1045 instructions Form

1045 instructions 2024 Form: What You Should Know

It was underpaid, it was overpaid, it was underreporting, or the loss occurred after the Tax Year for which the refund was being sought. If the return is underpaid or overpaid, it is considered a Qualifying Refund, the IRS will make a “reasonable effort to make the refund as close as it can to being as close.” If the basis of the refund request is above the amount of the tax liability for one or more of the three bases (income, wages, etc.) it may be classified as a “Qualifying Refund.” When a basis for a refund is over the amount of tax liability for one or more taxable years, the refund will be considered an Ineligible Refund if a reasonable adjustment or deduction was made before the year in which the refund was deemed an Ineligible Refund. The refund is an Ineligible Refund if the taxpayer's refund would be considered an Ineligible Refund if the taxpayer had reported his or her entire income in one or more taxable years. Under these rules if the taxpayer had claimed a Qualifying Refund, but was assessed more tax than the excess tax liability for the prior year, the refund is treated as a Qualifying Refund. If the taxpayer made claims for a Qualifying Refund but was not assessed any excess tax, he or she is treated as having underpaid tax. If the basis for the refund request being underpaid is substantially greater than or equal to the amount of the excess over the taxpayer's tax liability for the taxable year in which the loss, overpayment or underreporting was occurring, the refund is treated as an Ineligible Refund. There are two classes of taxpayers who are generally subject to this rule. In the one, the basis for the refund must be more than 10,000.00. In this case, the taxpayer cannot take a credit for the excess.

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