Instructions For Form 1045 - Application For Tentative Refund

2 0 09

Department of the Treasury

Internal Revenue Service

Instructions for Form 1045

Application for Tentative Refund

loss attributable to a federally

What’s New

Purpose of Form

declared disaster (as defined in

Form 1045 is used by an individual,

section 165(h)(3)(C)(i)).

5-year carryback of applicable

estate, or trust to apply for a quick tax

An eligible loss does not include a

2008 or 2009 net operating losses

refund resulting from:

farming loss, a qualified disaster loss,

•

(NOLs). You may elect to carry back

The carryback of an NOL,

a qualified GO Zone loss, a qualified

•

an applicable 2008 or 2009 NOL for a

The carryback of an unused

recovery assistance loss, a qualified

period of 3, 4, or 5 years. You can

general business credit,

disaster recovery assistance loss, or

•

choose to make this irrevocable

The carryback of a net section

an applicable 2008 or 2009 NOL.

election for one tax year by filing an

1256 contracts loss, or

•

Farming loss. A farming loss is the

election statement with your Form

An overpayment of tax due to a

smaller of:

claim of right adjustment under

1045 or amended Form 1045. For

•

The amount that would be the NOL

section 1341(b)(1).

more information, see Special Rules

for the tax year if only income and

for Applicable 2008 or 2009 NOLs on

When carrying back an NOL

deductions attributable to farming

page 4. Also see Rev. Proc. 2009-52,

to an earlier tax year, an

businesses (as defined in section

2009-49 I.R.B. 744.

alternative minimum tax

CAUTION

263A(e)(4)) were taken into account,

(AMT) liability may be created for that

Eligible small business (ESB)

•

earlier year. This may be true even if

The NOL for the tax year.

losses. Even if you made an

there was no AMT liability when the

A farming loss does not include a

election to carry back a 2008 NOL

tax return for that earlier year was

qualified disaster loss.

that is attributable to ESBs for a

filed.

Qualified disaster loss. A qualified

period of 3, 4, or 5 years under Rev.

Waiving the carryback period. You

disaster loss is the smaller of:

Proc. 2009-26, 2009-19 I.R.B. 935,

can elect to carry an NOL forward

1. The sum of:

you may elect a 3, 4, or 5-year

only, instead of first carrying it back.

a. Any losses occurring in a

carryback period under Rev. Proc.

To make this election for an NOL

disaster area (as defined in section

2009-52 for an applicable 2008 or

incurred in your 2009 tax year, attach

165(h)(3)(C)) and attributable to a

2009 NOL that is not subject to the

to your 2009 tax return filed on or

federally declared disaster occurring

election under Rev. Proc. 2009-26.

before the due date (including

before January 1, 2010, plus

extensions) a statement that you are

b. Any qualified disaster expenses

electing under section 172(b)(3) to

Alternative minimum tax net

allowable under section 198A (even if

relinquish the entire carryback period

operating loss. The 90 percent limit

you did not elect to treat such

for any 2009 NOL. If you filed your

on the alternative tax net operating

expenses as qualified disaster

return on time without making the

loss deduction (ATNOLD) does not

expenses), or

election, you can still make the

apply to the portion of an ATNOLD

2. The NOL for the tax year.

election on an amended return filed

attributable to any applicable 2008 or

within 6 months of the due date of the

2009 NOL you elected to carry back

Excluded losses. A qualified

return (excluding extensions). Attach

more than 2 years under section

disaster loss does not include any

the election to the amended return,

172(b)(1)(H). See the instructions for

losses from property used in

and write “Filed pursuant to section

line 17 on page 6.

connection with any private or

301.9100-2” on the election

commercial golf course, country club,

statement. Once made, the election is

Qualified GO Zone loss. Beginning

massage parlor, hot tub facility,

irrevocable.

in 2009, the portion of any NOL

suntan facility, or any store for which

attributable to a qualified GO Zone

the principal business is the sale of

Definitions

alcoholic beverages for consumption

loss is now limited to the amount of

Applicable 2008 or 2009 NOL. An

off premises.

any special GO Zone depreciation or

applicable 2008 or 2009 NOL is an

amortization allowable for any

A qualified disaster loss also does

NOL arising in a taxable year ending

specified GO Zone extension

not include any losses from any

after December 31, 2007, and

property placed in service during the

gambling or animal racing property.

beginning before January 1, 2010.

tax year. For more information, see

Gambling or animal racing property is

Eligible loss. For an individual, an

the instructions for line 10 beginning

any equipment, furniture, software, or

eligible loss is any loss of property

on page 3.

other property used directly in

arising from fire, storm, shipwreck,

connection with gambling, the racing

other casualty, or theft.

of animals, or the on-site viewing of

General Instructions

For a small business (as defined in

such racing, and the portion of any

Section references are to the Internal

section 172(b)(1)(F)(iii)) or a farming

real property (determined by square

Revenue Code unless otherwise

business (as defined in section

footage) that is dedicated to

noted.

263A(e)(4)), an eligible loss is any

gambling, the racing of animals, or

Cat. No. 13666W

Instructions For Form 1045 - Application For Tentative Refund - 2009

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