Where do I enter out-of-pocket expenses for starti...
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piklefling
New Member

Where do I enter out-of-pocket expenses for starting up a 501c3 org as well as expenses paid on behalf the org once established?

 
2 Replies
Critter-3
Level 15

Where do I enter out-of-pocket expenses for starting up a 501c3 org as well as expenses paid on behalf the org once established?

The 501c3 is it's own entity for income tax purposes ... so the money you "paid on behalf" of the org are donations to the org ... the org reports the donations as income and the expenses paid with those donations as expenses on THEIR tax return.

 

YOU get to deduct the donations on YOUR tax return  IF  you do/can ITEMIZE deductions.

 

I HIGHLY recommend you see local professional guidance/education  this first year to get your books set up properly and file the returns that are needed timely ... failure to do so can be costly.  

tagteam
Level 15

Where do I enter out-of-pocket expenses for starting up a 501c3 org as well as expenses paid on behalf the org once established?

Also, exempt organizations file one of the Form 990 series of returns.

 

See https://www.irs.gov/instructions/i990#idm140229396022432

 

TurboTax does not support any of the Form 990 series.

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