Taxpayer (Sch C within 1040) had a form 1045 with a large 1a NOL. Did not file 2007 form 1045. Filed ext for 2008 but looking like another loss. Can taxpayer still file a 2007 form 1045 and if so which tax year can the taxpayer start with?
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Instructions for Form 1045 say the following:
If the one year period has passed, you have to use Form 1040X to carry back an NOL.When To File
You must file Form 1045 within 1 year
after the end of the year in which an
NOL, unused credit, a net section
1256 contracts loss, or claim of right
adjustment arose. -
Lets see if I have this correct.....
With April 15, 2009 already passed (1 yr after 4/15/08, the deadline to file 07 tax return with no ext filed), then I have no choice but to file a 1040X for tax year 2006 to carry back 07 NOL.
Since the TP filed ext for 08, the 08 NOL now can be carried back to 2004 on a form
1045 due to rev proc 2009-19 passed earlier this year.
Am I correct on all of this?Comment
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Has this changed??
I have a taxpayer who drug his feet in February and we have NOT taken his NOL back to 2006 as we were inclined at the time.Originally posted by Bees Knees View Post
Apparently, what he has "gained" by dragging his feet: The new Obama (as if he wrote it) package allows this taxpayer to pick and choose whether to roll back to 2004, 2005, or 2006.
If I'm reading the instructions for Form 1045 correctly, he has lost the use of Form 1045 even though he now has more options than before. Is this still correct?Comment
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New Instructions?
Not that I read it since I don't have anyone who would benefit right now, but the IRS just clarified how to carry back and choose the number of years. Did they update the 1045 instructions and form? I think you can choose to use 1045. Check the IRS site for news or wait until someone who's researching this topic chimes in.Comment
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