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 of the operating loss in 2011 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 2011 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 PRE going to assume that there was a loss of twenty-eight thousand and two thousand and two from 2012, 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 2011 so here is that information okay so the tax refund first so in 2011 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 2010 and 2009 so if we go back down to this table in 2009 the amount of...
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How to prepare Form Instructions 1045
About Form Instructions 1045
Form Instructions 1045 is a set of guidelines provided by the Internal Revenue Service (IRS) for taxpayers who wish to claim a refund for certain tax attributes. The form itself is known as Form 1045 - Application for Tentative Refund, and it is used to claim a refund for specific tax credits, such as the net operating loss (NOL) carryback, general business credit carryback, and alternative minimum tax (AMT) credit. Individuals, estates, and trusts that have suffered a net operating loss or unused credit in a tax year can use Form 1045 to apply for a tentative refund. This form is typically filed within 12 months after the end of the tax year in question, and it allows taxpayers to receive a refund of taxes paid in prior years that could be offset by the NOL or unused credit. The form is particularly useful for businesses or individuals who have experienced a significant financial loss, as it enables them to carry back their tax credits to offset income taxes paid in previous years.
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