Form 990-W - Estimated Tax On Unrelated Business Taxable Income For Tax-Exempt Organizations - 2017 Page 6
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Form 990-W (Worksheet) 2017
To use one or both of these methods, complete Schedule A. If you use
These extraordinary items must be accounted for in the appropriate
Schedule A for any payment due date, you must use it for all payment due
annualization period. However, a net operating loss deduction and a section
dates. To arrive at the amount of each required installment, Schedule A
481(a) adjustment (unless the corporation makes the alternative choice under
selects the smallest of: (a) the annualized income installment (if applicable),
Regulations section 1.6655-2(f)(3)(ii)(C)) are treated as extraordinary items
(b) the adjusted seasonal installment (if applicable), or (c) the regular
occurring on the first day of the tax year in which the item is taken into
installment under section 6655(d)(1) (increased by any reduction recapture
account in determining taxable income.
under section 6655(e)(1)(B)).
De minimis rule. At the option of the corporation, extraordinary items
Large organization. A “large organization” is any tax-exempt corporation or
identified earlier that are less than $1 million (other than a net operating loss
other organization subject to the tax on unrelated business income or any
carryover or a section 481(a) adjustment) may be annualized using the
private foundation subject to the section 4940 tax on net investment income,
general rules of Regulations section 1.6655-2(f), rather than being treated
that had, or whose predecessor had, taxable income (net investment income
under the special rules for extraordinary items.
for purposes of the section 4940 tax) of $1 million or more for any of the 3 tax
For more information regarding extraordinary items, see Regulations
years immediately preceding the 2017 tax year, or if less, the number of
section 1.6655-2(f)(3)(ii) and the examples in Regulations section 1.6655-2(f)
years the corporation has been in existence.
(3)(vii). Also see Regulations section 1.6655-3(d)(3).
For this purpose, taxable income is modified to exclude net operating loss
In Schedule A, Part I, make the appropriate adjustments to annualized
and capital loss carrybacks or carryovers. Members of a controlled group, as
taxable income before figuring the estimated tax for each reporting period.
defined in section 1563, must divide the $1 million amount among
Similar adjustments must be made, if applicable, to Schedule A, Part II, if the
themselves in accordance with rules similar to those in section 1561. For
adjusted seasonal installment method applies.
more details, see sections 6655(g)(2) and (3).
Part I—Annualized Income Installment Method
A large organization not using Schedule A figures the amounts to enter on
Form 990-W, line 12, as follows.
Line 1
• If line 10a is smaller than line 10b: Enter 25% (0.25) of line 10a in columns
(a) through (d) of line 12.
Enter on line 1, in columns (a) through (d), respectively, the annualization
period that the organization is using, based on the options described below.
• If line 10b is smaller than line 10a: In column (a) of line 12, enter 25% (0.25)
You may elect option 1 separately for each installment.
of line 10b. In column (b), determine the amount to enter by:
(i) subtracting line 10b from line 10a,
1st
2nd
3rd
4th
Installment
Installment
Installment
Installment
(ii) adding the result to the amount on line 10a, and
(iii) multiplying the total by 25% (0.25). In columns (c) and (d), enter 25%
Standard Option
2
3
6
9
(0.25) of line 10a.
Option 1
2
4
7
10
A large organization using Schedule A follows the foregoing instructions to
figure the amounts to enter on Schedule A, line 37.
Line 2
Large organizations meeting other criteria may also have to follow special
If the corporation has certain extraordinary items, special rules apply. See
rules. For organizations with assets of $1 billion or more (determined as of
Extraordinary items, earlier. In general, extraordinary items are not included
the end of the preceding tax year), the amount of any required installment
on line 2, except for certain de minimis items at the option of the corporation.
(line 12) of estimated tax otherwise due in July, August, or September of
See De minimis rule, earlier.
2017 must be increased by 0.25% (0.0025). The amount of the next required
If an organization has controlled foreign corporation income under section
installment is reduced by the amount of the increase. Take this rule into
951(a), it must take such income (and allocable credits) into account as the
account in completing line 12.
income is earned. The amounts are figured in a manner similar to the way
Line 13
partnership income inclusions (and allocable credits) are taken into account
to figure a partner’s annualized income installments as provided in
Enter any 2016 overpayment that the organization chose to credit against its
Regulations section 1.6654-2(d)(2).
2017 tax. The overpayment is credited against unpaid required installments
Safe harbor election. Organizations may be able to make a prior year safe
in the order in which the installments are required to be paid.
harbor election. Under the election, an eligible organization is treated as
Line 14
having received controlled foreign corporation income (and allocable credits)
ratably during the tax year equal to 115% (100% for a noncontrolling
See Federal Tax Deposits Must be Made by Electronic Funds Transfer,
shareholder) of the amounts shown on the organization’s return for the first
earlier, for the required method for making the line 14 payments.
preceding tax year (the second preceding tax year for the first and second
required installments).
Schedule A
For more information, see section 6655(e)(4), Regulations section
If you are using only the annualized income installment method (Part I),
1.6655-2(f)(3)(v)(B)(2), and Rev. Proc. 95-23, 1995-1 C.B. 693.
complete Parts I and III. If you are using only the adjusted seasonal
installment method (Part II), complete Parts II and III. If you are using both
Line 3
methods, complete all three parts. Enter in each column on Form 990-W, line
Enter on line 3, in columns (a) through (d), respectively, the annualization
12, the amounts from the corresponding column of Schedule A, line 40.
amounts for the option used for line 1.
Do not figure any required installment until after the end of the
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month immediately preceding the due date for that installment.
1st
2nd
3rd
4th
Installment
Installment
Installment
Installment
CAUTION
Standard Option
6
4
2
1.33333
For each part that applies to you, complete each column in its entirety
Option 1
6
3
1.71429
1.2
before going to the next column. For example, if Parts I and III are required,
complete column (a), lines 1 through 13, and lines 36 through 40, before
Line 4b
starting column (b).
Include on line 4b extraordinary items of $1 million or more, a net operating
Extraordinary items. Generally, under the annualized income installment
loss deduction, or a section 481(a) adjustment. See Extraordinary items,
method, extraordinary items must be taken into account after annualizing the
earlier. Also include any de minimis items that the corporation does not
taxable income for the annualization period. Similar rules apply in
choose to include on line 2. See De minimis rule, earlier.
determining taxable income under the adjusted seasonal installment method.
An extraordinary item includes:
Line 6
• Any item identified in Regulations section 1.1502-76(b)(2)(ii)(C)(1), (2), (3),
For the same taxes used to figure Form 990-W, lines 3 and 7, figure the
(4), (7), and (8);
amounts for the months shown on line 1.
• A net operating loss carryover;
• A section 481(a) adjustment; and
• Net gain or loss from the disposition of 25% or more of the fair market
value of the corporation’s business assets during the tax year.
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