Instructions for Form IL-990-T Exempt Organization Income and Replacement Tax Return - Illinois

Form IL-990-T Exempt Organization Income and Replacement Tax Return - Illinois

This document contains official instructions for Form IL-990-T , Exempt Organization Income and Replacement Tax Return - a form released and collected by the Illinois Department of Revenue. An up-to-date fillable Form IL-990-T is available for download through this link.

FAQ

Q: What is Form IL-990-T?
A: Form IL-990-T is the Exempt Organization Income and Replacement Tax Return for Illinois.

Q: Who is required to file Form IL-990-T?
A: Exempt organizations in Illinois that have unrelated business income may be required to file Form IL-990-T.

Q: What is unrelated business income?
A: Unrelated business income refers to income generated by an exempt organization through a trade or business that is not substantially related to the organization's exempt purpose.

Q: What is the purpose of Form IL-990-T?
A: Form IL-990-T is used to report and calculate the amount of unrelated business income tax owed by an exempt organization in Illinois.

Q: When is Form IL-990-T due?
A: Form IL-990-T is generally due on the 15th day of the fifth month after the close of the organization's fiscal year.

Q: Is there an extension available for filing Form IL-990-T?
A: Yes, organizations can request a six-month extension to file Form IL-990-T, but the tax payment is still due by the original due date.

Q: Are there any penalties for late or incorrect filing of Form IL-990-T?
A: Yes, penalties may apply for late or incorrect filing of Form IL-990-T. It is important to file the form accurately and on time to avoid penalties.

Q: Can I e-file Form IL-990-T?
A: Yes, electronic filing is available for Form IL-990-T. Organizations can file electronically using approved tax software or through a tax professional.