Schedule K is generally filed by organizations along with its Form 990 return to report information on their outstanding liabilities associates with tax-exempt bond issues.
Schedule K must be filed by organizations if it performs any one of the following activity:
However, an organization can only report up to 4 outstanding tax-exempt liabilities in a Schedule K form. In the case of more than four outstanding tax-exempt liabilities, the schedule can be duplicated by the organization to report the additional tax-exempt liabilities.
