Form 8050: What It Is and How It Works For Nonprofit Filers 

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When your organization is owed a refund, how that refund arrives matters. A paper check can sit in the mail for weeks, get lost, or land in the wrong hands. Form 8050 gives nonprofits and other exempt filers a faster, more secure alternative: direct deposit straight from the IRS into a bank account you control. 

What is Form 8050?

Form 8050 is the IRS form organizations use to request that a tax overpayment be deposited directly into a U.S. bank or financial institution account. This can include checking, savings, brokerage, or mutual funds. Instead of waiting on a paper check, your organization gives the IRS the banking instructions it needs to send electronically.

It is important to note that Form 8050 is built for organizational filers, not individuals. If you’re filing a personal return, direct deposit works differently: individuals request it through the direct deposit fields on Form 1040 or, for paper-filed amended returns, through Form 8888. 

Who can use Form 8050? 

Form 8050 isn’t attached to every IRS return. It’s only available to organizations filing one of the following:

• Form 990-T (Exempt Organization Business Income Tax Return)
• Form 990-PF (Return of Private Foundation)
• Form 1120-POL (U.S. Income Tax Return for Certain Political Organization)
• Form 4720 (Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code)

Your organization is not eligible to use Form 8050 if:

• The receiving financial institution is a foreign bank or a foreign branch of a U.S. bank
• Your organization has applied for an Employer Identification Number (EIN) but is filing the return before receiving it.

There’s no cap on the refund amount

Direct deposit through Form 8050 isn’t limited to smaller refunds. Organizations can request a refund of $1 million or more through the same process, so larger foundations don’t need to plan around a ceiling. Whether the refund is a few hundred dollars or a seven-figure amount, the form and process stay the same.

What information does Form 8050 require?

The IRS needs accurate banking and identification details to process the deposit correctly. Have the following ready before you file:

• Employer Identification Number (EIN)
• Name of the financial institution 
• Routing number 
• Account number
• Type of account (checking or savings)

A single mistyped digit in a routing or account number can delay or misdirect a refund, so it’s worth double-checking these fields before submission.

When is Form 8050 due? 

Form 8050 doesn’t stand on its own. It must be filed at the same time as the return it’s tied to, by that return’s original due date. For example, an organization claiming a refund tied to Form 990-PF must file by the 15th day of the 5th month after the close of its accounting period.

The IRS will not accept Form 8050 as a separate submission after the fact. If it isn’t included when the return is filed, the refund will go out by paper check instead.

How Tax990 Helps You Claim Your Refund 

If your organization files Form 990-T, Form 990-PF, or Form 1120-POL through Tax990 and the return results in overpayment, you can request direct deposit without any extra paperwork on your end. Simply enter your bank account details during the filing process, and Tax990 will automatically attach Form 8050 to your eligible return and transmit it to the IRS, instead of by mail.

It’s one more way we help your organization stay accurate, compliant, and focused on its mission.