TaxFormFinder
Massachusetts Exempt Trust and Unincorporated Association Income
There are only 22 days left until tax day on April 16th! eFile your return online here 
, or request a six-month extension here .
, or request a six-month extension here .Extracted from PDF file 2024-massachusetts-form-m-990t-62.pdf, last modified February 2025Exempt Trust and Unincorporated Association Income
Massachusetts Department of Revenue Form M-990T-62 Exempt Trust and Unincorporated Association Income Tax Return For calendar year 2024 or taxable period beginning Name of trust or unincorporated association 2024 and ending Employer Identification number Unrelated business activity codes State Phone Mailing address City/Town Zip Exempt under IRC section (fill in one only) ● 501( )( ) (Enter IRC section number) Group exemption number ● 408A ● 529 ● 529A ● 220 ● 530 Organization type ● 501(c) trust ● Other trust Describe the primary unrelated business activity of the trust or unincorporated association Books are in care of Name of treasurer Fill in if filing Schedule TDS ● Number of employees in Massachusetts Number of employees worldwide Phone Fill in if ● Amended return (see instructions) ● Federal amendment ● Amended return due to IRS BBA Partnership Audit ● Final return 5.0% unrelated trade or business income* 1 Gross profit (from U.S. Form 990-T, Schedule A, Part I, line 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 5.0% long-term capital gain net income (from Form 2, Schedule D, line 18) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 5.0% interest and dividend income (from Form 2, Schedule B, line 35). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Income (loss) from partnerships and S corporations (from U.S. Form 990-T, Schedule A, Part I, line 5. Do not include any interest or dividend income included in line 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Rent income (from U.S. Form 990-T, Schedule A, Part I, line 6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Unrelated debt-financed income (from U.S. Form 990-T, Schedule A, Part I, line 7. Do not include any interest or dividend income included in line 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Interest, annuities, royalties, and rents from controlled organizations (from U.S. Form 990-T, Schedule A, Part I, line 8. Do not include any interest or dividend income included in line 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Investment income of an IRC § 501(c)(7), (9), or (17) organization (from U.S. Form 990-T, Schedule A, Part I, line 9. Do not include any interest or dividend income included in line 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Exploited exempt activity income (from U.S. Form 990-T, Schedule A, Part I, line 10. Do not include any interest or dividend income included in line 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Advertising income (from U.S. Form 990-T, Schedule A, Part I, line 11. Do not include any interest or dividend income included in line 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Other income (from U.S. Form 990-T, Schedule A, Part I, line 12. Do not include any interest or dividend income included in line 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 5.0% unrelated trade or business income. Add lines 1 through 11. Not less than 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 * Note: An organization with more than one unrelated trade or business should enter the sum of the positive amounts from all U.S. Form 990-T, Schedule A, on the relevant line items. Declaration I declare under the pains and penalty of perjury that to the best of my knowledge, the information contained herein is accurate and complete. Signature of appropriate corporate officer (see instructions) Date Social Security number Phone Signature of paid preparer Date Employer Identification number Address Fill in oval if DOR may discuss this return with the paid preparer ● The Privacy Act Notice is available upon request. Mail to Massachusetts Department of Revenue, PO Box 7067, Boston, MA 02204. 2024 FORM M-990T-62, PAGE 2 Name of trust or unincorporated association Employer Identification number Unrelated business activity codes Deductions not taken elsewhere and Massachusetts adjustments* 13 Total deductions (from U.S. Form 990-T, Schedule A, Part II, line 15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 IRC § 168(k) bonus depreciation (included on U.S. Form 990-T, Schedule A, Part II, line 8). . . . . . . . . . . . . . . . . . . . . . . . 15 16 Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Subtract line 15 from line 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Massachusetts deduction for amounts payable to or permanently set aside for charitable purposes . . . . . . . . . . . . . . . . . 