Hey, it's tax quips time from Tax Mama. Come today, Tax Mama is yours. From Marvin in the Tax Quips forum, who needs clarification on Form 1045. Where can I carry net operating losses back for up to five years? And in what order do I do that? Do I start with the fifth year, then the fourth and three to one? Or do I start with the most recent year and work back to the fifth year? And how long is the carry forward period? My situation involves Go Zone properties. Well, Marvin, yes, I am familiar with Form 1045. By definition, it's designed to carry losses back to generate a quick refund. You must file it before December 31st of the year after the NOL was created or, in this case, January 2nd, 2012 for 2010 losses. Depending on the year the loss was created and the relevant tax law related to net operating losses, you can use Form 1045 to elect to carry the losses back anywhere from two to five years. Since you are using Form 1045 this year, you must be dealing with a 2010 loss. The only options you have are to carry it back two years, except for Go Zones, farming, and qualified disaster losses. Go Zones have a three-year carryback, farming and disaster losses have a five-year carryback. Now, the order in which you use the losses is the earliest year first. In other words, three years ago, it was 2007, then two years, then one. Pub 536 shows you an example right here. Once you've used up the Go Zone loss in the three years, you can then carry them forward to 2011 and then for another 20 years. I hope that helps and remember, you can find answers to all...
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When to file 1045 Form: What You Should Know
Tax Code Section 6210 allows the Federal government to impose a tax of 5 cents for each gallon sold of gasoline. In the case of gasoline, the tax revenue collected is used to restore funds to the U.S. Treasury. Section 6210(a)(1)(E) provides as follows: (1) In general. Any payment or assessment made by the United States for a deficit in excess of 50,000,000 shall be taken into account for the remainder of the subsequent taxation year; (2) Amounts to be included. The amount of any payment or assessment made by the United States for a deficit in excess of 50,000,000 shall be included in determining the amount of any deduction from gross income made on a taxable return for the period in which the payment or assessment was required by any provision of law to be included. Notice: To file Form 1045, you must pay the tax by Oct 3, 2018.
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