Form Mi-1045 - Application For Net Operating Loss Refund Instructions Page 2
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MI-1045
MI-1045
Schedule A: Nonbusiness Deductions (For Loss Years Prior to 1997 Only)
Application for Refund from Carryback of Net Operating Loss
Computation for the Amount of Nonbusiness Deductions that Exceed Nonbusiness Income
Column A
Column B
Column C
PART 2 -- Redetermining Your Michigan Income Tax
for loss year ________ or for loss year beginning _________19_____ and ending __________19_____.
19_____
19_____
19_____
37.
Enter the year that you are carrying the NOL to
.00
.00
.00
38.
Reported federal adjusted gross income
Your Social Security Number
First Name, Middle Initial and Last Name (if joint, use first names and initials of both)
39.
Additions from MI-1040, explain
.00
.00
.00
40.
Total. Add lines 38 and 39
.00
.00
.00
.00
1.
Total itemized deductions or standard deduction from MI-1045, page 2, line 16
1.
41.
Subtractions from MI-1040, explain
2.
Less:
.00
.00
.00
.00
a. Casualty or theft loss
2a.
.00
.00
.00
42.
Balance. Subtract line 41 from line 40
.00
b. State income tax on net income from business
2b.
.00
.00
.00
43.
Less NOLD
.00
c. Interest on state and federal taxes attributable to business income
2c.
.00
.00
.00
44.
Balance. Subtract line 43 from line 42
.00
d. Employee business expenses included in itemized deductions
2d.
.00
.00
.00
45.
Less Michigan exemption allowance
e. Other, explain
.00
.00
.00
46.
Taxable balance
.00
2e.
.00
.00
.00
47.
Tentative tax
Total of lines 2a - e
3.
.00
3.
48.
Less nonrefundable tax credits
.00
.00
.00
.00
4.
Subtract line 3 from line 1
4.
.00
.00
.00
49.
Tax due. If less than zero, enter zero
5.
Enter any of the following: IRA deduction, self-employed health insurance deduction, self-employed
50.
Less: a. Refundable tax credits
.00
.00
.00
.00
pension or profit sharing plan deduction, penalty on early withdrawal of savings and alimony paid
5.
.00
.00
.00
b. Tax withheld
6.
Nonbusiness deductions, add lines 4 and 5
6.
.00
c. Tax paid with prior returns
.00
.00
.00
7.
Nonbusiness income
.00
.00
.00
d. Estimated tax payments
.00
a. Interest income
7a.
.00
.00
.00
51.
Total of items 50a - d
.00
b. Dividend income
7b.
.00
.00
.00
52.
Tax previously refunded or carried to next year
.00
c. Net gains from sale of assets not used in trade or business
7c.
.00
.00
.00
53.
Balance of tax paid. Subtract line 52 from line 51
.00
d. Pension and annuities
7d.
.00
.00
.00
54.
Overpayment. Subtract line 49 from line 53
.00
e. Alimony received
7e.
f. Other income
7f.
.00
I declare under penalty of perjury that the information in this application
I declare under penalty of perjury that this application is
Sign
.00
based on all information of which I have any knowledge.
8.
Total nonbusiness income, add lines 7a - f
8.
and attachments is true and complete to the best of my knowledge.
Here
I authorize Treasury to discuss my application with my preparer.
Preparer's Signature, Business Name and Address
9.
Excess of nonbusiness deductions over nonbusiness income, subtract line 8 from line 6, enter here and
Do not discuss with my preparer.
.00
on MI-1045, page 2, line 20c. If amount on line 9 is zero or less, enter -0- on MI-1045, page 2, line 20c
9.
Signature
Date
Spouse's Signature
Date
Phone
ID Number
Instructions for
Line-by-Line Instructions for Part 1:
Schedule A: Nonbusiness Deductions
Computing the Net Operating Loss
Line-by-Line Instructions for Part 2: Redetermining Your Michigan Income Tax
Use the entries on your U.S. 1040 for the year the loss occurred
To complete this form, refer to your U.S. 1040 for the year
the loss occurred. Also, note the following:
to complete Part 1. Do not consider income and losses from other
(Note: For loss years commencing after August 5, 1997, the carryback and carryforward rules for most NOLs
states or income and losses from oil and gas.
• salaries and wages you receive are trade or business income.
have changed. In general, NOLs are now carried back 2 years and then forward 20 years. See U.S. 1045
Line 10: Miscellaneous income includes state and local refunds,
• casualty and theft losses are considered attributable to a trade or
instructions for exceptions to the general rule.)
unemployment benefits, alimony received and any other
business, even if they involve nonbusiness property.
miscellaneous taxable income.
Line 39: Additions from MI-1040. Include here any additions
Line 48: Enter the total of nonrefundable credits claimed on
• your prorated share of a partnership or S corporation income
Line 14: Subtract line 13 from line 11. This amount should equal
shown on your original return.
your original return.
or loss is business income or loss.
your federal AGI if you have no income or losses from other
• deductions allowed for payment to a Keogh retirement plan and
Line 41: Subtractions from MI-1040. Include here any
states or income and losses from oil and gas.
Line 50a: Enter the total of refundable credits for: homestead
individual retirement arrangements (IRA's) are nonbusiness
subtractions shown on your original return.
Line 15d, page 2: Contributions cannot be used if AGI is zero or
property tax, home heating, farmland preservation and solar
deductions.
energy. Any credit entered here must be adjusted for the
negative. See federal guidelines for carryover rules.
Line 43: Enter your Michigan NOL from line 21, page 1 for
Line 7f: Include any refund of income taxes on nonbusiness
NOLD adjustment to household income, if applicable. Be sure
Line 19, page 2: If lines 14 and 18 are both negative, combine
1997, or from line 22, page 2, for prior years.
income included in your federal adjusted gross income (AGI).
to attach your amended credit form.
the two negative figures to make a larger negative number.
Line 44: If line 44 is less than $0, enter that amount on line 43
Line 19, page 1 or line 20b, page 2: The excess capital loss
Line 50c: Enter the total of the following for the year listed on
in the next column.
must be calculated on a U.S. 1045 Schedule A, then entered on
line 37; tax paid with the annual return and any additional tax
this line.
Line 47: Tentative tax. This amount cannot be less than zero.
paid after the original return was filed.
Mail your completed form to:
Michigan Department of Treasury
Lansing, MI 48956
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