Instructions For Form 1045 - 2003 (Page 4 of 8) in pdf

Farming losses. To the extent the

years may be carried forward up to

on the back of Form 1040EZ. If you

NOL is a farming loss (defined on

20 years.

checked the “No” box, enter:

•

page 1), that part of the loss is

$4,700 for 2002 ($7,850 if married),

Only the specified liability loss

•

$4,550 for 2001 ($7,600 if married),

carried back to the 5th tax year

portion of the NOL may be carried

•

$4,400 for 2000 ($7,350 if married),

before the loss. Any such loss not

back 10 years.

•

$4,300 for 1999 ($7,200 if married),

used in that year is carried to the 4th

•

You may elect to treat a specified

$4,250 for 1998 ($7,100 if married),

preceding year and then applied

•

liability loss as if it were not a

$4,150 for 1997 ($6,900 if married),

consecutively forward through the 1st

•

specified liability loss. If you make

$4,000 for 1996 ($6,700 if married),

preceding year. Any such loss not

•

this election, the loss carryback

$3,900 for 1995 ($6,550 if married),

applied in the 5 preceding years may

•

period will be 2 years (3 years to the

$3,800 for 1994 ($6,350 if married),

be carried forward up to 20 years.

•

extent the loss is an eligible loss; 5

$3,700 for 1993 ($6,200 if married).

Only the farming loss portion of the

years to the extent the loss is a

If you used TeleFile for your

NOL may be carried back 5 years.

farming loss). To make this election

original return and someone else

for 2003, attach to your 2003 income

Example. You operate a farming

could claim you as a dependent on

tax return filed by the due date

business and incur an NOL of

their return, see Form 1040EZ for the

(including extensions) a statement

$50,000 for 2003. $25,000 of the

year in question and complete the

that you are electing to treat any

NOL is attributable to income and

worksheet on the back of that form.

2003 specified liability losses as if

deductions of your farming business;

Next, enter the amount from line E of

they were not specified liability

$10,000 is attributable to a fire in your

that worksheet on line 13 of Form

losses. If you filed your original return

personal residence (an eligible loss);

1045 in the column labeled “Before

on time, you may make the election

and the remaining $15,000 is

carryback” for the applicable year. If

on an amended return filed within 6

attributable to your spouse’s work as

no one could claim you as a

months after the due date of the

an employee. The $25,000 farming

dependent, enter the amount listed

return (excluding extensions). Attach

loss is carried back 5 years; the

above for that year.

the election to the amended return,

$10,000 eligible loss is carried back 3

and write “Filed pursuant to section

years; and the remaining $15,000

Line 15—Exemptions

301.9100-2” on the election

loss is carried back 2 years. Any

statement. File the amended return at

Individuals. Enter in the column

unused portion of this NOL may be

the same address you used for your

labeled “Before carryback” for each

carried forward up to 20 years.

original return. Once made, the

applicable carryback year the amount

election is irrevocable.

For a farming loss, you may elect a

shown (or as previously adjusted) on

loss carryback period of 2 years

Special rules. Special rules apply if

Form 1040, line 36 (line 37 for 1997;

instead of 5 years. To make this

you filed a joint return (or a separate

line 38 for 1998 –2001; line 40 for

election for 2003, attach to your 2003

return) for some but not all of the tax

2002).

income tax return filed by the due

years involved in figuring an NOL

If you filed Form 1040A, enter the

date (including extensions) a

carryback. For details, see Pub. 536.

amount shown (or as previously

statement that you are electing a 2

Attach a computation showing how

adjusted) on line 21 (line 23 for

year carryback period for any 2003

you figured the carryback.

1998 –1999; line 24 for 2000 –2001;

farming losses. If you filed your

line 26 for 2002).

Line 13—Deductions

original return on time, you may make

If you filed Form 1040-T for 1995,

the election on an amended return

Individuals. Enter in the column

enter the amount shown (or as

filed within 6 months after the due

labeled “Before carryback” for each

previously adjusted) on line 24.

date of the return (excluding

applicable carryback year the amount

extensions). Attach the election to the

If you filed Form 1040EZ and

shown (or as previously adjusted) on

amended return, and write “Filed

checked the “Yes” box on Form

Form 1040, line 34 (line 35 for 1997;

pursuant to section 301.9100-2” on

1040EZ, line 5 (line 4 for 1994), enter

line 36 for 1998 –2001; line 38 for

the election statement. File the

zero (or the amount from line F of the

2002).

amended return at the same address

1040EZ worksheet if married). If you

If you filed Form 1040A, enter the

you used for your original return.

checked the “No” box, enter:

•

amount shown (or as previously

Once made, the election is

$3,000 for 2002 ($6,000 if married),

•

adjusted) on line 19 (line 21 for

irrevocable.

$2,900 for 2001 ($5,800 if married),

•

1998 –1999; line 22 for 2000 –2001;

$2,800 for 2000 ($5,600 if married),

Specified liability losses. To the

•

line 24 for 2002).

$2,750 for 1999 ($5,500 if married),

extent an NOL is a specified liability

•

$2,700 for 1998 ($5,400 if married),

If you filed Form 1040-T for 1995,

loss (defined on page 1), that part of

•

$2,650 for 1997 ($5,300 if married),

enter the amount shown (or as

the loss is carried back to the 10th

•

$2,550 for 1996 ($5,100 if married),

previously adjusted) on line 20.

tax year before the loss. Any such

•

$2,500 for 1995 ($5,000 if married),

loss not used in that year is carried to

If you filed Form 1040EZ and

•

$2,450 for 1994 ($4,900 if married),

the 9th preceding year and then

checked the “Yes” box on Form

•

$2,350 for 1993 ($4,700 if married).

applied consecutively forward through

1040EZ, line 5 (line 4 for 1994), enter

the 1st preceding year. Any such loss

the amount shown (or as previously

If you used TeleFile for your

that is not applied in the 10 preceding

adjusted) on line E of the worksheet

original return and someone else

-4-

Instructions For Form 1045 - 2003 Page 4

Related Articles

Related forms

Related Categories