2001 Instructions For Form 1045 Page 4
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Line 24—Self-Employment
Ordinary loss on the sale or exchange of
Note: If your taxable income is shown as zero
section 1244 (small business) stock.
on your tax return (or as previously adjusted)
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Tax
Ordinary loss on the sale or exchange of
for any carryback year, refigure it without
stock in a small business investment company
limiting the result to zero, and enter it on line 2
Do not adjust self-employment tax because of
operating under the Small Business Investment
as a negative number.
any carryback.
Act of 1958.
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Line 3—Net Capital Loss
Loss from the sale of accounts receivable if
Line 25—Other Taxes
Deduction
such accounts arose under the accrual method
See your tax return for the carryback year for
of accounting.
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Individuals. Enter as a positive number the
any other taxes not mentioned above, such as
If you itemized your deductions, casualty
amount, if any, shown (or as previously
recapture taxes, tax on an IRA, etc., that will
and theft losses (even if they involve
adjusted) on Schedule D (Form 1040), line 18
apply in that year. If you make an entry on this
nonbusiness property) and employee business
(line 20 for 1992; line 19 for 1993 – 96).
line, identify the taxes that apply.
expenses (such as union dues, uniforms, tools,
Estates and trusts. Enter as a positive
and educational expenses).
Line 29—Overpayment of
number the amount, if any, shown (or as
Line 10 —Nonbusiness Income
previously adjusted) on Schedule D (Form
Tax Under Section 1341(b)(1)
1041), line 17 (line 18 for 1991 – 96).
Other Than Capital Gains
If you apply for a tentative refund based on an
Enter income that is not from a trade or
Line 4—Section 1202 Exclusion
overpayment of tax under section 1341(b)(1),
business. Examples are dividends, annuities,
Enter as a positive number any gain excluded
enter it on this line. Also, attach a computation
and interest on investments.
under section 1202 on the sale or exchange of
showing the information required by
Do not enter business income on line 10.
qualified small business stock.
Regulations section 5.6411-1(d).
This is income from a trade or business and
Line 5—Adjustments to Adjusted
includes:
Line 30—Suspended
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Salaries and wages.
Gross Income
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Research Credit Allowed for
Rental income.
If you entered an amount on line 3 or line 4,
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Gain on the sale or exchange of business
Current Year
you must refigure certain income and
real estate or depreciable property.
deductions based on adjusted gross income.
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Enter the suspended research credit allowed
Your share of business income from a
These are:
for the current year. See the instructions for
partnership or an S corporation.
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The special allowance for passive activity
line 56 of Form 6765.
For more details on business and
losses from rental real estate activities.
nonbusiness income and deductions, see Pub.
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See When To File on page 1.
Taxable social security benefits.
536.
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IRA deductions.
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CAUTION
Line 20 —Section 1202 Exclusion
Excludable savings bond interest.
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The exclusion of amounts received under an
Enter as a positive number any gain excluded
Signature
employer’s adoption assistance program.
under section 1202 on the sale or exchange of
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The student loan interest deduction.
qualified small business stock.
Individuals. Sign and date Form 1045. If
For purposes of figuring the adjustment to
Form 1045 is filed jointly, both spouses must
each of these items, your adjusted gross
Schedule B—NOL Carryover
sign.
income is increased by the total of the amounts
Complete and file this schedule to determine
Estates. All executors or administrators must
on line 3 and line 4. Do not take into account
the NOL deduction for each carryback year
sign and date Form 1045.
any NOL carryback from 2001 or later.
and the amount to be carried forward, if not
Trusts. The fiduciary or an authorized
Generally, figure the adjustment to each
fully absorbed.
representative must sign and date Form 1045.
item of income or deduction in the order listed
If an NOL is more than the modified taxable
above and, when figuring the adjustment to
Schedule A—NOL
income for the earliest year to which it is
each subsequent item, increase or decrease
carried, you must file Schedule B to figure the
adjusted gross income by the total adjustments
Complete and file this schedule to determine
amount of the NOL to be carried to the next tax
you figured for the previous items. However, a
the amount of the NOL that is available for
year. The amount of the carryover is the
special rule applies if you received social
carryback or carryover.
excess, if any, of the NOL carryback over the
security benefits and deducted IRA
modified taxable income for that earlier year.
Line 9—Nonbusiness Deductions
contributions. Use the worksheets in Pub. 590,
Modified taxable income is the amount on
Individual Retirement Arrangements (IRAs), to
Enter as a positive number deductions that are
line 8 of Schedule B.
refigure your taxable social security benefits
not connected with a trade or business. They
and IRA deductions under the special rule.
If you carry two or more NOLs to a tax
include:
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year, figure your modified taxable
Enter on line 5 the total adjustments made
IRA deductions.
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income by deducting the NOLs in the
CAUTION
to the listed items. Attach a computation
Deductions for payments on behalf of a
order in which they were incurred. First, deduct
showing how you figured the adjustments.
self-employed individual to a SEP, SIMPLE, or
the NOL from the earliest year, then the NOL
qualified plan.
Line 6—Adjustment to Itemized
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from the next earliest year, etc. After you
Alimony paid.
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deduct each NOL, there will be a new, smaller,
Deductions
Most itemized deductions (except for
modified taxable income to compare to any
casualty and theft losses and any employee
Individuals. Skip this line if, for the applicable
remaining NOL.
business expenses).
carryback year:
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Make the same entries in each column
The standard deduction.
1. You did not itemize deductions or
heading as on page 1 of Form 1045 (see Lines
Do not enter business deductions on line
2. The amounts on Schedule B, line 3 and
9. These are deductions that are connected
10 Through 28 — Computation of Decrease
line 4, are zero.
with a trade or business. They include:
in Tax on page 2).
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State income tax on business profits.
Otherwise, complete lines 10 through 34 and
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Line 2
Moving expenses.
enter on line 6 the amount from:
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Do not take into account on this line any NOL
The deduction for one-half of
Line 34 or
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carryback from 2001 or later. However, do take
self-employment tax.
Line 12 of the worksheet on page 6,
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into account NOLs that occurred in tax years
Rental losses.
whichever applies.
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before 2001 and are otherwise allowable as
Loss on the sale or exchange of business
carrybacks or carryovers.
real estate or depreciable property.
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Your share of a business loss from a
partnership or an S corporation.
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