Form N-109 - Application For Tentative Refund From Carryback Of Net Operating Loss Page 3
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4FORM N-109
(REV. 2014)
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)
Note: Hawaii has not adopted the federal
termined. Such decrease must be computed on
if it were due to a mathematical error appearing
net operating loss carryback provision of the
the basis of the items reflected in the computa-
on the return.
American Recovery and Reinvestment Act of
tion of the tax as previously determined. Accord-
G. AMENDED RETURN.—An individual, es-
2009, and the Worker, Homeownership, and
ingly, items must be taken into account only to
tate, trust, or fiduciary may obtain a refund by
Business Assistance Act of 2009.
the extent that they were reported in the return,
filing an amended return. A separate amended
or were reflected in amounts assessed (or col-
A. WHO MAY FILE AN APPLICATION.—An
return must be filed for each year that a refund is
lected without assessment) as deficiencies, or in
application for a tentative carryback adjustment
requested. Generally, the amended return must
amounts which were abated, credited, refunded,
may be filed on this form by any individual, es-
be filed within 3 years after the due date of the
or otherwise repaid prior to the date of filing this
tate, trust, or fiduciary who desires a quick refund
return for the tax year of the NOL.
application.
of taxes which are affected by the carryback of
If you are an individual, fill in the amended re-
a NOL.
Deductions (except the charitable contribu-
turn oval and the NOL Carryback oval at the top of
tions deduction) which are limited, for example,
Note: If you are a nonresident or part-year
Form N-11 or Form N-15. Complete your amend-
by taxable income or adjusted gross income, are
resident (Form N-15 filer), you cannot file
ed return with all of the correct information. At-
to be recomputed on the basis of the taxable in-
Form N-109. However, you may use Schedule A
tach Schedule AMD, Explanation of Changes on
come or adjusted gross income as affected by
(Form N-109) to figure your NOL that is available
Amended Return, to the income tax return. Also
the carryback.
for carryback or carryforward. You must file an
attach all schedules, forms, and attachments re-
amended return on Form N-15 to carry back
In general, the tax previously determined
quired to file a complete return, including, but not
your NOL. See Item G, Amended Return, for
will be the tax shown on the return as filed, in-
limited to, Schedule CR and Schedule X, even if
information on filing an amended return.
creased by any amounts assessed (or collected
the credits were claimed on the original return. A
without assessment) as deficiencies prior to the
copy of your original federal income tax return for
A taxpayer has an option on whether or not to
date of filing this application and decreased by
the loss year must also be attached.
carry a loss back first before carrying it forward.
any amounts abated, credited, refunded, or oth-
This form should only be used by those taxpayers
H. YEARS TO WHICH YOU MAY CARRY A
erwise repaid prior to such date.
choosing to carry their losses back.
NOL.—Generally, you must first carry a NOL
If any amount of the tax with respect to which
back to the second tax year before the loss. The
You may elect to carry forward a NOL instead
a decrease is determined in connection with this
portion of a NOL for a tax year that’s an “eligible
of first carrying it back by attaching a statement
application is unpaid (including any installment
loss” may be carried back to the 3 preceding tax
to this effect on a timely filed return (including
not yet due) at the date of filing the application,
years. In the case of an individual, eligible losses
any extensions) for the year of the loss. Once
enter the unpaid amount of such tax in the ap-
are property losses arising from fire, storm, ship-
you make such an election, it is irrevocable for
propriate column.
wreck, or other casualty, or from theft. In the case
that year. The carryforward is limited to 20 years,
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
refundable tax credits, except the credit for child
However, no part of any NOL incurred outside
are $5 million or less for the tax year in which
and dependent care expenses, must be claimed
of the State prior to beginning business in the
the loss arose), or engaged in the trade or busi-
on or before the end of the year following the year
State may be included in such election.
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-
2. The last day of the month in which falls the
entirely used to offset taxable income (adjusted)
tion at P.O. Box 3559, Honolulu, Hawaii 96811-
last date prescribed by law (including any exten-
in the 2 preceding years, the balance may be
3559, and must be filed on or after the date of
sion of time granted) for filing the return for the
carried forward to the 20 succeeding years (after
filing of the return for the taxable year of the NOL
taxable year of the NOL from which the carryback
NOL year) in the order of their occurrence. The
and within 12 months from the end of such tax-
results.
balance of the loss (if any) which is not applied in
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,
sions or computation errors which the Director of
For election with respect to the part of a NOL
you may file an amended return within three
Taxation deems cannot be corrected within the
from a foreign expropriation loss, product liabil-
years of the due date prescribed for filing the
90-day period may be disallowed. This applica-
ity loss, and other exceptions to the general rule,
return, including extensions, for the NOL year or
tion for a tentative carryback adjustment does not
see section 172(b) and the federal regulations.
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.
F. ASSESSMENT OF ERRONEOUS AL-
to be carried to the same tax year, apply the loss
The amount of the adjustment is limited to the
LOWANCES.—Any amount applied, credited, or
from the earliest year first.
decrease in such tax as previously determined
refunded on the basis of this application which is
which results from the NOL carryback and the
later determined by the Director of Taxation to be
effect of such carryback upon any item taken
excessive may be assessed as a deficiency as
into account in computing the tax previously de-
Page 3
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