Information For...

For you and your family
Individuals abroad and more
EINs and other information

Filing For Individuals

Information For...

For you and your family
Standard mileage and other information

Forms and Instructions

Individual Tax Return
Request for Taxpayer Identification Number (TIN) and Certification
Single and Joint Filers With No Dependents
Employee's Withholding Allowance Certificate

 

Request for Transcript of Tax Returns
Employer's Quarterly Federal Tax Return
Installment Agreement Request
Wage and Tax Statement

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Amend/Fix Return
Apply for Power of Attorney
Apply for an ITIN
Rules Governing Practice before IRS

Taxes on Private Foundation Failure to Distribute Income

Initial tax.  An excise tax of 30 percent is imposed on the undistributed income of a private foundation that has not been distributed before the first day of the second (or any succeeding) tax year following the year earned, if the first day falls within the taxable period.  A short tax year is considered a tax year.

The initial tax may be abated if the foundation can show that the failure was due to reasonable cause and not to willful neglect, and that the failure to distribute was corrected within the correction period.

Additional tax.  If the initial tax is imposed and the undistributed income has not been distributed by the end of the taxable period, an additional tax of 100 percent of the amount remaining undistributed will be imposed.  The tax will not be assessed, or if assessed will be abated, if the undistributed income is reduced to zero during the correction period.

Payment of the excise tax is required in addition to, rather than instead of, making required distributions of undistributed income.


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