Who is responsible for filing form 990T for qualified plans?

[Guest Suzanne]

Who is responsible for filing form 990T for a qualified plan? Is it the trustee/custodian (in this case they are the same) or is it the plan administrator? Also do you still need to file a 990T if there is a loss?

[Archimage]

Why are you filing a 990T?

[Guest Suzanne]

To report UBTI created by a limited partnership held in a qualified plan.

[Guest b2kates]

the instructions to form 990T state that the fiduciary must file; if there is more than $1,000 of gross UBI.

I would recommend filing even if loss to establish loss amount that may be carried forward as an NOL to offset future UBI.

[Guest Suzanne]

The instructions say that the fiduciary for a IRA, SEPs, SIMPLEs, etc is responsible for filing. It says nothing about the fiduciary of a 401(a) trust being responsible for filing. All it says is "any domestic or foreign organization exempt under section 501(a) or section 529(a) must file Form 990-T if the gross income from unrelated trade or business of $1000 or more." Since the 401(a) trusts are tax exempt under section 501(a) that applies to them. It still doesn't say who is responsible for filing.

[WDIK]

Page 15 of the 2003 instructions indicates the following under the heading of "Signature", subheading "Trusts.":

The return must be signed and dated by the individual fiduciary, or by the authorized officer of the trust receiving or having custody or control and management of the income of the trust. If two or more individuals act jointly as fiduciaries, any one of them may sign.

[Mary Kay Foss]

If you have an UBI investment in a qualified plan or an IRA that generates $1,000 of gross income you must file the Form 990-T. BUT, you can offset the income with UBI losses from years that you were not required to file.

When a limited partnership interest is held, the loss K-1s should be kept until Form 990-T is required. Presuming of course that the investment eventually becomes profitable!