1023-EZ is $275. The user fees must be paid through Pay.gov when the application is filed.
Form 1024 must be submitted electronically through Pay.gov. You can access the most recent revision of the form at Pay.gov. To submit Form 1024, you must: Register for an account on Pay.gov.
Not-for-Profits Must File Form 1024 Electronically for Tax-Exemption Status. The IRS now requires electronic filing of Form 1024, Application for Recognition of Exemption under Section 501(a) or Section 521 of the Internal Revenue Code.
You should receive your order within 10 business days. Organizations filing Form 1024, Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, must complete and submit their Form 1024 application electronically (including paying the correct user fee) using Pay.gov.