Instructions For Form 1045 - 2004 (Page 6 of 8) in pdf

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You had any items of income or

Line 6—Adjustment to

Line 3—Net Capital Loss

deductions based on adjusted gross

Itemized Deductions

Deduction

income which are listed in the

Individuals. Skip this line if, for the

instructions for line 5 of

Individuals. Enter as a positive

applicable carryback year:

Schedule B on page 6.

number the amount, if any, shown (or

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You did not itemize deductions, or

as previously adjusted) on Schedule

If you cannot use the amount from

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The amounts on Schedule B, line 3

D (Form 1040), line 21 (line 18 for

line 20 as your adjusted gross

and line 4, are zero.

1997 – 2003; line 19 for 1994 –1996).

income, figure your adjusted gross

Otherwise, complete lines 10 through

Estates and trusts. Enter as a

income as follows.

34 and enter on line 6 the amount

positive number the amount, if any,

1. Figure the adjustment to each

from line 34 (or, if applicable, line 12

shown (or as previously adjusted) on

item of income or deduction in the

of the worksheet on page 8).

Schedule D (Form 1041), line 16 (line

same manner as explained in the

17 for 1997 – 2003; line 18 for

Estates and trusts. Recompute the

instructions for line 5 of Schedule B

1994 – 1996).

miscellaneous itemized deductions

on page 6, except do not take into

shown (or as previously adjusted) on

account any NOL carrybacks when

Line 4—Section 1202

Form 1041, line 15b, and any

figuring adjusted gross income.

Exclusion

casualty or theft losses shown (or as

Attach a computation showing how

Enter as a positive number any gain

previously adjusted) on Form 4684,

you figured the adjustments.

excluded under section 1202 on the

Casualties and Thefts, line 18, by

2. Add lines 3, 4, 10, and 19 of

sale or exchange of qualified small

substituting modified adjusted gross

Schedule B to the total adjustments

business stock.

income (see below) for the adjusted

you figured in (1) above. Use the

gross income of the estate or trust.

result as your adjusted gross income

Line 5—Adjustments to

Subtract the recomputed deductions

to refigure charitable contributions.

Adjusted Gross Income

and losses from the deductions and

For NOL carryover purposes, you

losses previously shown, and enter

If you entered an amount on line 3 or

must reduce any charitable

the difference on line 6.

line 4, you must refigure certain

contributions carryover to the extent

income and deductions based on

Modified adjusted gross income

that the NOL carryover on line 9 is

adjusted gross income. These

for estates and trusts. For

increased by any adjustment to

include:

purposes of figuring miscellaneous

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charitable contributions.

The special allowance for passive

itemized deductions subject to the 2%

activity losses from rental real estate

Line 34

limit, figure modified adjusted gross

activities,

income by adding the following

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Complete the worksheet on page 8 if

Taxable social security benefits,

amounts to the adjusted gross

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line 18, Schedule B, is more than:

IRA deductions,

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income previously used to figure

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$111,800 for 1994 ($55,900 if

Excludable savings bond interest,

these deductions.

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married filing separately),

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The exclusion of amounts received

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The total of the amounts from lines

$114,700 for 1995 ($57,350 if

under an employer’s adoption

3 through 5 of Form 1045,

married filing separately),

assistance program,

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Schedule B.

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$117,950 for 1996 ($58,975 if

The student loan interest

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The exemption amount shown (or

married filing separately),

deduction, and

•

as previously adjusted) on Form

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$121,200 for 1997 ($60,600 if

The tuition and fees deduction.

1041, line 20 (line 21 for 1997).

married filing separately),

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For purposes of figuring the

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The income distribution deduction

$124,500 for 1998 ($62,250 if

adjustment to each of these items,

shown (or as previously adjusted) on

married filing separately),

your adjusted gross income is

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Form 1041, line 18.

$126,600 for 1999 ($63,300 if

increased by the total of the amounts

married filing separately),

For purposes of figuring casualty

on line 3 and line 4. Do not take into

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$128,950 for 2000 ($64,475 if

or theft losses, figure modified

account any NOL carryback from

married filing separately),

adjusted gross income by adding the

2004 or later.

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$132,950 for 2001 ($66,475 if

total of the amounts from lines 3

Generally, figure the adjustment to

married filing separately),

through 5 of Form 1045, Schedule B,

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each item of income or deduction in

$137,300 for 2002 ($68,650 if

to the adjusted gross income

the order listed above and, when

married filing separately), or.

previously used to figure these

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figuring the adjustment to each

$139,500 for 2003 ($69,750 if

losses.

subsequent item, increase or

married filing separately)

decrease adjusted gross income by

Line 9—NOL Carryover

Only complete a column for each

the total adjustments you figured for

year that meets the above

After completing all applicable

the previous items. However, a

requirements.

columns, carry forward to 2005 the

special rule applies if you received

amount, if any, on line 9 of the

social security benefits and deducted

column for the 1st preceding tax year.

IRA contributions. Use the

Disclosure, Privacy Act, and

worksheets in Pub. 590, Individual

Paperwork Reduction Act Notice.

Line 22—Refigured

Retirement Arrangements (IRAs), to

We ask for the information on this

Charitable Contributions

refigure your taxable social security

form to carry out the Internal

benefits and IRA deductions under

Refigure your charitable contributions

Revenue laws of the United States.

the special rule.

using line 20 as your adjusted gross

You may use Form 1045 to apply

Enter on line 5 the total

income unless, for any preceding tax

under section 6411 for a quick refund

adjustments made to the listed items.

year:

of tax for a prior year affected by

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Attach a computation showing how

You entered an amount other than

certain carrybacks. If you file Form

you figured the adjustments.

zero on line 19, and

1045, you are required to give us the

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Instructions For Form 1045 - 2004 Page 6

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