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Before you start
- ProSeries doesn't automatically generate Form 1045. Most entries will be manual.
- Refer to IRS Instructions for Form 1045 for additional information about where to file and what to attach to Form 1045.
- Complete the amended prior-year return(s) to calculate the after carryback amounts.
- Per IRS instructions, Form 1045 isn't available for e-file and must be printed and mailed separately from Form 1040.
- Form 1045 isn't supported in ProSeries Basic.
- As an alternative to Form 1045, complete an amended form 1040X in the year(s) you wish to carryback the Net Operating Loss. For more information see Entering a net operating loss (NOL) carryback by using Form 1040-X
For most taxpayers, NOLs arising in tax years ending after 2020 can only be carried forward. See Net operating losses for more information.
To complete Form 1045:
- Complete lines 1 through 9 with the current year Net Operating Loss (NOL) information.
- In Computation of Decrease in Tax you start with the earliest carryback year.
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Enter the Before Carryback column of Lines 11 through 29, using the original tax returns.
- Recalculate the prior year returns by adding the NOL to the 1040 as Other Income.
- Use the newly recalculated returns to complete the After Carryback column of Form 1045, Lines 11 through 29.
- Add the results for all columns' Line 32 together and enter that amount on Line 33 of Form 1045.
- Print and mail the Form 1045.
