Instructions For Form 1045 - Application For Tentative Refund

2011

Department of the Treasury

Internal Revenue Service

Instructions for Form 1045

Application for Tentative Refund

incurred in your 2011 tax year, attach

2. The NOL for the tax year.

Section references are to the Internal

Revenue Code unless otherwise noted.

to your 2011 tax return filed on or

Excluded losses. A qualified

before the due date (including

disaster loss does not include any

extensions) a statement that you are

What’s New

losses from property used in

electing under section 172(b)(3) to

relinquish the entire carryback period

connection with any private or

Limits on personal exemptions and

for any 2011 NOL. If you filed your

commercial golf course, country club,

overall itemized deductions ended.

return on time without making the

massage parlor, hot tub facility,

For 2010, personal exemptions and

election, you can still make the

suntan facility, or any store for which

itemized deductions are no longer

election on an amended return filed

the principal business is the sale of

limited because of your adjusted

alcoholic beverages for consumption

within 6 months of the due date of the

gross income (AGI).

off premises.

return (excluding extensions). Attach

the election to the amended return,

Carryback for qualified disaster

A qualified disaster loss also does

and write “Filed pursuant to section

loss expired. The 5-year carryback

not include any losses from any

301.9100-2” on the election

for qualified disaster loss applies only

gambling or animal racing property.

statement. Once made, the election is

for disasters occurring before January

Gambling or animal racing property is

irrevocable.

1, 2010.

any equipment, furniture, software, or

Form 8914 obsolete. For purposes

other property used directly in

Definitions

of Schedule B, NOL Carryover, line 8,

connection with gambling, the racing

Form 8914, Exemption Amount for

Eligible loss. For an individual, an

of animals, or the on-site viewing of

Taxpayers Housing Midwestern

eligible loss is any loss of property

such racing, and the portion of any

Displaced Individuals, is obsolete for

arising from fire, storm, shipwreck,

real property (determined by square

2010 and later years.

other casualty, or theft.

footage) that is dedicated to

gambling, the racing of animals, or

Future developments. The IRS has

For a small business (as defined in

the on-site viewing of such racing,

created a page on IRS.gov for

section 172(b)(1)(F)(iii)) or a farming

unless this portion is less than 100

information about Form 1045 and its

business (as defined in section

square feet.

instructions, at

263A(e)(4)), an eligible loss is any

form1045. Information about any

loss attributable to a federally

Qualified GO Zone loss. For 2011,

future developments affecting Form

declared disaster (as defined in

a qualified GO Zone loss is the

1045 (such as legislation enacted

section 165(h)(3)(C)(i)).

smaller of:

after we release it) will be posted on

1. The excess of the NOL for the

An eligible loss does not include a

that page.

year over the specified liability loss

farming loss, a qualified disaster loss,

for the year to which a 10-year

General Instructions

a qualified GO Zone loss, or a

carryback applies, or

qualified disaster recovery assistance

2. The total of any special GO

loss.

Purpose of Form

Zone depreciation or amortization

Farming loss. A farming loss is the

allowable for specified GO Zone

Form 1045 is used by an individual,

smaller of:

extension property for the tax year

•

estate, or trust to apply for a quick tax

The amount that would be the NOL

such property is placed in service

refund resulting from:

for the tax year if only income and

(even if you elected not to claim the

•

The carryback of an NOL,

deductions attributable to farming

special GO Zone depreciation

•

The carryback of an unused

businesses (as defined in section

allowance for such property).

general business credit,

263A(e)(4)) were taken into account,

•

For more information on the special

The carryback of a net section

•

GO Zone depreciation allowance, and

1256 contracts loss, or

The NOL for the tax year.

•

the definition of specified GO Zone

An overpayment of tax due to a

A farming loss does not include a

extension property, see Publication

claim of right adjustment under

qualified disaster loss.

536, Net Operating Losses (NOLs)

section 1341(b)(1).

Qualified disaster loss. A qualified

for Individuals, Estates, and Trusts.

When carrying back an NOL

disaster loss is the smaller of:

Qualified disaster recovery

to an earlier tax year, an

1. The sum of:

assistance loss. For the definition

alternative minimum tax

a. Any losses occurring in a

CAUTION

of qualified disaster recovery

(AMT) liability may be created for that

disaster area (as defined in section

assistance loss, see page 5 of Pub.

earlier year. This may be true even if

165(h)(3)(C)) and attributable to a

4492-B, Information for Affected

there was no AMT liability when the

federally declared disaster occurring

Taxpayers in the Midwestern Disaster

tax return for that earlier year was

before January 1, 2010, plus

Areas.

filed.

b. Any qualified disaster expenses

Waiving the carryback period. You

Specified liability loss. Generally,

allowable under section 198A (even if

can elect to carry an NOL forward

you did not elect to treat such

a specified liability loss is a loss

only, instead of first carrying it back.

expenses as qualified disaster

arising from:

•

To make this election for an NOL

expenses), or

Product liability, or

Nov 22, 2011

Cat. No. 13666W

Instructions For Form 1045 - Application For Tentative Refund - 2011

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