THE BRAD & JILL JACKSON FAMILY FOUNDATION: Form 990PF, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
THE BRAD & JILL JACKSON FAMILY FOUNDATION (EIN 46-3772325)
Tax period
2024-01-01 to 2024-12-31
Filed
2025-10-23
IRS object ID
202502969349100900
Schema version
2024v5.2
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2025-10-23T06:38:24-05:00ReturnTs
Tax Period End2024-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Foundation SourceBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line13333 New Hyde Park Rd Ste 406AddressLine1Txt
CityNew Hyde ParkCityNm
State AbbreviationNYStateAbbreviationCd
ZIP11042ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2024-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN463772325EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1The Brad & Jill Jackson Family FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% Foundation SourceInCareOfNm
Business Name ControlBRADBusinessNameControlTxt
Phone8008391754PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1Foundation Source 501 Silverside RdAddressLine1Txt
CityWilmingtonCityNm
State AbbreviationDEStateAbbreviationCd
ZIP198091377ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonJill JacksonPersonNm
Person TitlePresidentPersonTitleTxt
Phone8008391754PhoneNum
Signature2025-10-20SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (true)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonJeffrey D HaskellPreparerPersonNm
PTINP01345770PTIN
Phone8008391754PhoneNum
FieldValueIRS element (for citing)
Tax2024TaxYr
Build TS2025-03-06 01:10:19ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$851,261FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$20,498ContriRcvdRevAndExpnssAmt
Interest On Sav Rev And Expnss$360InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$360InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss$6,962DividendsRevAndExpnssAmt
Dividends Net Invst Incm$6,962DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$52,989NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$140,790GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$78,815CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$80,809TotalRevAndExpnssAmt
Total Net Invst Incm$86,137TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Other Prof Fees Rev And Expnss$6,254OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm$6,254OtherProfFeesNetInvstIncmAmt
Taxes Rev And Expnss$600TaxesRevAndExpnssAmt
Other Expenses Rev And Expnss$7,809OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$7,809OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$14,663TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$6,254TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$7,809TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$68,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$68,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$82,663TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$6,254TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$75,809TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$1,854ExcessRevenueOverExpensesAmt
Net Investment Income$79,883NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$10,140SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$21,022SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$21,022SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY$522,005CorporateStockBOYAmt
Corporate Stock EOY$509,269CorporateStockEOYAmt
Corporate Stock EOYFMV$830,239CorporateStockEOYFMVAmt
Total Assets BOY$532,145TotalAssetsBOYAmt
Total Assets EOY$530,291TotalAssetsEOYAmt
Total Assets EOYFMV$851,261TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$532,145RetainedEarningBOYAmt
Retained Earning EOY$530,291RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$532,145TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$530,291TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$532,145TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$530,291TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$532,145TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$1,854ExcessRevenueOverExpensesAmt
Subtotal$530,291SubtotalAmt
Tot Net Ast Or Fund Balances EOY$530,291TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

FieldValueIRS element (for citing)
PropertyPublicly-traded SecuritiesPropertyDesc
Gross Sales Price$140,790GrossSalesPriceAmt
Cost Or Other Basis$61,975CostOrOtherBasisAmt
Gain Or Loss$78,815GainOrLossAmt
Gains Minus Excess Or Losses$78,815GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income$78,815CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$1,110InvestmentIncomeExciseTaxAmt
Subtotal$1,110SubtotalAmt
Tax Based On Investment Income$1,110TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$97EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$1,100ExtsnRequestIncomeTaxPaidAmt
Total Payments And Credits$1,197TotalPaymentsAndCreditsAmt
Form2220 AttachedYes (X)Form2220AttachedInd
Es Penalty$0EsPenaltyAmt
Overpayment$87OverpaymentAmt
Applied To ES Tax$87AppliedToESTaxAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Legislative Political ActyfalseLegislativePoliticalActyInd
More Than100 SpentfalseMoreThan100SpentInd
Form1120 POL FiledfalseForm1120POLFiledInd
Activities Not Previously RptfalseActivitiesNotPreviouslyRptInd
Changes To Articles Or BylawsfalseChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over LimitfalseUnrelatedBusIncmOverLimitInd
Organization Dissolved EtcfalseOrganizationDissolvedEtcInd
Section508e Rqr SatisfiedYes (true)Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (true)AtLeast5000InAssetsInd
Org Report Or Register StateDEOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (true)Form990PFFiledWithAttyGenInd
Private Operating FoundationfalsePrivateOperatingFoundationInd
New Substantial ContributorsfalseNewSubstantialContributorsInd
Own Controlled EntityfalseOwnControlledEntityInd
Donor Advised FundfalseDonorAdvisedFundInd
Comply With Public Insp RqrYes (true)ComplyWithPublicInspRqrInd

