Question

If I am the treasurer of a small club who made under $1000 with zero expenses in 2019 what do I file? It is a small business with an ein, but I dont know what to file.

Forum|Forum|5 years ago
July 3, 2020
1 reply
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I am the treasurer for a club at my college. I am trying to file for my club which does not have a driving factor for profit. The club makes money based on membership fees and I have no idea how to file for it. I have an in which makes it a small business, but I do not know how to file.

TurboTax Online

B

BillM223

Who owns this club? The members? The school? You?

Is the club intended to be a non-profit (i.e., does it satisfy any of a large number of non-profit categories)?

Is it incorporated in your state? Did you incorporate as a non-profit in your state?

Have you applied for non-profit status with the IRS (this is different from the state)? If you have non-profit status with the IRS, then you file a form 990-N in your case. TurboTax does not do this.

So I need some more information...

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1

1738kyleAuthor

I own the club since the school does not affiliate with us. The club is intended to be a nonprofit and to serve the people and give them opportunities through their membership fees. If this information helps, it was signed up as a social/savings club when creating the ein. I do not believe it is incorporated in my state since I have not taken any steps to try to incorporate it. I have not filed for nonprofit status due to the online fee, I did not think it would make sense since this is only the first year of this club. I was looking into form 990-N, but you must have the tax-exempt status to use this form if I am correct? Even though the club practically meets the criteria of being tax-exempt, it has not been filed. I really appreciate your time thank you so much.

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BillM223

OK, so you "own" it (for now).

You can treat this as a hobby.

Sign in to your TurboTax account
Click on Federal Taxes tab
Choose Wages and Income
Scroll down to Less Common Income and click Start to to right of Miscellaneous Income, 1099-A, 1099-C
Click Start to right of Hobby income and expenses

Yes, this means that you may pay taxes on this income, until you do the following...

HOWEVER, do you want this club to survive your graduation from college? If yes, then you should incorporate it as a non-profit in your state (if it meets the qualifications - we don't give legal advice here).

Now the club is its own entity that will survive you.

Once that's done, then you should apply to the IRS for non-profit status.

Is there a law school at your college or in your area? You might ask them for some free advice.

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