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Form 1139

My client had a NOL in 2020. His business started in 2018 and he was profitable in 2018 and 2019. I am trying to complete Form 1139 to carryback the 2020 NOL to 2018 and 2019 and then to carry it forward.

My understanding is first we need to file Form 1120 for 2020. Then, we need to complete Form 1139 and just fax that in.

In the software, is there a way to trigger Form 1139 to populate. I filled it out under Miscellaneous Forms --> Tentative Refund (1139) but it's not previewing when I press Preview Forms. 

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George4Tacks
Level 15

I believe it should work like the 1045 https://proconnect.intuit.com/community/individual/help/entering-form-1045-application-for-tentative... It may just be too early in the season for it to be fully functional. 

Yes, you must file the 1120 first. 

I went back to a 2019 return to "test" It looks like PCT does little more than offer you a way to enter figures and create the form. You will have to go back to each preceding year to figure the affect of the carryback and enter it in the 2020 software. 


ex-AllStar

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5 Replies 5
George4Tacks
Level 15

I believe it should work like the 1045 https://proconnect.intuit.com/community/individual/help/entering-form-1045-application-for-tentative... It may just be too early in the season for it to be fully functional. 

Yes, you must file the 1120 first. 

I went back to a 2019 return to "test" It looks like PCT does little more than offer you a way to enter figures and create the form. You will have to go back to each preceding year to figure the affect of the carryback and enter it in the 2020 software. 


ex-AllStar

View solution in original post

Thank you. I was able to generate the Form 1139 and fill out the information for the prior years.

IRS Instructions say it should not filed with the Form 1120.

I spoke with chat support and they said once I e-file, the 1120 and 1139 will be submitted but "separated" to comply with the IRS requirements. Does that sound about right to you? I just want to make sure they're not going to be sent together at once.

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sjrcpa
Level 15

I do not believe the 1139 gets efiled-unless this is new for 2020.

And the fax option was only good through 12/31/20.


ex-AllStar

Understood. I was also under the impression that it cannot be e-filed. The IRS instructions just say "File Form 1139 with the Internal Revenue Service Center where the corporation files its income tax return. Do not file Form 1139 with the corporation's income tax return"

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George4Tacks
Level 15

https://www.irs.gov/newsroom/temporary-procedures-to-fax-certain-forms-1139-and-1045-due-to-covid-19

Of course temporary mean you might want to wait before mailing? 


ex-AllStar
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