Common questions for Exempt Organization types and inventory sales in Lacerte.

To generate Form 990-T:

1. Go to Screen 1, Client Information.
2. Scroll down to the Return Info section.
3. From the dropdown menu select the appropriate 990-T return type

Entering Inventory Sales for 990 Screen 26

Follow these steps to complete the gross sales of inventory lines on Forms 990, 990-PF, and 990-T, Schedule A:

1. Go to to Screen 26. Inventory Sales
2. Locate the Inventory Method of inventory valuation section.
   • Select either Cost or Lower of Cost or Market.
   • Other method of Inventory valuation and type in the valuation used.
3. Under the Section Called COGS Sch 1
4. Unrelated Business
   • Enter the Business Code (Mandatory for Form 990-T) from the drop down
   • Select the additional Schedule A (990-T) activity
   • Check the box if it is for Form 990-990-PF only
   • Exclusion Code
   • Gross Receipts (Cntrl + E)
   • Return and allowances
   • Beginning Inventory
   • Purchases
   • Cost of Labor
   • Additional Section 263A costs (Cntrl +E)
   • Book Depreciation [O] If not entered on Screen 39 Depreciation
   • Book Amortization [O] If not entered on Screen 39 Depreciation
5. Unrelated Business Depreciation and Amortization (990-T)
   • This section is to include overrides for the 990-T Not entered on Screen 39 Depreciation.
     • Depreciation [O]
     • Amortization [O]
     • Section 179 expense [O]
     • Section 179 carryover
       • State if Different (-1 = None)
         • Depreciation [O]
         • Amortization [O]
         • Section 179 expense [O]
         • Section 179 carryover
6. Other Costs
   • Reduction for small employer health insurance premiums credit [O]
   • Other costs (CTRL +e)
7. Ending Inventory
8. Section 263A rules apply to organization check box

Additional References:

• Common questions about Exempt Organizations in Lacerte
• Form 990 Critical Diagnostic Ref. 6574 Unrelated Gross Income