M-990T-62: Exempt Trust and Unincorporated Association Income Tax Return (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Form M-990T-62 is the 2024 Massachusetts income tax return for exempt trusts and unincorporated associations. It reports unrelated trade or business income, capital gains, deductions, credits and payments to calculate the refund or balance due.
When it's due
For tax year 2024, Form M-990T-62 is due on or before April 15, 2025.
What you'll need
Have these forms and details available, as applicable:
- U.S. Form 990-T, Schedule A, for unrelated business income and deductions.
- Massachusetts Form 2, Schedules B and D, for interest, dividends and capital gains.
- Schedule CRS for credit recapture, Schedule CMS for credits, and Schedule 4% Surtax for the surtax amount.
- Forms W-2, W-2G, 1099-G and 1099-R. Line 36 says to enclose all of these forms when reporting Massachusetts income tax withheld.
- Details of estimated tax payments, payments made with an extension, and any prior-year overpayment applied to this year.
- For an amended return, the overpayment and payments from the original return.
The return also asks for the organization's Employer Identification Number, unrelated business activity codes, IRC exemption section, contact information and employee counts.
How to file
Complete the return and sign and date the declaration in the space for the appropriate corporate officer. The form also has a signature section for a paid preparer.
Mail the return to:
Massachusetts Department of Revenue
PO Box 7067
Boston, MA 02204
Common mistakes
- Marking only the reason for an amendment. You must also fill in the Amended return oval. For a federal amendment, fill in both the Amended return and Federal amendment ovals.
- Counting interest or dividends twice. Lines 4 and 6 through 11 say not to include interest or dividend income already included on line 3.
- Combining multiple unrelated businesses incorrectly. The form says organizations with more than one unrelated trade or business should enter the sum of the positive amounts from all U.S. Forms 990-T, Schedule A, on the relevant lines.
- Counting a prior-year overpayment twice. Do not include the amount on line 37 again in estimated tax payments on line 38.
- Using amended-return lines on an original return. Lines 34 and 41 are for amended returns only.
- Selecting more than one IRC exemption section. The form says to fill in only one.
Questions people ask
What income tax rates are listed for 2024?
Most classes of taxable income are taxed at 5%. Short-term capital gains are taxed at 8.5%. Long-term gains from the sale or exchange of collectibles are taxed at 12%, subject to a 50% deduction.
What is the 4% surtax threshold for 2024?
The printed instructions state that personal income taxpayers must pay an additional 4% on taxable income over $1,053,750 for tax year 2024. Form M-990T-62, line 29b, takes the surtax amount from Schedule 4% Surtax, line 7.
When do I use the capital gains tax worksheet for line 26?
Complete it only if Form M-990T-62, line 25, is greater than zero and there is an amount on Schedule B, line 13. If there is no entry on Schedule B, line 13, skip the worksheet and multiply line 25 by 8.5% to calculate line 26.
Can I apply an overpayment to next year?
Yes. Enter the amount you want credited to next year on line 44. Subtract that amount from the overpayment on line 43 to calculate your refund on line 45.
Can DOR discuss the return with my paid preparer?
The form has an oval you can fill in to allow DOR to discuss the return with the paid preparer.