Form 990-PF is the annual information return for private foundations, including taxable private foundations and section 4947(a)(1) nonexempt charitable trusts treated as private foundations. It's due by the 15th day of the 5th month after the foundation's tax year ends, a 2025 return must be filed electronically, and it's also where a domestic exempt foundation works out its 1.39% excise tax on net investment income.
Everything below comes from the IRS 2025 Instructions for Form 990-PF, as of October 2026.
Who files Form 990-PF
The instructions list these filers:
- private foundations exempt under section 501(a)
- taxable private foundations
- organizations that agree to private foundation status and whose applications for exempt status are still pending on the due date
- organizations that claim private foundation status, haven't yet applied for exemption, and whose applications aren't yet late for retroactive recognition
- organizations that made an election under section 41(e)(6)(D)(iv)
- private foundations making a section 507(b) termination
- section 4947(a)(1) nonexempt charitable trusts treated as private foundations
A private foundation files Form 990-PF rather than Form 990. Even a foundation whose exemption application is still pending files it, because the list above covers organizations that have agreed to or claim private foundation status before the IRS has ruled.
Due date, e-filing and extensions
| Item | Rule for 2025 returns |
|---|---|
| Due date | 15th day of the 5th month after the tax year ends (next business day if it falls on a weekend or holiday) |
| After liquidation, dissolution or termination | 15th day of the 5th month after it's complete |
| How to file | Electronically. E-filing covers the current year and 2 prior tax periods; older years go on paper |
| Extension | Form 8868, filed with any balance due by the original due date |
The extension request goes on Form 8868. It's automatic when the form is completed, filed and paid on time.
The excise tax on investment income
Part V is where the tax on investment income is figured. The instructions set it out like this:
| Foundation | Tax |
|---|---|
| Domestic exempt private foundation | 1.39% of net investment income under section 4940(a), though certain exempt operating foundations may owe none |
| Taxable private foundation or 4947(a)(1) trust | A modified 1.39% tax under section 4940(b), figured first as if 4940(a) applied |
| Exempt foreign private foundation | 4% of gross investment income from US sources under section 4948 |
The distribution test behind Parts IX to XII
Here's the insight people miss: Form 990-PF isn't only a report, it's a test. Parts IX through XII work out whether the foundation paid out enough under section 4942. The minimum investment return in Part IX is figured at 5% of the net value of the assets the foundation doesn't use for its charitable activities, and a nonoperating foundation that doesn't distribute its distributable amount by the end of the following tax year generally owes tax on the undistributed income until it's corrected. Separately, a foundation's holdings combined with those of disqualified persons generally can't exceed 20% of a company's voting stock, or the excess business holdings tax under section 4943 can apply.
Operating or grant-making foundation
The instructions separate two kinds. A private operating foundation spends most of its income directly on running its own exempt activities and also meets the assets, endowment or support test in Part XIII. A nonoperating private foundation is everything else, usually called a grant-making foundation. The difference matters on the return: Part X, the distributable amount, applies to nonoperating foundations, while only foundations claiming operating status complete Part XIII. Part XIV is skipped by foundations with less than $5,000 of assets per books at all times during the year.
State filings and public inspection
Some states and local governments accept a copy of Form 990-PF and its attachments in place of all or part of their own financial reports, for example under charitable solicitation laws. The instructions tell you to check with every jurisdiction where the foundation does business, which can include soliciting grants, running programs, having employees, or keeping a checking account or property there. A private foundation must also make its annual returns, including any Form 990-T, and its exemption application available for public inspection; for returns, that means copies 3 or fewer years old.
Penalties for a late or incomplete return
| Who | Penalty |
|---|---|
| The foundation | $25 a day while the failure continues ($130 a day for a large organization) |
| Maximum per return | The lesser of $13,000 ($65,000 for a large organization) or 5% of gross receipts |
| Large organization | Gross receipts over $1,309,500 for the year |
| The responsible person | $10 a day after the IRS makes a written demand and the date it sets passes |
The penalty applies to an incomplete return too, not only a late one, unless the failure was due to reasonable cause. The instructions' 'Which Parts To Complete' table is the checklist that prevents a return being bounced as incomplete.
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Getting it right
- Confirm the foundation's status and accounting period before you start.
- Work through the 'Which Parts To Complete' table for your type of foundation.
- Complete Part I revenue and expenses, and the balance sheets in Part II.
- Figure the section 4940 tax in Part V and the payout tests in Parts IX to XII.
- E-file by the 15th day of the 5th month, or file Form 8868 first.
- Make the return available for public inspection as the instructions require.
Excise taxes on foundations are reported separately, and our guide to foundation excise taxes explains what triggers them.
The verdict
If your organization is a private foundation, Form 990-PF is every year's job, and the penalties run by the day. Build the payout calculation into the year, not the return: by the time you're filling in Part XII it's too late to distribute more for that year. If you're still setting up, the classification starts with Form 1023.
Frequently asked questions
Who must file Form 990-PF?
Private foundations exempt under section 501(a), taxable private foundations, section 4947(a)(1) nonexempt charitable trusts treated as private foundations, and a few others listed in the instructions.
When is Form 990-PF due?
By the 15th day of the 5th month after the foundation's tax year ends, or later with an automatic extension on Form 8868.
Can Form 990-PF be filed on paper?
Not for 2025. A 2025 Form 990-PF must be filed electronically; paper is used for years outside the e-file window.
What is the excise tax on Form 990-PF?
A domestic exempt private foundation generally pays 1.39% of net investment income under section 4940(a).
What is the penalty for filing Form 990-PF late?
$25 a day ($130 for a large organization), up to the lesser of $13,000 ($65,000) or 5% of gross receipts.
