Form N-109 - Application For Tentative Refund From Carryback Of Net Operating Loss Page 3
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4FORM N-109
(REV. 2015)
STATE OF HAWAII — DEPARTMENT OF TAXATION
GENERAL INSTRUCTIONS FOR APPLICATIONS FOR TENTATIVE
REFUND FROM CARRYBACK OF NET OPERATING LOSS (NOL)
FOR USE BY INDIVIDUALS, ESTATES, OR TRUSTS
(Section references are to the Internal Revenue Code unless otherwise specified)
A. WHO MAY FILE AN APPLICATION.—An
or were reflected in amounts assessed (or col-
requested. Generally, the amended return must
application for a tentative carryback adjustment
lected without assessment) as deficiencies, or in
be filed within 3 years after the due date of the
may be filed on this form by any individual, es-
amounts which were abated, credited, refunded,
return for the tax year of the NOL.
tate, trust, or fiduciary who desires a quick refund
or otherwise repaid prior to the date of filing this
If you are an individual, fill in the amended
of taxes which are affected by the carryback of
application.
return oval and the NOL Carryback oval at the
a NOL.
Deductions (except the charitable contribu-
top of Form N-11 or Form N-15. Complete your
Note: If you are a nonresident or part-year
tions deduction) which are limited, for example,
amended return with all of the correct information.
resident (Form N-15 filer), you cannot file
by taxable income or adjusted gross income, are
Attach Schedule AMD, Explanation of Changes
Form N-109. However, you may use Schedule A
to be recomputed on the basis of the taxable in-
on Amended Return, to the income tax return.
(Form N-109) to figure your NOL that is available
come or adjusted gross income as affected by
Also attach all forms and statements required to
for carryback or carryforward. You must file an
the carryback.
file a complete return. If you are claiming any tax
amended return on Form N-15 to carry back
credits, remember to attach the required forms,
In general, the tax previously determined
your NOL. See Item G, Amended Return, for
such as Schedule CR and Schedule X, even if
will be the tax shown on the return as filed, in-
information on filing an amended return.
you claimed the credits on the original return. A
creased by any amounts assessed (or collected
copy of your original federal income tax return for
A taxpayer has an option on whether or not to
without assessment) as deficiencies prior to the
the loss year must also be attached.
carry a loss back first before carrying it forward.
date of filing this application and decreased by
This form should only be used by those taxpayers
any amounts abated, credited, refunded, or oth-
H. YEARS TO WHICH YOU MAY CARRY A
choosing to carry their losses back.
erwise repaid prior to such date.
NOL.—Generally, you must first carry a NOL
back to the second tax year before the loss. The
You may elect to carry forward a NOL instead
If any amount of the tax with respect to which
portion of a NOL for a tax year that’s an “eligible
of first carrying it back by attaching a statement
a decrease is determined in connection with this
loss” may be carried back to the 3 preceding tax
to this effect on a timely filed return (including
application is unpaid (including any installment
years. In the case of an individual, eligible losses
any extensions) for the year of the loss. Once
not yet due) at the date of filing the application,
are property losses arising from fire, storm, ship-
you make such an election, it is irrevocable for
enter the unpaid amount of such tax in the ap-
wreck, or other casualty, or from theft. In the case
that year. The carryforward is limited to 20 years,
propriate column.
of a taxpayer that’s a small business (a sole pro-
whether or not a carryback is used first.
Note:
As provided by statute, adjustment to
prietorship whose average annual gross receipts
However, no part of any NOL incurred outside
refundable tax credits, except the credit for child
are $5 million or less for the tax year in which
of the State prior to beginning business in the
and dependent care expenses, must be claimed
the loss arose), or engaged in the trade or busi-
State may be included in such election.
on or before the end of the year following the year
ness of farming, eligible losses are NOLs attribut-
for which the credits are claimed.
