Instructions For Form 1045 - Application For Tentative Refund - 2008
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Department of the Treasury
Internal Revenue Service
Instructions for Form 1045
Application for Tentative Refund
losses. See the instructions for line
only, instead of first carrying it back.
What’s New
17 on page 7.
To make this election for an NOL
•
The additional exemption amount
incurred in your 2008 tax year, attach
5-year carryback of 2008 net
on Form 8914 (for providing housing
to your 2008 tax return filed on or
operating losses (NOLs) for
to a Midwestern displaced individual)
before the due date (including
eligible small businesses. For
is also allowable as a nonbusiness
extensions) a statement that you are
2008, you can elect a 3, 4, or 5-year
deduction in figuring the amount of
electing under section 172(b)(3) to
carryback period for the part of your
the NOL that is available for
relinquish the entire carryback period
2008 NOL that is an eligible small
carryback or carryforward.
for any 2008 NOL. If you filed your
business loss. See Eligible small
return on time without making the
Qualified GO Zone loss. The
business (ESB) losses on page 5.
election, you can still make the
definition of qualified GO Zone loss
Tax relief for federally declared
election on an amended return filed
no longer includes certain deductions
disaster areas. The following
within 6 months of the due date of the
that expired before 2008. See
benefits apply to federally declared
return (excluding extensions). Attach
Qualified GO Zone loss on page 2.
disaster areas.
the election to the amended return,
For a list of the deductions that have
•
A 5-year carryback period applies
and write “Filed pursuant to section
expired, see page 6 of Pub. 4492.
to the portion of an NOL that is a
301.9100-2” on the election
(See Pub. 4492, pages 12 and 13, for
qualified disaster loss. See the
statement. Once made, the election is
the special depreciation allowance.)
instructions for line 10 that begin on
irrevocable, except as explained in
Deduction for mortgage insurance
page 4.
the next paragraph.
•
premiums refigured. If you
The 90% limit on the alternative tax
Revoking an election to waive
deducted mortgage insurance
net operating loss deduction
the carryback period. If you
premiums in 2007 and you are
(ATNOLD) does not apply to the
previously made an election under
carrying back an NOL to that year,
portion of an ATNOLD attributable to
section 172(b)(3) to waive the
you may have to refigure your
qualified disaster losses. See the
carryback period for your 2008 NOL
deduction using modified adjusted
instructions for line 17 on page 7.
arising in a tax year ending before
gross income (Form 1045, Schedule
Tax relief for the Kansas disaster
February 17, 2009, and you now want
B, line 13) instead of adjusted gross
area. The following benefits apply in
to elect to use a 3, 4, or 5-year
income. See the instructions for
the Kansas disaster area. (For a
carryback period for an eligible small
Schedule B, line 20, on page 9.
complete discussion of the temporary
business loss, you can revoke your
tax relief available, see Pub. 4492-A.)
election by filing Form 1045 or an
General Instructions
•
A 5-year carryback period applies
amended return (using Form 1040X
to the portion of an NOL that is a
Section references are to the Internal
or Form 1041) for the earliest tax year
qualified recovery assistance loss.
Revenue Code unless otherwise
to which you are carrying back your
See the instructions for line 10 that
noted.
2008 NOL . The Form 1045 or
begin on page 4.
amended return must be filed by April
•
Purpose of Form
The 90% limit on the alternative tax
17, 2009. Enter “2008 NOL
net operating loss deduction
Carryback Election and Revocation of
Form 1045 is used by an individual,
(ATNOLD) does not apply to the
NOL Carryback Waiver Pursuant to
estate, or trust to apply for a quick tax
portion of an ATNOLD attributable to
Rev. Proc. 2009-19” across the top of
refund resulting from:
•
qualified recovery assistance losses.
the Form 1045 or amended return. If
The carryback of an NOL,
•
See the instructions for line 17 on
you choose to file an amended return
The carryback of an unused
page 7.
using Form 1040X or Form 1041, see
general business credit,
•
Form 1040X or Other Amended
Tax relief for the Midwestern
The carryback of a net section
Return on page 3.
disaster areas. The following
1256 contracts loss, or
•
benefits apply in the Midwestern
An overpayment of tax due to a
Definitions
disaster areas. (For a complete
claim of right adjustment under
discussion of the temporary tax relief
section 1341(b)(1).
Eligible loss. For an individual, an
available, see Pub. 4492-B.)
eligible loss is any loss of property
•
When carrying back an NOL
A 5-year carryback period applies
!
arising from fire, storm, shipwreck,
to an earlier tax year, an
to the portion of an NOL that is a
other casualty, or theft.
alternative minimum tax
CAUTION
qualified disaster recovery assistance
(AMT) liability may be created for that
loss. See the instructions for line 10
For a small business (as defined in
earlier year. This may be true even if
that begin on page 4.
section 172(b)(1)(F)(iii)) or a farming
•
there was no AMT liability when the
The 90% limit on the alternative tax
business (as defined in section
tax return for that earlier year was
net operating loss deduction
263A(e)(4)), an eligible loss is any
filed.
(ATNOLD) does not apply to the
loss attributable to a federally
portion of an ATNOLD attributable to
Waiving the carryback period. You
declared disaster (as defined in
qualified disaster recovery assistance
can elect to carry an NOL forward
section 165(h)(3)(C)(i)).
Cat. No. 13666W
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