Inventory sales for Exempt Organizations 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

Find answers to frequently asked questions about Exempt Organization inventory sales in Lacerte:

Inventory Sales for Exempt Organizations

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

1. Navigate to Screen 26.
2. Locate the Inventory Method of inventory valuation section.
3. Use the Inventory Sales input fields.
4. Select a valuation method from the dropdown menu or enter another method directly into the box.
5. Then Click the Section called COGS Sch 1 to enter the Business Code for Form 990-T then select the additional Schedule A (990-T) activity
6. Enter the exclusion code
7. Enter Gross receipts and other required information

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

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