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What is minimum income for filing?

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What is minimum income for filing?

As a 509(a)(2) Private Foundation composed of WW2 veterans (diminishing membership) what are the required minimums for filing Federal tax returns? Our income is principally from dues and interest. Our expenses are mainly for a newsletter and postage. We have an annual reunion which also requires assessments and expenditures.

The first question is whether you are a private foundation or a public charity. Since you make reference to Section 509(a)(2) of the Tax Code, which is one of the ways to qualify as a public charity, and since you seem to have income from multiple members, you probably qualify as a public charity and are not classified as a private foundation. (See Ready Reference Page: “Calculating Public Support.”) As a public charity, you are required to file Form 990 or Form 990-EZ if you normally receive more than $50,000 in gross revenue a year. If you receive less than that, under the new provisions of the Pension Protection Act of 2006, you are required to file the new e-postcard Form 990-N. (See Ready Reference Page: “Small Nonprofits Must File E-Postcard to Retain Exemption.”)
 
If you are in fact a private foundation, which does not seem likely from your description, you are required to file the Form 990-PF without regard to the amount of income.
Tuesday, November 8, 2016

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