Instructions For Form 1045 - Application For Tentative Refund

for each carryback year. For more

contracts loss is carried back, refigure

generally must carry back the entire

details, see section 1212(c).

any income, deductions, and credits

NOL to the 5th tax year before the

based on or limited to a percentage of

loss year. Any loss not used in the

Line 9

your adjusted gross income. Use your

5th preceding year is then carried to

adjusted gross income determined

the 4th preceding year and then

If an NOL or net section 1256

after you apply the NOL or net

applied consecutively forward through

contracts loss carryback eliminates or

section 1256 contracts loss

the 1st preceding year. Any loss not

reduces a prior year foreign tax

carryback. Amounts to refigure

applied in the 5 preceding years may

credit, you may not use Form 1045 to

include:

be carried forward up to 20 years.

carry the released foreign tax credits

•

The special allowance for passive

The 5-year carryback period does not

to earlier years. Also, if the released

activity losses from rental real estate

apply to the portion of an NOL

foreign tax credits result in the

activities.

attributable to a specified liability loss.

release of general business credits,

•

Taxable social security benefits.

you may not use Form 1045 to carry

Note: You may need to use

•

IRA deductions.

the released general business credits

additional Forms 1045 to carry back

•

The student loan interest

to earlier years. Instead, you must file

an NOL. Complete lines 1 through 9

deduction.

Form 1040X or other amended return

and Schedule A on only one Form

•

Excludable savings bond interest.

to claim refunds for those years. For

1045. Use this Form 1045 for the

•

The exclusion of amounts received

details, see Rev. Rul. 82-154, 1982-2

earliest preceding tax years. You

under an employer’s adoption

C.B. 394.

must sign this Form 1045, but do not

assistance program.

need to sign the other Forms 1045.

•

Medical expenses.

Lines 10 Through 28—

•

You may elect a loss carryback

Personal casualty and theft losses.

•

Computation of

period of 2 years (3 years to the

Miscellaneous deductions subject

extent the loss is an eligible loss; 5

to the 2% limit.

Decrease in Tax

•

years to the extent the loss is a

Itemized deductions subject to the

Use one pair of columns to enter

farming loss) instead of a 5 year

overall limit of section 68.

•

amounts before and after carryback

carryback for the entire loss. To make

The phaseout of the deduction for

for each year to which the loss is

this election for 2002, attach to your

personal exemptions.

•

being carried. Start with the earliest

2002 income tax return filed by the

The credit for child and dependent

carryback year. A net section 1256

due date (including extensions), a

care expenses.

•

contracts loss can be carried back 3

statement that you are electing to

The credit for the elderly or the

years. See the instructions for line 11

disregard the 5 year carryback for

disabled.

•

below to figure the tax years to which

certain NOLs. If you filed your original

Education credits.

•

you may carry an NOL. Use the

return on time, you may make the

The child tax credit.

•

remaining pairs of columns for each

election on an amended return filed

The adoption credit.

•

consecutive preceding tax year until

within 6 months after the due date of

The District of Columbia first-time

the loss is fully absorbed. Enter the

the return (excluding extensions).

homebuyer credit.

ordinal number of years the loss is

Attach the election to the amended

However, refigure your charitable

being carried back and the date the

return, and write “Filed pursuant to

contributions deduction without

carryback year ends in the spaces

section 301.9100-2” on the election

regard to any NOL carryback.

provided in the headings above line

statement. File the amended return at

For 2001, you also may have to

10 for each pair of columns.

the same address you used for your

refigure your rate reduction credit if

original return. Once made the

Example. Your tax year is the

your taxable income was reduced to

election is irrevocable.

2002 calendar year and you are

less than $12,000.

carrying an NOL back 5 years. You

Fiscal year taxpayers. For any NOL

Any credits based on or limited by

enter “5th” and “12/31/97” in the left

arising in a tax year ending in 2003,

the tax must be refigured using your

column heading in the spaces

you generally must carry back the

tax liability determined after you apply

provided. The column heading now

entire NOL to the 2nd tax year before

the NOL or net section 1256

reads “5th preceding tax year ended

the loss year. Any loss not used in

contracts loss carryback.

12/31/97.”

the 2nd preceding year is then carried

to the 1st preceding year. Any loss

If you have an NOL, see Pub. 536

For each carryback year, enter in

not applied in the 2 preceding years

for more information and examples.

the column labeled “Before

may be carried forward up to 20

carryback” the amounts for the

Line 11—NOL Deduction

years. The 2-year carryback period

carryback year as shown on your

does not apply to the portion of an

original or amended return. If the

After Carryback

NOL attributable to a specified liability

amounts were previously adjusted by

Use the following rules to figure the

loss, an eligible loss, or a farming

you or the IRS, enter the amounts

loss.

tax years to which you must carry an

after adjustment.

NOL shown on Schedule A, line 27. If

Computation of income,

Specified liability losses. To the

an NOL is not fully absorbed in a year

deductions, and credits when an

extent an NOL is a specified liability

to which it is carried, complete

NOL is fully absorbed or a net

loss (defined on page 1), that part of

Schedule B to figure the amount to

section 1256 contracts loss is

the loss is carried back to the 10th

carry to the next carryback year.

carried back. To refigure your tax for

tax year before the loss. Any such

the year in which an NOL is fully

General rule. For any NOL arising in

loss not used in that year is carried to

absorbed or a net section 1256

a tax year ending in 2002, you

the 9th preceding year and then

-3-

Instructions For Form 1045 - Application For Tentative Refund - 2002 Page 3

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