How to prepare Form Instructions 1045
What Is irs instructions 1045?
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Okay in this example problem it's about operating loss carry-back and carry forwards so this problem states the following information is taken from the financial statements of arrow Inc, and you've got all this information here we're going to come back to this and then in the instructions it says the company elects to use the carry back provisions of the tax law number one we're going to give our giving the information from the financial statements compute the amount of income tax refund due as a result Li the operating loss in 2022 what is the amount if any of the operating loss carry forward and how would the operating loss carry for would be reflected in the financial statements number three we're going to assume the foregoing information except as follows that we're going to add in that the loss in 2022 was thirty-nine thousand and calculate the refund due and prepare the journal entry to record the claim for income tax refund and be in addition to that change in a're going to assume that there was a loss of twenty-eight thousand and two thousand and two from 2022. and we're going to compute how much could be carried back and how much could be carried forward so number one given the financial given the information from the financial statements compute the amount of income tax refund due as a result of the operating loss in 2022 so here is that information okay so the tax refund first so in 2022 we had a loss of 94 thousand three hundred okay, so you can carry the loss back two years, so the loss will apply to the information from 2022 and 2022 so if we go back down to this table in 2022 the amount of loss applied to the income the negative income it's thirty-one thirty three thousand one hundred the income tax rate in that year was forty thousand sorry forty percent so the amount of the refund due from prior year's income taxes 3333 one hundred times forty percent is thirteen thousand two forty and as you'll see this is the exact same information that's in the table from 2022. so then we go back 2022 the amount of the loss applied to the incomes twenty-two thousand five hundred and these are the full amounts from these two years because at more the ninety-four the loss of ninety four thousand three hundred more than covers these amounts so again this information is exactly the same as the information from 2022 up here taxable financial income twenty-two thousand five hundred at a tax rate of 34 percent gave us the income tax paid of seven thousand six fifty so when you add those two together you have a tax refund of twenty thousand eight hundred and ninety and this note just says that the operating loss of twenty-four ninety four thousand three hundred.