Change in Filing Status. Special rules apply
able to Presidentially declared disasters. Farming
if you filed a joint return (or a separate return) for
D. ALLOWANCE OF ADJUSTMENT.—The
losses may be carried back to the 5 preceding
some but not all of the tax years involved in fig-
Director of Taxation will act on this application
tax years.
uring an NOL carryback. For details, see federal
within a period of 90 days from whichever of the
Any amount of the loss not used to offset tax-
Publication 536. Attach a computation showing
following two dates is the later:
able income (adjusted, as explained in instruc-
how you figured the carryback.
1. The date on which this application is filed;
tion K) for the second preceding year is carried
B. TIME AND PLACE FOR FILING.—This
or
to the first preceding year. Where the loss is not
form must be filed with the Department of Taxa-
entirely used to offset taxable income (adjusted)
2. The last day of the month in which falls the
tion at P.O. Box 3559, Honolulu, Hawaii 96811-
in the 2 preceding years, the balance may be
last date prescribed by law (including any exten-
3559, and must be filed on or after the date of
carried forward to the 20 succeeding years (after
sion of time granted) for filing the return for the
filing of the return for the taxable year of the NOL
NOL year) in the order of their occurrence. The
taxable year of the NOL from which the carryback
and within 12 months from the end of such tax-
balance of the loss (if any) which is not applied in
results.
able year. Do not attach this form to your income
the 2 carryback and 20 carryover years, cannot
E. DISALLOWANCE OF APPLICATION.—
tax return.
be carried to any later tax years.
Any application which contains material omis-
NOTE: If you fail to meet the foregoing limitation,
For election with respect to the part of a NOL
sions or computation errors which the Director of
you may file an amended return within three
from a foreign expropriation loss, product liabil-
Taxation deems cannot be corrected within the
years of the due date prescribed for filing the
ity loss, and other exceptions to the general rule,
90-day period may be disallowed. This applica-
return, including extensions, for the NOL year or
see section 172(b) and the federal regulations.
tion for a tentative carryback adjustment does not
the period agreed to under a written extension of
constitute a claim for credit or refund. If this ap-
I. NOL DEDUCTION.—The sum of your NOL
time, whichever is later.
plication is disallowed in whole or in part, no suit
carrybacks and carryovers is your NOL deduc-
C. RECOMPUTATION OF TAX LIABILITY.—
based thereon may be maintained in any court
tion for the tax year to which carried. Before you
In determining the decrease attributable to the
for the recovery of the tax. The taxpayer may,
can figure your NOL deduction for the year, you
NOL carryback in the tax previously determined,
however, file a regular claim for credit or refund
must first determine what part of any NOLs for
such tax is to be recomputed. The use of Form
on an amended return at any time before the ex-
any earlier or later tax years represents carry-
N-11 or N-40 and instructions, for the applicable
piration of the applicable period of limitation, as
overs or carrybacks to the tax year under con-
taxable year, will be helpful in making this recom-
further explained in instruction G.
sideration. When you have more than one NOL
putation.
to be carried to the same tax year, apply the loss
F. ASSESSMENT OF ERRONEOUS AL-
The amount of the adjustment is limited to the
from the earliest year first.
LOWANCES.—Any amount applied, credited, or
decrease in such tax as previously determined
refunded on the basis of this application which is
J. COMPUTATION WHEN THE NOL IS FUL-
which results from the NOL carryback and the
later determined by the Director of Taxation to be
LY ABSORBED IN THE EARLIEST PRECED-
effect of such carryback upon any item taken
excessive may be assessed as a deficiency as
ING TAX YEAR.—In refiguring your tax liability
into account in computing the tax previously de-
if it were due to a mathematical error appearing
for the year to which the NOL is carried and fully
termined. Such decrease must be computed on
on the return.
absorbed, the deduction for charitable contribu-
the basis of the items reflected in the computa-
tions is determined without regard to any NOL
G. AMENDED RETURN.—An individual, es-
tion of the tax as previously determined. Accord-
carryback. Any other deductions claimed, based
tate, trust, or fiduciary may obtain a refund by
ingly, items must be taken into account only to
on or limited to a percentage of your adjusted
filing an amended return. A separate amended
the extent that they were reported in the return,
gross income (such as medical expenses) must
return must be filed for each year that a refund is
Page 3
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