Instructions For Form 1045 - Application For Tentative Refund

$10,000 eligible loss is carried back 3

election to the amended return, and

To refigure your adjusted gross

years; and the remaining $15,000

write “Filed pursuant to section

income for the year in which an NOL

loss is carried back 2 years. Any

301.9100-2” on the election

is fully absorbed or a net section

unused portion of this NOL can be

statement. File the amended return at

1256 contracts loss is carried back,

carried forward up to 20 years.

the same address you used for your

refigure any items of income and any

original return. Once made, the

deductions that are based on or

You can make an irrevocable

election is irrevocable.

limited to a percentage of your

election to figure the carryback period

adjusted gross income. Amounts to

Specified liability losses. To the

for a farming loss without regard to

refigure include:

extent an NOL is a specified liability

the special 5-year carryback rule. To

•

The special allowance for passive

loss (defined on page 1), that part of

make this election for 2006, attach to

activity losses from rental real estate

the loss is carried back to the 10th

your 2006 income tax return filed by

activities,

tax year before the loss. Any such

the due date (including extensions) a

•

Taxable social security benefits,

loss not used in that year is carried to

statement that you are electing to

•

IRA deductions,

the 9th preceding year and then

treat any 2006 farming losses without

•

The student loan interest

applied consecutively forward through

regard to the special 5-year carryback

deduction,

the 1st preceding year. Any such loss

rule. If you filed your original return on

•

The tuition and fees deduction,

that is not applied in the 10 preceding

time, you can make the election on

•

Excludable savings bond interest,

years can be carried forward up to 20

an amended return filed within 6

and

years.

months after the due date of the

•

The exclusion of amounts received

return (excluding extensions). Attach

Only the specified liability loss

under an employer’s adoption

the election to the amended return,

portion of the NOL can be carried

assistance program.

and write “Filed pursuant to section

back 10 years.

301.9100-2” on the election

You can make an irrevocable

Line 12—Deductions

statement. File the amended return at

election to figure the carryback period

the same address you used for your

Individuals. Enter in the column

for a specified liability loss without

original return. Once made, the

labeled “Before carryback” for each

regard to the special 10-year

election is irrevocable.

applicable carryback year the amount

carryback rule. To make this election

Qualified GO Zone losses. To the

for 2006, attach to your 2006 income

shown (or as previously adjusted) on

extent the NOL is a qualified GO

tax return filed by the due date

Form 1040:

•

Zone loss (defined on page 1), that

(including extensions) a statement

Line 40 for 2005,

•

part of the loss is carried back to the

that your are electing to treat any

Line 39 for 2004,

•

5th tax year before the loss. Any such

2006 specified liability losses without

Line 37 for 2003,

•

loss not used in that year is carried to

Line 38 for 2002,

regard to the special 10-year

•

the 4th preceding year and then

Line 36 for 1998 –2001,

carryback rule. If you filed your

•

applied consecutively forward through

Line 35 for 1997, or

original return on time, you can make

•

the 1st preceding year. Any such loss

Line 34 for 1996.

the election on an amended return

not applied in the 5 preceding years

filed within 6 months after the due

If you filed Form 1040NR, enter

can be carried forward up to 20

date of the return (excluding

the amount shown (or as previously

years.

extensions). Attach the election to the

adjusted) on:

amended return, and write “Filed

•

Only the qualified GO Zone loss

Line 37 for 2005,

pursuant to section 301.9100-2” on

•

portion of the NOL can be carried

Line 36 for 2004,

the election statement. File the

•

back 5 years.

Line 35 for 2003,

amended return at the same address

•

Line 36 for 2002,

Example. You have a $40,000

you used for your original return.

•

Line 35 for 1998 –2001,

NOL of which only $15,000 is a

Once made, the election is

•

Line 34 for 1997, or

qualified GO Zone loss. The $15,000

irrevocable.

•

Line 33 for 1996.

qualified Go Zone loss is carried back

Special rules. Special rules apply if

If you filed Form 1040A, enter the

5 years, but the remaining $25,000

you filed a joint return (or a separate

amount shown (or as previously

loss is carried back only 2 years. Any

return) for some but not all of the tax

adjusted) on:

unused portion of this NOL can be

years involved in figuring an NOL

•

Line 24 for 2002 –2005,

carried forward up to 20 years.

carryback. For details, see Pub. 536.

•

Line 22 for 2000 –2001,

Attach a computation showing how

You can make an irrevocable

•

Line 21 for 1998 –1999, or

you figured the carryback.

election to figure the carryback period

•

Line 19 for 1996 –1997.

for a qualified GO Zone loss without

Line 11—Adjusted

regard to the special 5-year carryback

If you filed Form 1040EZ and

rule. To make this election for 2006,

checked the “Yes” box on Form

Gross Income

attach to your 2006 income tax return

1040EZ, line 5, (for 2005, any box on

Enter in the column labeled “Before

filed by the due date (including

line 5), enter the amount shown (or

carryback” your adjusted gross

extensions) a statement that you are

as previously adjusted) on line E (line

income (AGI) for the carryback year

electing to treat any 2006 qualified

D for 2005) of the worksheet on the

as shown on your original or

GO Zone losses without regard to the

back of Form 1040EZ. If you checked

amended return.

special 5-year carryback rule. If you

the “No” box (for 2005, you did not

filed your original return on time, you

Enter in the column labeled “After

check any box), enter:

•

can make the election on an

carryback” your adjusted gross

$5,000 for 2005 ($10,000 if

amended return filed within 6 months

income refigured after you apply the

married),

•

after the due date of the return

NOL or net 1256 contracts loss

$4,850 for 2004 ($9,700 if married),

•

(including extensions). Attach the

carryback.

$4,750 for 2003 ($9,500 if married),

-4-

Instructions For Form 1045 - Application For Tentative Refund - 2006 Page 4

Related Articles

Related forms

Related Categories