Refund Amount Error [F990PF-055-01] - How do I resolve it?
44 views | Last modified 5/7/2024 7:28:24 AM EST |

IRS  Error code: Form 990-PF: [F990PF-055-01]

Rejection Message: 

In Form 990-PF, if the Final Return is stated, then the refunded amount which needs to be credited is zero.

What does it mean:

The foundation that filed its final return must not have entered zero for the refunded amount, which needs to be credited in 2022. In this case, the IRS would have rejected the return.

Resolution:

Your foundation should enter zero for the refunded amount, which needs to be credited in 2022.

Follow the below steps to resolve the error:

• From the home page, select the organization and the tax year.
• You need to click on the Rejected by the IRS button for the rejected return to find the list of errors. Then, click the Fix Me button to resolve the rejection error.
• Based on the filing type you have chosen, you will be navigated to the corresponding page.
  • Interview-based filing - You'll be directed to Excise Tax Based on Investment Income Section. Here enter zero for the refunded amount, which needs to be credited in 2021.
  • Form-based filing - You'll be directed to Part VI, Line 11 of Form 990-PF. In that line, enter Zero.
• Review the details, and click the Transmit button to re-transmit your return to the IRS at no additional cost.

We'll keep you informed on the status of the return once we hear back from the IRS.

For any further assistance, we recommend contacting the IRS e-Help Desk Toll-Free Number 1-866-255-0654.