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Form Instructions 1045 IN: What You Should Know

There may be times, however, when the Form 1045 claim would include a claim for dependent tax deduction.  Example: Individual F takes a 5,000 loss in the tax year, is eligible for an income tax deduction only for dependent expenses, and is eligible to claim the entire 5,000 (10,000 from Schedule C for 2023 tax year and 2,500 from Schedule B for 2023 tax year) for a dependent tax deduction for the current year. F claims the deduction using Schedule P, Claim for Dependent Tax Deduction.  If the deduction is claimed, taxpayers can deduct the income tax exclusion based on the excess over the 4,000 exclusion (not including the 500,000 exclusion) that is to be claimed over all other tax exclusion categories (income, social security, pension, and disability). The taxpayer's share of the deduction does not exceed the exclusion to which he/she is entitled. Form 1045-G (G) for Losses If you have a loss for tax year X, do NOT complete the form. If you file Form 1045 and use Schedule J in the tax year  you are the taxpayer, you should file Form 1045-G (G) to report the loss. This form is NOT sent with your income tax Form 1045-G (G) Application for Tentative Refund (Current The basis for the deduction must be computed based on the adjusted basis at any time during any part of the year for which a deduction is claimed. If the loss is not claimed at any time during the year, it must be treated as a nondeductible special loss in the following tax year. If the loss is claimed within 15 months of the end of each taxable year, the loss must be treated as a nondeductible special loss in the following tax year. Form 1045-B (B) for Losses If you have a loss for tax year X, do NOT complete the form.

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