How do I determine if a transaction is reportable on Schedule L?

To determine if a transaction is reportable, consider if it involves a related party and if the amount exceeds the reporting thresholds set by the IRS. Review IRS guidelines to confirm whether the transaction qualifies for reporting.

What should I do if I have no reportable transactions?

If your organization has no reportable transactions for the year, you should indicate this on Schedule L by checking the appropriate box. It's important to ensure that all sections of the form are completed accurately, even if there are no transactions to report.

How do I handle discrepancies in reported amounts?

If you find discrepancies in the amounts reported on Schedule L, it is crucial to review your records and correct any inaccuracies before submitting the form. Ensure all entries match your organization's financial records for consistency.

Are there penalties for incorrect reporting on Schedule L?

Yes, there can be penalties for incorrect reporting on Schedule L, including fines for failure to report required transactions or for providing false information. It's essential to review your entries carefully to avoid such penalties.

You can cancel anytime from your account settings or by contacting our support team. Your access stays active until the end of the current billing period.

Fill out Schedule L (Form 990) Online in 2026

Complete your reporting on transactions with interested persons

Get Form

This site is not affiliated with any government, tax, or other official agency. Form last updated: 07/2026. Please verify you are using the current, correct version for your situation before submitting it.

How it works

1. Open the form

Access the pre-loaded form directly in our PDF editor. No need to upload anything!

2. Fill in your details

Carefully complete all required fields to ensure accuracy and validity.

3. Download as PDF

Save your filled-out form in PDF format, ready for submission or other needs.

What is Schedule L?

Schedule L from Form 990 is used by tax-exempt organizations to report transactions with interested persons, such as board members or key employees. Its purpose is to ensure transparency and prevent conflicts of interest. This form helps the IRS and the public understand how organizations interact financially with those in control. Completing Schedule L accurately is important for compliance and maintaining trust with donors and the community. It also aids in keeping nonprofit operations transparent and accountable.

What is Schedule L used for?

Schedule L (Form 990) is used by nonprofits to disclose certain transactions with interested persons:

to report loans made.
to disclose compensation arrangements.
to describe property transactions.
to list business transactions.

How to fill out Schedule L?

Identify the organization’s interested persons, including board members and key employees.
Gather details about transactions that occurred, such as amounts and dates.
Complete the appropriate sections, providing clear descriptions for each transaction.
Ensure all figures are accurate, reflecting the organization’s financial records.
Review the form for completeness and consistency before filing.
Consult the IRS instructions for any specific requirements related to Schedule L (Form 990).

Who is required to fill out Schedule L (Form 990)?

Organizations such as nonprofit entities must complete Schedule L for reporting transactions. This includes disclosing financial dealings with interested persons to ensure transparency.

After completion, the IRS and the public can access this form to review the organization’s financial activities and compliance.

When is Schedule L not required?

Organizations do not need to file Schedule L if they do not engage in transactions with interested persons. This includes situations where there are no loans, leases, or other financial arrangements made with directors, officers, or key employees.

Additionally, small tax-exempt organizations with gross receipts below $200,000 and total assets under $500,000 are exempt from reporting these transactions on Schedule L.

When is Schedule L from Form 990 due?

The deadline for Schedule L is the 15th day of the 5th month after the end of your organization's tax year. For many organizations that operate on a calendar year, this means it is due on May 15.

If you need more time, you can request an extension by filing Form 8868. However, remember that this extension only gives you extra time to file, not to pay any taxes owed.

How to get a blank Schedule L?

To get a blank Schedule L, simply visit our platform where the form is pre-loaded and ready for you to fill. Once you complete the form, you can download it for your records.

Alternatively, the Internal Revenue Service (IRS) provides Schedule L for direct download from their website.

Do you need to sign Schedule L (Form 990)?

Schedule L, which covers transactions with interested persons, does not require a signature based on current guidelines. However, it's always wise to check the IRS website for the latest updates.