2001 Instructions For Form 1045 printable pdf download

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Department of the Treasury

Internal Revenue Service

Instructions for Form 1045

Application for Tentative Refund

Section references are to the Internal Revenue Code unless otherwise noted.

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2. Dismantling of a drilling platform,

Any Form 6765, Credit for Increasing

General Instructions

3. Remediation of environmental

Research Activities, or Form 3800, General

contamination, or

Business Credit, used to figure any suspended

4. Payment under any workers

research credit allowed for the current year.

Purpose of Form

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compensation act.

Forms 8302, Direct Deposit of Tax Refund

of $1 Million or More.

Form 1045 is used by an individual, estate, or

Any loss from a liability arising from 1

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All other forms and schedules from which a

trust to apply for a quick tax refund resulting

through 4 above may be taken into account as

carryback results, such as Schedule C or F

from:

a specified liability loss only if you used an

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(Form 1040), Form 3800, or Form 8586,

The carryback of a net operating loss (NOL),

accrual method of accounting throughout the

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Low-Income Housing Credit.

The carryback of an unused general

period in which the act (or failure to act)

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All forms or schedules for items refigured in

business credit,

occurred. For details, see section 172(f).

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the carryback years, such as Form 6251,

The carryback of a net section 1256

Alternative Minimum Tax — Individuals, or

contracts loss,

When To File

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Form 8586.

An overpayment of tax due to a claim of right

Generally, you must file Form 1045 within 1

adjustment under section 1341(b)(1), or

You must attach copies of all required

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year after the end of the year in which an NOL,

A suspended research credit allowed for the

forms listed above, and complete all

unused credit, a net section 1256 contracts

current year.

lines on Form 1045 that apply to you.

CAUTION

loss or claim of right adjustment arose.

Waiving the carryback period. You may

Otherwise, your application may be disallowed.

Exception. For a suspended research credit

elect to carry an NOL forward only, instead of

allowed for the current year or any carryback of

first carrying it back. To make this election for

Processing the Application

a suspended research credit, you must file

an NOL incurred in your 2001 tax year, attach

Form 1045:

to your 2001 tax return filed on or before the

The IRS will process your application within 90

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After the end of the suspension period to

due date (including extensions) a statement

days from the later of:

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which the credit relates (for example, after

that you are electing under section 172(b)(3) to

The date you file the complete application or

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September 30, 2001, for a credit attributable to

relinquish the entire carryback period for any

The last day of the month that includes the

the second suspension period) and

2001 NOL. If you filed your return on time

due date (including extensions) for filing your

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Before the date that is 1 year after the end

without making the election, you may still make

2001 income tax return (or, for a claim of right

of that suspension period.

the election on an amended return filed within

adjustment, the date of the overpayment under

6 months of the due date of the return

section 1341(b)(1)).

Be sure to file your 2001 income tax

(excluding extensions). Attach the election to

The processing of Form 1045 and the

return no later than the date you file

the amended return, and write “Filed pursuant

payment of the requested refund does not

Form 1045.

CAUTION

to section 301.9100-2” on the election

mean the IRS has accepted your application as

If you carry back any portion of an NOL or

statement. File the amended return at the

correct. If the IRS later determines that the

an unused general business credit to tax years

same address you used for your original return.

claimed deductions or credits are due to an

before the 3 years preceding the 2001 tax

Once made, the election is irrevocable.

overstatement of the value of property,

year, you may need to use additional Form(s)

negligence, disregard of rules, or substantial

1045. On any additional Form(s) 1045, skip

Definitions

understatement of income tax, you may have

lines 1 through 9 and Schedule A.

to pay penalties. Any additional tax also will

Eligible loss. For an individual, an eligible

generate interest compounded daily.

Where To File

loss is any loss of property arising from fire,

storm, shipwreck, other casualty, or theft.

The IRS may need to contact you or your

File Form 1045 with the Internal Revenue

authorized representative (for example, your

For a small business (as defined in section

Service Center for the place where you live as

accountant or tax return preparer) for more

172(b)(1)(F)(iii)), an eligible loss is any loss

shown in the instructions for your 2001 income

information so we can process your

attributable to a Presidentially declared

tax return.

application. If you want to designate a

disaster (as defined in section 1033(h)(3)).

Do not mail Form 1045 with your 2001

representative for us to contact, attach a copy

A farming loss is not an eligible loss.

income tax return.

of your authorization to Form 1045. For this

Farming loss. A farming loss is the smaller

CAUTION

purpose, you may use Form 2848, Power of

of:

Attorney and Declaration of Representative.

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The amount that would be the NOL for the

What To Attach

tax year if only income and deductions

Disallowance of the

Attach copies of the following, if applicable, to

attributable to farming businesses (as defined

Form 1045 for the year of the loss or credit:

in section 263A(e)(4)) were taken into account

Application

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If you are an individual, pages 1 and 2 of

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your 2001 Form 1040 and Schedules A, D,

Your application is not treated as a claim for

The NOL for the tax year.

and J (Form 1040), if applicable.

credit or refund. It may be disallowed if it has

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Specified liability loss. Generally, a specified

All Schedules K-1 you received from

material omissions or math errors that are not

liability loss is a loss arising from:

partnerships, S corporations, estates, or trusts

corrected within the 90-day period. If the

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Product liability or

that contribute to the carryback.

application is disallowed in whole or in part, no

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An act (or failure to act) that occurred at

Any application for extension of time to file

suit challenging the disallowance may be

least 3 years before the beginning of the loss

your 2001 income tax return.

brought in any court. But you may file a regular

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year and resulted in a liability under a Federal

All Forms 8271, Investor Reporting of Tax

claim for credit or refund before the limitation

or state law requiring:

Shelter Registration Number, attached to your

period expires, as explained below under Form

1. Reclamation of land,

2001 income tax return.

1040X or Other Amended Return.

Cat. No. 13666W

2001 Instructions For Form 1045

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