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Massachusetts Exempt Trust and Unincorporated Association Income
Extracted from PDF file 2023-massachusetts-form-m-990t-62.pdf, last modified November 2023Exempt Trust and Unincorporated Association Income
Massachusetts Department of Revenue Form M-990T-62 Exempt Trust and Unincorporated Association Income Tax Return For calendar year 2023 or taxable period beginning Name of trust or unincorporated association 2023 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 Phone Fill in if filing Schedule TDS ● Number of employees in Massachusetts Number of employees worldwide 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. 2023 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 2023 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 2022 overpayment applied to your 2023 estimated tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 38 2023 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 of overpayment you want applied to your 2024 estimated taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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
More about the Massachusetts Form M-990T-62 Corporate Income Tax TY 2023
We last updated the Exempt Trust and Unincorporated Association Income in February 2024, so this is the latest version of Form M-990T-62, fully updated for tax year 2023. 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.
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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 |
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| Form M-990T-7004 | Unrelated Business Income Tax Extension |
| Form M-990T | Unrelated Business Income Tax Return |
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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 February 2024.
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 thirteen 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:
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