2001 Instructions For Form 1045 (Page 3 of 6) in pdf

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preceding year. Any farming loss not applied in

same address you used for your original return.

$2,350 for 1993 ($4,700 if married),

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the 5 preceding years may be carried forward

Once made, the election is irrevocable.

$2,300 for 1992,

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up to 20 years.

$2,150 for 1991.

Special rules. Special rules apply if you filed a

If you used TeleFile for your original return

Note: You may need to use two Forms 1045

joint return (or a separate return) for some but

and someone else could claim you as a

to carry back a farming loss. Complete lines 1

not all of the tax years involved in figuring an

dependent on their return, enter zero if you

through 9 and Schedule A on only one Form

NOL carryback. For details, see Pub. 536.

were single. If you were married, see Form

1045. Use this Form 1045 for the earliest

Attach a computation showing how you figured

1040EZ for the year in question and complete

preceding tax years. You must sign this Form

the carryback.

the worksheet on the back of that form. Next,

1045, but do not need to sign the other Form

enter the amount from line F of the worksheet

1045.

Line 13—Deductions

on line 15 of Form 1045 in the column labeled

Only the farming loss portion of an NOL

“Before carryback” for the applicable year. If no

Individuals. Enter in the column labeled

may be carried back 5 years.

one could claim you as a dependent, enter the

“Before carryback” for each applicable

Example. You operate a farming business

amount listed above for that year.

carryback year the amount shown (or as

and incur an NOL of $50,000 for 2001. $25,000

previously adjusted) on Form 1040, line 34

Estates and trusts. Enter in the columns

of the NOL is attributable to income and

(line 35 for 1997; line 36 for 1998 – 2000).

labeled “Before carryback” and “After

deductions of your farming business; $10,000

carryback” for each applicable carryback year

If you filed Form 1040A, enter the amount

is attributable to a fire in your personal

the amount shown (or as previously adjusted)

shown (or as previously adjusted) on line 19

residence (an eligible loss); and the remaining

on Form 1041, line 20 (line 21 for 1997).

(line 21 for 1998 – 99; line 22 for 2000).

$15,000 is attributable to your spouse’s work

as an employee. The $25,000 farming loss is

If you filed Form 1040-T for 1995, enter the

Line 17—Income Tax

carried back 5 years; the $10,000 eligible loss

amount shown (or as previously adjusted) on

is carried back 3 years; and the remaining

line 20.

Refigure your tax for each carryback year after

$15,000 loss is carried back 2 years. Any

taking into account the NOL or net section

If you filed Form 1040EZ and checked the

unused portion of this NOL may be carried

1256 contracts loss carryback. Include any tax

“Yes” box on Form 1040EZ, line 5 (line 4 for

forward up to 20 years.

from Form 4970, Tax on Accumulation

1991 – 92 and 1994), enter the amount shown

For a farming loss, you may elect a loss

Distribution of Trusts, and Form 4972, Tax on

(or as previously adjusted) on line E of the

carryback period of 2 years instead of 5 years.

Lump-Sum Distributions. Attach any schedule

worksheet on the back of Form 1040EZ. If you

To make this election for 2001, attach to your

used to figure your tax or an explanation of the

checked the “No” box, enter:

2001 income tax return filed on or before the

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method used to figure the tax and, if

$4,400 for 2000 ($7,350 if married),

due date (including extensions) a statement

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necessary, a detailed computation.

$4,300 for 1999 ($7,200 if married),

that you are electing a 2 year carryback period

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$4,250 for 1998 ($7,100 if married),

For example, write “Tax Rate Schedule –

for any 2001 farming losses. If you filed your

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$4,150 for 1997 ($6,900 if married),

1999” if this is the method used for that year.

original return on time, you may make the

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$4,000 for 1996 ($6,700 if married),

You do not need to attach a detailed

election on an amended return filed within 6

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$3,900 for 1995 ($6,550 if married),

computation of the tax in this case.

months after the due date of the return

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$3,800 for 1994 ($6,350 if married),

(excluding extensions). Attach the election to

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$3,700 for 1993 ($6,200 if married),

the amended return, and write “Filed pursuant

Line 18—Alternative

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$3,600 for 1992,

to section 301.9100-2” on the election

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$3,400 for 1991.

