Part I: excess benefit transactions
Line 1 lists each disqualified person, the relationship, a description and whether it was corrected. Line 2 is the section 4958 tax incurred and line 3 the amount the organization reimbursed.
990 Sch. L
Transactions With Interested Persons
- Agency
- IRS
- Revision
- Rev. December 2024
- Fillable fields
- 276
- Pages
- 2
- Official source
- IRS form page
- Checked
- October 21, 2026
Schedule L (Form 990): Transactions With Interested Persons
Schedule L (Form 990), Transactions With Interested Persons, is attached to Form 990 or Form 990-EZ. The IRS page says organizations that file those returns use it to give information on certain financial transactions or arrangements between the organization and disqualified persons under section 4958 or other interested persons. It is also used to determine whether a member of the governing body is an independent member.
The schedule has five parts: excess benefit transactions, loans to or from interested persons, grants or assistance benefiting interested persons, business transactions involving interested persons, and supplemental information. An organization completes only the parts tied to the questions it answered Yes on its return.
The form is marked Open to Public Inspection. The instructions say this revision is a continuous-use form for tax year 2024 and later years until a new revision is issued. You can fill out Schedule L free in your browser on this page and download it without an account.
What's on Schedule L (Form 990)
Part II: loans
Up to 10 rows: name, relationship, purpose, to or from the organization, original principal, balance due, in default, approved by board or committee, and written agreement, plus a total.
Part III: grants or assistance
Up to 10 rows: name of the interested person, relationship, amount of assistance, type of assistance and purpose of assistance.
Part IV: business transactions
Up to 10 rows on page 2: name, relationship, amount of transaction, description, and whether the deal shares the organization's revenues.
Part V: supplemental information
Free space to explain answers to other questions on Schedule L, identifying the part and line each response supports.
How to fill out Schedule L (Form 990)
- 1
Header
Enter the name of the organization and its employer identification number, the same as on the Form 990 or 990-EZ it is attached to.
- 2
Names and relationships
In each part, column (a) names the person and column (b) gives the relationship, such as officer or family member of director. The instructions say to write substantial contributor or related to substantial contributor instead of a name when that is the only link.
- 3
Part I
Describe each excess benefit transaction, regardless of amount, and whether it was corrected. Line 2 is the section 4958 excise tax incurred unless abated. Organization managers who knowingly took part are named in Part V.
- 4
Part II
Report each loan outstanding at the end of the tax year, regardless of amount. The instructions list exceptions such as advances under an accountable plan and pledges receivable. For Form 990 filers, the column (f) total matches the Part X balance sheet lines.
- 5
Part III
Report each grant or assistance to an interested person during the tax year, regardless of amount. The instructions say schools group each type of financial aid on separate lines and leave columns (a) and (b) blank.
- 6
Part IV
Report business transactions above the thresholds in the instructions, for example all payments to one interested person over $100,000, or compensation over $10,000 to a family member of a listed officer. Transactions may be listed one by one or added together.
Why fill Form 990 Sch. L on indox
You get the real form, filled in a browser tab, with nothing standing between you and the finished PDF.
- Fill the form right in your browser, no software to install
- Free to fill and free to download, with no account
- The official blank straight from the IRS, not a copy someone retyped
- Works on a phone, tablet or computer
Where it goes and what to watch
Where it goes
The form says to attach Schedule L to Form 990 or Form 990-EZ. It is not filed by itself.
Public inspection
The form is marked Open to Public Inspection.
One part per transaction
The instructions say each reportable transaction is reported in only one part of Schedule L.
Reasonable effort
The instructions say a transaction need not be reported if, after a reasonable effort, the organization cannot get enough information to conclude it is reportable. An annual questionnaire to likely interested persons is given as an example.
More space
Parts I to IV can be duplicated if more space is needed, and Part V can be used to explain a transaction.
Excise tax return
The instructions say Form 4720 is filed to report and pay the tax on excess benefit transactions reported in Part I.
Related forms
990
Return of Organization Exempt From Income Tax
1,075 fields, 12 pages
990-EZ
Short Form Return of Organization Exempt From Income Tax
325 fields, 4 pages
4720
Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code
666 fields, 10 pages
990 Sch. J
Compensation Information
281 fields, 3 pages
990 Sch. B
Schedule of Contributors
201 fields, 4 pages
990 Sch. O
Supplemental Information to Form 990 or 990-EZ
3 fields, 1 page
Who completes Schedule L (Form 990)?
The organization that files Form 990 or Form 990-EZ completes the schedule and attaches it to that return. The instructions include a chart that ties each part to a Yes answer on the return.
Official sources and the blank
Do it all with indox
No tool matches that search.
Questions about Form 990 Sch. L
Who files Schedule L?
An organization that files Form 990 or Form 990-EZ and answered Yes to certain questions on that return. It attaches the schedule to the return.
Who is an interested person?
For Part I, a disqualified person under section 4958. For Parts II to IV, the instructions list current and former officers, directors, trustees and key employees, creators or founders, substantial contributors, their family members and 35% controlled entities, among others.
Is there a dollar minimum?
The instructions say Parts I, II and III report all transactions regardless of amount. Part IV has its own reporting thresholds, such as payments over $100,000 to one interested person during the year.
Can names be left off?
When a person is an interested person only as a substantial contributor or someone related to one, the instructions say to enter substantial contributor or related to substantial contributor instead of the name.
Is Schedule L public?
The form is marked Open to Public Inspection.
Which revision is this?
Rev. December 2024. The instructions say it is a continuous-use form for tax year 2024 and later years until a superseding revision is issued.