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Completing Form 1045 Application for Tentative Refund

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Completing Form 1045 Application for Tentative Refund

Problem Description

What are the basic steps to complete Form 1045, Net Operating Loss Carryback?
What are the steps for Form 1045 for NOL Carryback?
What are the steps for Form 1045 for Net Operating Loss?

Solution Description

The basic steps to complete Form 1045:
  1. Complete lines 1 through 9 with current year Net Operating Loss (NOL) information.
  2. Go to the section: Computation of Decrease in Tax.
  3. Enter the "Before Carryback" column of Lines 11 through 27, using  the original tax returns from the carryback years as a reference.
  4. Next, Amend the original return to apply the NOL
    • Add the NOL to Form 1040,  Line 21 Other Income (Schedule 1 line 21 in TY18),  to calculate the amounts for the "After Carryback" column of  Form 1045 Lines 11 through 25.
  5. Add the results for all columns' Line 32 together and enter that amount on Line 33 of Form 1045.
  • Refer to ProSeries Tax Help (Press F1, or visit Help>Help Center) and IRS Instructions for Form 1045  for  additional helpful details and information about Where to File and What to Attach to Form 1045
  • Form 1045 does not populate automatically
  • Amend prior year return(s) in order to calculate the After Carryback amounts
  • Per IRS instructions, Form 1045 is not available for e-file
  • Per IRS instructions, Form 1045 must be printed and mailed separately from Form 1040
  • As an alternative to Form 1045, complete an amended form 1040X in the year(s) you wish to carryback the Net Operating Loss .

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