Persons With Books Name PersonsWithBooksName

FieldValueIRS element (for citing)
Business Name Line1Foundation SourceBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone8008391754PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line1501 Silverside Road Suite 123AddressLine1Txt
CityWilmingtonCityNm
State AbbreviationDEStateAbbreviationCd
ZIP198091377ZIPCd
FieldValueIRS element (for citing)
Foreign Accounts QuestionfalseForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

FieldValueIRS element (for citing)
Sale Or Exch Disqualified PrsnfalseSaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified PrsnfalseBrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified PrsnfalseFurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified PrsnfalsePayCompDisqualifiedPrsnInd
Transfer Ast Disqualified PrsnfalseTransferAstDisqualifiedPrsnInd
Payment To Government OfficialfalsePaymentToGovernmentOfficialInd
Uncorrected Prior ActsfalseUncorrectedPriorActsInd
Undistributed Income PYfalseUndistributedIncomePYInd
Business HoldingsfalseBusinessHoldingsInd
Jeopardy InvestmentsfalseJeopardyInvestmentsInd
Uncorrected PY Jeopardy InvstfalseUncorrectedPYJeopardyInvstInd
Influence LegislationfalseInfluenceLegislationInd
Influence ElectionfalseInfluenceElectionInd
Grants To IndividualsfalseGrantsToIndividualsInd
Grants To OrganizationsfalseGrantsToOrganizationsInd
Noncharitable PurposefalseNoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft CntrctfalseRcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft CntrctfalsePayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht PymtfalseSubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (2 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
Brad Jackson
Foundation Source 501 Silverside RdWilmingtonDE198091377Dir, Sec, Treas1.0$0$0$0
Jill Jackson
Foundation Source 501 Silverside RdWilmingtonDE198091377Pres, Dir1.0$0$0$0
FieldValueIRS element (for citing)
Summary Of Direct Chrtbl ActySummaryOfDirectChrtblActyGrp
Sum Of Program Related InvstSumOfProgramRelatedInvstGrp

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$765,336AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$11,701AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$777,037TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$777,037AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$11,656CashDeemedCharitableAmt
Net Vl Noncharitable Assets$765,381NetVlNoncharitableAssetsAmt
Minimum Investment Return$38,269MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$38,269MinimumInvestmentReturnAmt
Tax Based On Investment Income$1,110TaxBasedOnInvestmentIncomeAmt
Total Tax$1,110TotalTaxAmt
Distributable Before Adj$37,159DistributableBeforeAdjAmt
Distributable Before Ded$37,159DistributableBeforeDedAmt
Distributable As Adjusted$37,159DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$75,809ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$75,809QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$37,159DistributableAsAdjustedAmt
Excess Distribution Cyov Yr5$111,459ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$418,940ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$31,597ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2$48,707ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$90,589ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$701,292TotalExcessDistributionCyovAmt
Qualifying Distributions$75,809QualifyingDistributionsAmt
Applied To Current Year$37,159AppliedToCurrentYearAmt
Remaining Distri From Corpus$38,650RemainingDistriFromCorpusAmt
Total Corpus$739,942TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5$111,459ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$628,483ExcessDistriCyovToNextYrAmt
Excess From Year4$418,940ExcessFromYear4Amt
Excess From Year3$31,597ExcessFromYear3Amt
Excess From Year2$48,707ExcessFromYear2Amt
Excess From Year1$90,589ExcessFromYear1Amt
Excess From Current Year$38,650ExcessFromCurrentYearAmt
FieldValueIRS element (for citing)
Private Operating FoundationsPrivateOperatingFoundationsGrp

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerBrad JacksonContributingManagerNm
Contributing ManagerJill JacksonContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (5 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient RelationshipRecipientRelationshipTxtRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
CAMP SPALDING
8513 HWY 211NEWPORTWA99156N/APCGeneral & Unrestricted$15,000
EASTSIDE PREPARATORY SCHOOL
10613 NE 38TH PLKIRKLANDWA98033N/APCGeneral & Unrestricted$15,000
EASTSIDE PREPARATORY SCHOOL
10613 NE 38TH PLKIRKLANDWA98033N/APCAnnual fund 2023-2024$10,000
FIRST RESPONDERS CHILDRENS FOUNDATION
38 E 32ND ST RM 602NEW YORKNY10016N/APCGeneral & Unrestricted$25,000
UNIVERSITY CHILD DEVELOPMENT SCHOOL
5062 9TH AVE NESEATTLEWA98105N/APCGeneral & Unrestricted$3,000
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$68,000TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