19 20 Total deductions after Massachusetts adjustments. Add lines 18 and 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 *Note: An organization with more than one unrelated trade or business should enter the sum of the positive amounts from all U.S. Form 990-T, Schedule A, on the relevant line items. 5.0% tax 21 5.0% unrelated trade or business taxable income. Subtract line 20 from line 12. Not less than 0 . . . . . . . . . . . . . . . . . . . . 21 22 5.0% tax. Multiply line 21 by .05 (5.0%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 8.5% and 12% unrelated trade or business capital gains 23 Total 8.5% and 12% capital gain net income (from Form 2, Schedule B, line 30). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Excess deductions 24 Excess deductions allowed against 8.5% and 12% unrelated trade or business capital gains. If line 20 is greater than 12, subtract line 12 from line 20 and enter the result here. Otherwise, enter 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 8.5% and 12% tax 25 8.5% and 12% unrelated trade or business taxable capital gains. Subtract line 24 from line 23. Not less than 0. . . . . . . . . 25 Fill in if reporting long-term gains on collectibles and complete worksheet in instructions ● 26 Tax. Multiply line 25 by .085 (8.5%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Tax before credits 27 Credit recapture (from Schedule CRS). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 28 Additional tax on installment sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 29 Total income tax a. Income tax. Add lines 22 and 26 through 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29a b. 4% Surtax (from Schedule 4% Surtax, line 7). See instructions. . . . . . . . . . . . . . . . . . 29b Total. Add lines 29a and 29b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Credits 30 Credit for income taxes paid to other jurisdictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 31 Other credits (from Schedule CMS). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 32 Total credits. Add lines 30 and 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 33 Tax after credits. Subtract line 32 from line 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 34 AMENDED RETURN ONLY. Overpayment from original return. Not less than 0. See instructions. . . . . . . . . . . . . . . . . . 34 35 Tax after credits and overpayment from original return. Add lines 33 and 34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 2024 FORM M-990T-62, PAGE 3 Name of trust or unincorporated association Employer Identification number Unrelated business activity codes Payments 36 Massachusetts income tax withheld (enclose all Forms W-2, W-2G, 1099-G and 1099-R) . . . . . . . . . . . . . . . . . . . . . . . . . 36 37 Overpayment of tax from prior year applied to this year’s estimated tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 38 Massachusetts estimated tax payments (do not include the amount in line 37). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 39 Payments made with extension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 40 Refundable credits (from Schedule CMS). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 41 AMENDED RETURN ONLY. Payments made with original return. Not less than 0. See instructions . . . . . . . . . . . . . . . . 41 42 Total tax payments. Add lines 36 through 41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Refund or balance due 43 Overpayment. If line 35 is smaller than line 42, subtract line 35 from line 42 and enter the result in line 43. If line 35 is larger than line 42, go to line 46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 44 Amount overpaid to be credited to next year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 45 Amount of your refund. Subtract line 44 from line 43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 46 Tax due. If line 35 is larger than line 42, subtract line 42 from line 35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 47 M-2210F penalty; Other penalties. Total penalty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 48 Total payment due at time of filing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 49 Interest on unpaid balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Form M-990T-62 Instructions Filing Due Date Form M-990T-62 is due on or before April 15, 2025. 2024 Income Tax Rates The tax rate on most classes of taxable income is 5%. The tax rate on long-term gains from the sale or exchange of collectibles is 12% (subject to a 50% deduction). For tax years beginning on or after January 1, 2023, the tax rate on short-term gains from the sale or exchange of capital assets is 8.5%. 