Minimum Tax

statement. File the amended return at the

If you used TeleFile for your original return

same address you used for your original return.

The carryback of an NOL or net section 1256

and someone else could claim you as a

Once made, the election is irrevocable.

contracts loss may affect your alternative

dependent on their return, see Form 1040EZ

Specified liability losses. To the extent an

minimum tax. Individuals use Form 6251 to

for the year in question and complete the

NOL is a specified liability loss (defined on

figure this tax. Estates and trusts use

worksheet on the back of that form. Next, enter

page 1), it is carried back to the 10th tax year

Schedule I (Form 1041) (Schedule H for

the amount from line E of the worksheet on line

before the loss. Any loss not used in that year

1992 – 94; Form 8656 for 1991).

13 of Form 1045 in the column labeled “Before

is carried to the 9th preceding year and then

carryback” for the applicable year. If no one

applied consecutively forward through the 1st

Line 20—General Business

could claim you as a dependent, enter the

preceding year. Any specified liability loss that

amount listed above for that year.

Credit

is not applied in the 10 preceding years may be

carried forward up to 20 years.

Line 15—Exemptions

Enter in the column labeled “After carryback”

Note: You may need to use up to four Forms

for each affected carryback year the total of the

1045 to carry back a specified liability loss.

Individuals. Enter in the column labeled

recomputed general business credits, using

Complete lines 1 through 9 and Schedule A on

“Before carryback” for each applicable

Form 3800 or 8844.

only one Form 1045. Use this Form 1045 for

carryback year the amount shown (or as

If an NOL or net section 1256 contracts loss

the earliest preceding tax years. You must

previously adjusted) on Form 1040, line 36

carryback eliminates or reduces a general

sign this Form 1045, but do not need to sign

(line 37 for 1997; line 38 for 1998 – 2000).

business credit in an earlier year, you may be

the other Form(s) 1045.

If you filed Form 1040A, enter the amount

able to carry back the released credit 1 year (3

You may elect to treat a specified liability

shown (or as previously adjusted) on line 21

years if the credit arose in a tax year beginning

loss as if it were not a specified liability loss. If

(line 23 for 1998 – 99; line 24 for 2000).

before 1998). See section 39 and the

you make this election, the loss carryback

Instructions for Form 3800 for more details on

If you filed Form 1040-T for 1995, enter the

period will be 2 years (3 years if the loss is an

general business credit carrybacks.

amount shown (or as previously adjusted) on

eligible loss; 5 years if the loss is a farming

line 24.

loss). To make this election for 2001, attach to

For carryback of a suspended research

your 2001 income tax return filed on or before

If you filed Form 1040EZ and checked the

credit, see When To File on page 1.

the due date (including extensions) a

“Yes” box on Form 1040EZ, line 5 (line 4 for

CAUTION

statement that you are electing to treat any

1991 – 92 and 1994), enter zero (or the amount

2001 specified liability losses as if they were

from line F of the 1040EZ worksheet if

Line 21—Other Credits

not specified liability losses. If you filed your

married). If you checked the “No” box, enter:

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original return on time, you may make the

$2,800 for 2000 ($5,600 if married),

See your tax return for the carryback year for

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election on an amended return filed within 6

$2,750 for 1999 ($5,500 if married),

any additional credits such as the earned

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months after the due date of the return

$2,700 for 1998 ($5,400 if married),

income credit, credit for child and dependent

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(excluding extensions). Attach the election to

$2,650 for 1997 ($5,300 if married),

care expenses, child tax credit, education

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the amended return, and write “Filed pursuant

$2,550 for 1996 ($5,100 if married),

credits, foreign tax credit, etc., that will apply in

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to section 301.9100-2” on the election

$2,500 for 1995 ($5,000 if married),

that year. If you make an entry on this line,

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statement. File the amended return at the

$2,450 for 1994 ($4,900 if married),

identify the credit(s) claimed.

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2001 Instructions For Form 1045 Page 3

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