3499188
I was the tournament director of a youth sporting event where we raise funds through various channels and award scholarship money to competitors. We charge an entry fee and collect it through PayPal. This year it was large enough I got a 1099-K form for $14,215. As the amount is over the minimum required I want to file the taxes under the EIN used for the event. I have no idea where to start or what forms are needed for this money. There isn't enough itemized deductions to worry about. I have already filed my personal taxes under my SSN so these funds have to be filed separate under the EIN defined. Where do I start?
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Since you have an employer identification number for the entity, you must have filed an application for that on which an entity type was declared. That would typically be a corporation or limited liability company (LLC). This may have been done on a form SS-4 so if can find a copy of that it will list the type of entity you are. Also, IRS form 8832 may have been filed to choose a tax entity for the organization if it was different than the default entity that would apply based on the legal status of the organization.
You are probably registered with your state government body that regulates businesses, so you may be able to search your name in that agency online to determine what legal entity you are.
If you are a corporation, you need to file a corporate tax return. The default corporate status would be a "C" corporation and you would file Form 1120. If you had applied for "S" corporation status (on form 2553) you would file a form 1120-S. If you are an LLC, you would file a partnership return Form 1065. If you are a non-profit organization, you may need to file a Form 990. You can file the LLC and corporate returns using the TurboTax Business product. TurboTax does not support the non-profit form 990 though.
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