Form Mi-1045 - Application For Michigan Net Operating Loss Refund Page 3
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42012 MI-1045, Page 3
Filer’s Social Security Number
Computation of Federal Modified Taxable Income (FMTI) for
Household Income Only
NOTE: Do not complete this section if you are electing to forgo your carryback. Effective 2012, FMTI is not used and an NOL is not
allowed in determining Total Household Resources.
PART 3: ADJUSTING YOUR NOL FOR HOUSEHOLD INCOME
A
B
C
Step 1. Figure Your FMTI
41. Year you are carrying the NOL to ..................................................
42. Reported AGI for year shown on line 41 without NOLD ................
00
00
00
43. a. Adjustments to AGI including DPAD (see instructions) ..............
00
00
00
b. Capital losses, in excess of capital gains ($3,000 maximum) ...
00
00
00
44. MODIFIED Federal AGI. Add lines 42 and 43a or 43b ..................
00
00
00
45. a. Medical (see instructions for limitations)....................................
00
00
00
b. Taxes .........................................................................................
00
00
00
c. Contributions..............................................................................
00
00
00
d. Interest.......................................................................................
00
00
00
e. Casualty loss .............................................................................
00
00
00
f. Moving expenses.......................................................................
00
00
00
g. Miscellaneous (attach U.S. Schedule A; see inst.) ....................
00
00
00
h. Limit on itemized deductions .....................................................
00
00
00
i. If you did not itemize, use the standard deduction ....................
00
00
00
46. Enter the total of 45a through h, or 45i if you did not itemize ........
00
00
00
47. FMTI. Subtract line 46 from line 44. If less than zero, enter “0” ....
00
00
00
Step 2. Figure Your Carryback (If you are not carrying the loss back, go to Step 3.)
48. Unabsorbed NOL. Enter in column A your
federal NOL as a positive amount .................................................
00
00
00
49. NOL to be carried to next succeeding year through 2011.
Subtract line 47 from line 48. Carry the amount on this line to
the next column, line 48. If less than zero, enter “0”......................
00
00
00
Step 3. Figure Your Carryforward
50. Year the federal NOL occurred ......................................................
51. Enter the amount of the original federal NOL as a positive amount
00
00
00
52. Total of all NOLDs used for previous years ...................................
00
00
00
53. Subtract line 52 from line 51. This is the remaining NOL that can
be carried forward to the year on line 41 .......................................
00
00
00
54. Subtract line 47 (FMTI) from line 53. This is the remaining
NOL to carry forward. If less than zero, enter “0” ..........................
00
00
00
Line-by-Line Instructions for Part 3
45h: If modified AGI exceeds certain amounts, itemized deductions may be
Part 3: Adjusting Your NOL for Household Income
limited. See limitations in effect for the year entered on line 41.
Line 41: May be applied to tax years 2011 and prior only.
Line 47: This is your FMTI. Your Michigan NOLD will be the amount on
Line 42: Include NOL carryovers or carrybacks from earlier years.
this line or the amount from line 48 (or line 53 for carryforwards), whichever
Line 43a: Add back any domestic production activities deduction. Also,
is smaller. This amount cannot be less than zero.
adjustments to AGI, such as taxable Social Security benefits and IRA
Line 48: Enter your federal NOL in column A as a positive amount. Each
deductions, must be recalculated based on federal modified AGI.
succeeding year will be the excess portion (if any) from line 49 of the
preceding column.
Line 45: Use 45a through h if you itemized. If you didn’t itemize, use 45i.
Line 49: Subtract line 47 from line 48. If the result is more than zero, this is
45a: Medical adjustments. The amount of medical adjustments you can
take varies with federal law from year to year. You must recalculate your
the excess NOL to be carried to the next year. If it is less than zero, the NOLD
is limited to the excess on line 48. This is the last year affected by the NOL.
medical expense deduction based on modified federal AGI and the federal
Note: Effective January 1, 2012 an NOLD cannot reduce total household
limitation in effect for the year entered on line 41.
resources and is no longer used on Michigan Property Tax Credit and Home
45c: Percentage limitations on charitable contributions are based on
Heating Credit.
modified federal AGI.
Line 54: If line 47 is less than line 53, subtract line 47 from line 53 and
45g: Miscellaneous deductions are limited to 2 percent of AGI. This
enter here; then use line 47 as your NOLD to recalculate your credit. If
amount cannot exceed 2 percent of modified federal AGI.
line 47 is greater than line 53 enter “0” and use line 53 as your NOLD to
recalculate your Michigan credits.
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0000 2012 73 03 27 8
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