I have a 1099-B received by a local church that has federal income tax withheld. how do they go about getting that money refunded to the church?
I believe they will have to file a 990-T
can they just enter the 1099-b info on the 990-t
on which for?
Not sure. When I had to do it was for a private school that filed a normal 990, but had to file the 990-T to get the fuel tax credit on form 4136. All that was on the 990-T (As I Recall) was the credit amount and the 4136 attached.
You will probably need to look around on the 990-T and see if you can find a place for the withholding. That's as close as I can get you.
Thanks for the information.
I truly appreciate all the help.
Most likely the transactions on the 1099-B are not taxable so I would not enter them on the 990-T if that is the case. You'll file it with all zeros except for the backup withholding.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.