2009 Nol

[Gary]

I have a client (97 years old and still driving) that has an 2009 NOL. The IRS web site only has the 2008 Form 1045. Has the 2009 1045 not yet been approved? He is moving on Wednesday, and i have to finish the return by tomorrow. I would like to prepare the 1045 for him, but he might have to have it done after he moves if the form is not yet available.

Gary

[erchess]

Form 1045

Drake Software has this form for whatever it's worth. PM me if you would like me to email you a PDF of it. Better yet shoot me an email through the site with the subject "F1045 PDF" I check email a lot more often than I come here.

[taxea]

Please don't tell me you are doing returns by hand and not using a professional software program. A 1045 is a form that you enter the dates into. It will not say 2009...until the IRS revises it the 2008 form is appropriate to use.

[Bees Knees]

Please don't tell me you are doing returns by hand and not using a professional software program. A 1045 is a form that you enter the dates into. It will not say 2009...until the IRS revises it the 2008 form is appropriate to use.

The 2008 Form 1045 was released by IRS prior to the new law that restricts the 5 year NOL carryback by the 50% taxable income limitation. If 5-year carryback is elected, the 2008 Form 1045 does not calculate the correct amount.

You must wait for the 2009 revision of Form 1045 before electing the 5-year carryback. I would NOT rely on a software version prior to the official release by IRS of Form 1045.

[Gary]

NOL Carryback

I did do it by hand, and the NOL carryback provided less refund than we charge for all the extra forms. His only income was interest and a he had a large schedule A, which he did not need, that generated the NOL. I removed all forms he did not need and he saved money. It was a fun exercise, but I feel good about the result.