4% Surtax on Taxable Income Over $1 Million Starting with tax year 2023, personal income taxpayers must pay an additional 4% (4% surtax) on taxable income over $1,000,000, increased annually for inflation (surtax threshold). For the 2024 tax year, the threshold is $1,053,750. See Technical Information Release (TIR) 23-12 and the 4% Surtax FAQs for more information. Filing an Amended Return Note: When filing an Amended return, the Amended return oval must be filled in. For example, if you are filing an Amended return due to a Federal amendment, both the Amended return oval and the Federal amendment oval must be filled in. Form M-990T-62, Line 26. Tax on 8.5% and 12% Capital Gains Tax on 8.5% and 12% Capital Gains, if reporting long-term gains on collectibles Complete only if Form M-990T-62, line 25 is greater than 0 and reporting an amount in Schedule B, line 13. If no entry in Schedule B, line 13 omit this worksheet and report the amount from Form M-990T-62, line 25 multiplied by .085 or 8.5% on Form M-990T-62, line 26. 1. Total 8.5% and 12% capital gains from Form 2, Schedule B, Line 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Long-term gains deduction. Enter the amount from Form 2, Schedule B, line 29 minus Form M-990T-62, line 24. Not less than 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Form M-990T-62, line 25 amount of 12% capital gains. Enter the smaller of line 1 or line 2. . . . . . . . . . . . . 4. Enter the amount from Form M-990T-62, line 25. . . . 5. Form M-990T-62, line 25 amount of 8.5% capital gains. Subtract line 3 from line 4.. . . . . . . . . . . . . . . . . . . 6. Tax on 12% capital gains. Multiply line 3 by .12 (12%). . . . . . . . . . . . . . . . . . . . . . . 7. Tax on 8.5% capital gains. Multiply line 5 by .085 (8.5%). . . . . . . . . . . . . . . . . . . . . 8. Total tax on capital gains. Add lines 6 and 7. Enter here and on Form M-990T-62, line 26. . . . . . . . . . . Schedule B, Line 29. Long-Term Gain Deduction Schedule B, Line 29 Worksheet. Long-Term Gains Deduction Complete only if line 28 is greater than 0 and there is an entry in line 13. 1. Enter amount from Schedule B, line 13. . . . . . . . . . . . 2. Enter the total of Schedule B, lines 12 and 14, minus line 15b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Enter the total losses of Schedule B, lines 18-20, and line 27 then exclude losses in line 21b . . . . . . . . . . . 4. If line 3, considered as a positive amount, is less than line 2, enter 0. If line 3, considered as a positive amount, is greater than line 2, combine lines 2 and 3 . . . . . . . . . . . . . . . . . . 5. Combine lines 1 and 4. . . . . . . . . . . . . . . . . . . . . . . . . 6. Multiply line 5 by .5 (50%) . . . . . . . . . . . . . . . . . . . . . 7. Enter the amount from Schedule B, line 28. . . . . . . . . 8. Enter the smaller of line 6 or line 7 here and on Schedule B, line 29. Not less than 0 . . . . . . . . . . . . . .
Form M-990T-62
More about the Massachusetts Form M-990T-62 Corporate Income Tax TY 2024
We last updated the Exempt Trust and Unincorporated Association Income in March 2025, so this is the latest version of Form M-990T-62, fully updated for tax year 2024. You can download or print current or past-year PDFs of Form M-990T-62 directly from TaxFormFinder. You can print other Massachusetts tax forms here.
eFile your Massachusetts tax return now
eFiling is easier, faster, and safer than filling out paper tax forms. File your Massachusetts and Federal tax returns online with TurboTax in minutes. FREE for simple returns, with discounts available for TaxFormFinder users!
File Now with TurboTaxRelated Massachusetts Corporate Income Tax Forms:
TaxFormFinder has an additional 126 Massachusetts income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Massachusetts Form M-990T-62.
| Form Code | Form Name |
|---|---|
| Form M-990T | Unrelated Business Income Tax Return |
| Form M-990T-7004 | Unrelated Business Income Tax Extension |
View all 127 Massachusetts Income Tax Forms
Form Sources:
Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Form M-990T-62 from the Department of Revenue in March 2025.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Massachusetts Form M-990T-62
We have a total of fourteen past-year versions of Form M-990T-62 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2018 Form M-990T-62
form M-990T-62
2017 Form M-990T-62
form M-990T-62
2016 Form M-990T-62
form M-990T-62
TaxFormFinder Disclaimer:
While we do our best to keep our list of Massachusetts Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.