When is an organization required to File Schedule K with Form 990?
4.6k views | Last modified 9/22/2020 7:56:45 AM EST | Added by ExpressTaxExempt Team

Applicable To
990-PF 990-N 990-EZ 990 8868 1120-POL

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:

  1. Reported an outstanding tax-exempt bond issue that had an outstanding principal amount over $100,000 on the last day of the tax year.
  2. Reported an outstanding tax-exempt bond issue that was issued after December 31, 2002.

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.

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