Completing Form 1045
The main purpose of Form 1045, Application for Tentative Refund, is carrying back net operating loss (NOL) deductions. Although the form is due within 12 months of the year the NOL was generated, the form and schedules can be helpful at any time to determine the NOL amount and the NOL amount to be carried forward. Knowing how to complete Form 1045 and the accompanying schedules is an important skill for any tax preparer. During this webinar we will complete Form 1045 in its entirety using information from real world examples.
Upon completion of this course, you will be able to:
- Determine if a business or individual has incurred an NOL.
- Identify the provisions of carrying back and carrying forward the NOL.
- Correctly calculate the amount of the NOL to maximize the amount to carryover or carryback.
- Distinguish between business and nonbusiness income and losses in order to correctly calculate the NOL.
Includes webinar recording, PowerPoint presentation and Q&A webinar transcript. CPE is issued after exam is successfully completed.
Tom O'Saben, EA, CFP®