Instructions For Form 1045 - 2004 (Page 2 of 8) in pdf

Credit, or Form 8884, New York

that the IRS later determines to be

detailed computation showing how

Liberty Zone Business Employee

excessive may be billed as if it were

you figured the credit carryback and a

Credit.

due to a math or clerical error on the

recomputation of the credit after you

return.

apply the carryback. Make the

You must attach copies of all

recomputation on Form 3800 (or

required forms listed above,

Form 1040X or Other

Form 8844 or Form 8884, if

and complete all lines on

CAUTION

applicable) for the tax year of the

Amended Return

Form 1045 that apply to you.

tentative allowance.

Otherwise, your application may be

Individuals can get a refund by filing

If you filed a joint return (or

disallowed.

Form 1040X, Amended U.S.

separate return) for some but not all

Individual Income Tax Return, instead

Processing the

of the tax years involved in figuring

of Form 1045. An estate or trust can

the unused credit carryback, special

file an amended Form 1041, U.S.

Application

rules apply to figuring the carryback.

Income Tax Return for Estates and

See the instructions for Form 3800.

The IRS will process your application

Trusts. Generally, you must file an

within 90 days from the later of:

amended return no later than 3 years

•

Line 1c—Net Section

The date you file the complete

after the due date of the return for the

application, or

1256 Contracts Loss

applicable tax year.

•

The last day of the month that

If you use Form 1040X or other

An individual can elect to carry back a

includes the due date (including

amended return, follow the

net section 1256 contracts loss to

extensions) for filing your 2004

instructions for that return. Attach to

each of the 3 tax years preceding the

income tax return (or, for a claim of

the amended return a copy of

loss year. An estate or trust is not

right adjustment, the date of the

Schedule A of Form 1045 showing

eligible to make this election. To

overpayment under section

the computation of the NOL and, if

make the election, check box D at the

1341(b)(1)).

applicable, a copy of Schedule B of

top of Form 6781. The amount which

The processing of Form 1045 and

Form 1045 showing the computation

can be used in any prior tax year

the payment of the requested refund

of the NOL carryover. Complete a

cannot exceed the net section 1256

does not mean the IRS has accepted

separate Form 1040X or other

contract gain in that year and cannot

your application as correct. If the IRS

amended return for each year for

increase or create an NOL for that

later determines that the claimed

which you request an adjustment.

year. Reflect the carryback as a

deductions or credits are due to an

reduction to your adjusted gross

The procedures for Form 1040X

overstatement of the value of

income in the “After carryback”

and Form 1045 are different. The IRS

property, negligence, disregard of

column on line 10. Attach to Form

is not required to process your Form

rules, or substantial understatement

1045 a copy of Form 6781 and

1040X within 90 days. However, if we

of income tax, you may have to pay

Schedule D (Form 1040) for the year

do not process it within 6 months

penalties. Any additional tax also will

of the net section 1256 contracts loss

from the date you file it, you can file

generate interest compounded daily.

and an amended Form 6781 and an

suit in court. If the IRS disallows your

The IRS may need to contact you

amended Schedule D (Form 1040)

claim on Form 1040X and you

or your authorized representative (for

for each carryback year. For more

disagree with that determination, you

example, your accountant or tax

details, see section 1212(c).

must file suit no later than 2 years

return preparer) for more information

after the date we disallow it.

so we can process your application. If

Line 9

you want to designate a

Additional Information

If an NOL or net section 1256

representative for us to contact,

contracts loss carryback eliminates or

For more details on NOLs, see Pub.

attach a copy of your authorization to

reduces a prior year foreign tax

536, Net Operating Losses (NOLs)

Form 1045. For this purpose, you can

credit, you cannot use Form 1045 to

for Individuals, Estates, and Trusts.

use Form 2848, Power of Attorney

carry the released foreign tax credits

and Declaration of Representative.

to earlier years. Also, if the released

foreign tax credits result in the

Specific Instructions

Disallowance of the

release of general business credits,

Application

you cannot use Form 1045 to carry

Address

the released general business credits

Your application is not treated as a

to earlier years. Instead, you must file

claim for credit or refund. It may be

P.O. box. Enter your box number

Form 1040X or other amended return

disallowed if it has material omissions

only if your post office does not

to claim refunds for those years. For

or math errors that are not corrected

deliver mail to your street address.

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

within the 90-day period. If the

Foreign address. Enter the

C.B. 394.

application is disallowed in whole or

information in the following order:

in part, no suit challenging the

City, province or state, and country.

Line 10 Through 27—

disallowance can be brought in any

Follow the country’s practice for

court. But you can file a regular claim

Computation of

entering the postal code. Do not

for credit or refund before the

abbreviate the country name.

Decrease in Tax

limitation period expires, as explained

below under Form 1040X or Other

Line 1b—Unused

Use one pair of columns to enter

Amended Return.

amounts before and after carryback

General Business Credit

for each year to which the loss is

Excessive Allowances

If you claim a tentative refund based

being carried. Start with the earliest

Any amount applied, credited, or

on the carryback of an unused

carryback year. A net section 1256

refunded based on this application

general business credit, attach a

contracts loss can be carried back 3

-2-

Instructions For Form 1045 - 2004 Page 2

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