South Dakota Form 990 (Schedule J) 2023-2024

South Dakota Form 990 (Schedule J): What You Should Know

Taxable Status The State of South Dakota does not levy an income tax. The Federal government does levy an income tax, but the tax is non-refundable and will not be refunded. If the income tax due from the organization is less than the IRS Reporting Requirement (See Appendix A, later), the state would be deemed to have imposed a tax. The State of South Dakota does not impose a tax on distributions from a private foundation; however, income from such trusts and estates must be reported to the South Dakota Department of Revenue. The South Dakota Division of Finance would be the responsible entity to issue Schedule JS for tax year 2024 – 2018. (See Appendix A, later) A Form 990 must be filed with the Division of Finance. If the organization is eligible for a Section 501(C)(3) exemption, the organization is considered charitable organization with the meaning given “charity” in Section 501(a)(3) of the IRS tax code. See Appendix A (later) and IRS Publication 501(C)(3) Organizations. A Schedule J would be an application for the exemption. If the organization is not eligible for a Section 501(C)(3) exemption, the organization is considered a “social welfare organization” and its expenses must be reported on a Schedule K. For example: Any payments to employees' family members or to the spouse or dependent children. Payroll or other employee expenses. A social welfare organization would be reported on Schedule K if the expenses are on a “net” or “gross” basis. “Net” would be 10,000 or less. Form 990 Summary. Note: All information about Form 990 is available on this website.

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