FieldValueIRS element (for citing)
Fees Contracts From Govt AgFeesContractsFromGovtAgGrp
Membership Dues And AssmntMembershipDuesAndAssmntGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$360ExclusionAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$6,962ExclusionAmt
FieldValueIRS element (for citing)
Net Rntl Incm Re Debt Fincd PropNetRntlIncmReDebtFincdPropGrp
Net Rntl Incm Re Not Debt Fincd PropNetRntlIncmReNotDebtFincdProp
Net Rental Income Personal PropNetRentalIncomePersonalPropGrp
Other Investment IncomeOtherInvestmentIncomeGrp

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Exclusion18ExclusionCd
Exclusion$52,989ExclusionAmt
FieldValueIRS element (for citing)
Net Income Loss From Special EvtNetIncomeLossFromSpecialEvtGrp
Gross Profit Loss Sls Of InvntryGrossProfitLossSlsOfInvntryGrp

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$60,311ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$60,311TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

FieldValueIRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EOfalseTrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EOfalseTrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of AssetsfalseSalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EOfalsePurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth AssetsfalseRentalOfFacilitiesOthAssetsInd
Reimbursement ArrangementsfalseReimbursementArrangementsInd
Loans Or Loan GuaranteesfalseLoansOrLoanGuaranteesInd
Performance Of Services EtcfalsePerformanceOfServicesEtcInd
Sharing Of Facilities EtcfalseSharingOfFacilitiesEtcInd
Relationships Nonchrtbl EOfalseRelationshipsNonchrtblEOInd

Schedule B IRS990ScheduleB

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
General RuleYes (X)GeneralRuleInd

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
Contributor1ContributorNum
Contributor PersonJackson BradContributorPersonNm

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line13835 W Mercer WayAddressLine1Txt
CityMercer IslandCityNm
State AbbreviationWAStateAbbreviationCd
ZIP98040ZIPCd
FieldValueIRS element (for citing)
Total Contributions$20,498TotalContributionsAmt
Noncash ContributionYes (X)NoncashContributionInd

Non Cash Property Contribution NonCashPropertyContributionGrp

FieldValueIRS element (for citing)
Contributor1ContributorNum
Noncash PropertyMICROSOFT CORP MSFT, 46 sh.NoncashPropertyDesc
Fair Market Value$20,498FairMarketValueAmt
Received2024-12-10ReceivedDt

Depreciation Schedule DepreciationSchedule

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp (14 entries)

StockStockNmEOY Book ValueEOYBookValueAmtEOYFMVEOYFMVAmt
AMAZON COM$230,623$305,172
BNY MELLON CORE PLUS FUND CL I$12,000$11,882
DODGE & COX INCOME FUND$7,626$7,490
DOUBLELINE TOTAL RETURN BOND$25,482$22,040
HOOD RIVER SMALL-CAP GROWTH FU$17,200$17,723
INFINITY Q DIVERSIFIED ALPHA F$4,197$33
ISHARES CURRENCY HEDGED MSCI E$3,242$4,135
ISHARES S&P 500 INDEX FD$7,648$16,483
ISHARESLEHMAN 7-10YR$18,509$18,028
JPMORGAN CORE PLUS BOND FUND$51,828$45,329
MICROSOFT CORP$60,729$262,595
PROSHARES S&P MIDCAP 400 DIVID$11,018$13,712
TESLA MOTORS INC$55,867$102,172
WILLIAM BLAIR EMERGING MARKETS$3,300$3,445

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
Administrative Fees$7,784$7,784
State or Local Filing Fees$25$25

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail

FieldValueIRS element (for citing)
CategoryInvestment Management ServicesCategoryTxt
Amt$6,254Amt
Net Investment Income$6,254NetInvestmentIncomeAmt

Reasonable Cause Explanation ReasonableCauseExplanation

FieldValueIRS element (for citing)
ExplanationWe respectfully request that The Brad & Jill Jackson Family Foundation's quarterly estimated taxes for taxable year ending December 31, 2024 be treated as timely and request that the $18 penalty indicated on Form 2220 be abated because the underpayment in Q4 was due to reasonable cause. Treasury Regulations Sec 301.6651-1(c)(1) defines reasonable by asking whether the taxpayer exercised ordinary business care and prudence. The Foundation exercised care and prudence in seeking a reputable firm knowledgeable about exempt organizations to calculate its quarterly estimates for tax period ending December 31, 2024. The firm was unable to reconcile the Foundation's accounts fully in order to calculate the necessary estimated tax payment for Q4 based on the annualization method. The underpayment was no fault of the foundation's and the firm is enhancing its procedures to improve its reconciliation process for future quarters. We believe that the underpayment was due to reasonable cause and in no way due to an intentional disregard for the rules, and respectfully request that no 2220 penalty be assessed.ExplanationTxt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
Category990-PF Extension for 2023CategoryTxt
Amt$600Amt

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