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1040 Form 2012

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1040 Form 2012

1040 form 2012 Publication 536 - Main Content Table of Contents NOL Steps How To Figure an NOLNonbusiness deductions (line 6). 1040 form 2012 Nonbusiness income (line 7). 1040 form 2012 Nonbusiness capital losses. 1040 form 2012 Business capital losses. 1040 form 2012 Illustrated Form 1045, Schedule A When To Use an NOLExceptions to 2-Year Carryback Rule Waiving the Carryback Period How To Carry an NOL Back or Forward How To Claim an NOL DeductionDeducting a Carryback Deducting a Carryforward Change in Marital Status Change in Filing Status Illustrated Form 1045 How To Figure an NOL CarryoverIllustrated Form 1045, Schedule B NOL Carryover From 2013 to 2014Worksheet Instructions How To Get Tax HelpLow Income Taxpayer Clinics NOL Steps Follow Steps 1 through 5 to figure and use your NOL. 1040 form 2012 Step 1. 1040 form 2012   Complete your tax return for the year. 1040 form 2012 You may have an NOL if a negative figure appears on the line below: Individuals — Form 1040, line 41, or Form 1040NR, line 39. 1040 form 2012 Estates and trusts — Form 1041, line 22. 1040 form 2012   If the amount on that line is not negative, stop here — you do not have an NOL. 1040 form 2012 Step 2. 1040 form 2012   Determine whether you have an NOL and its amount. 1040 form 2012 See How To Figure an NOL , later. 1040 form 2012 If you do not have an NOL, stop here. 1040 form 2012 Step 3. 1040 form 2012   Decide whether to carry the NOL back to a past year or to waive the carryback period and instead carry the NOL forward to a future year. 1040 form 2012 See When To Use an NOL , later. 1040 form 2012 Step 4. 1040 form 2012   Deduct the NOL in the carryback or carryforward year. 1040 form 2012 See How To Claim an NOL Deduction , later. 1040 form 2012 If your NOL deduction is equal to or less than your taxable income without the deduction, stop here — you have used up your NOL. 1040 form 2012 Step 5. 1040 form 2012   Determine the amount of your unused NOL. 1040 form 2012 See How To Figure an NOL Carryover , later. 1040 form 2012 Carry over the unused NOL to the next carryback or carryforward year and begin again at Step 4. 1040 form 2012 Note. 1040 form 2012   If your NOL deduction includes more than one NOL amount, apply Step 5 separately to each NOL amount, starting with the amount from the earliest year. 1040 form 2012 How To Figure an NOL If your deductions for the year are more than your income for the year, you may have an NOL. 1040 form 2012 There are rules that limit what you can deduct when figuring an NOL. 1040 form 2012 In general, the following items are not allowed when figuring an NOL. 1040 form 2012 Any deduction for personal exemptions. 1040 form 2012 Capital losses in excess of capital gains. 1040 form 2012 The section 1202 exclusion of the gain from the sale or exchange of qualified small business stock. 1040 form 2012 Nonbusiness deductions in excess of nonbusiness income. 1040 form 2012 The net operating loss deduction. 1040 form 2012 The domestic production activities deduction. 1040 form 2012 Form 1045, Schedule A. 1040 form 2012   Use Form 1045, Schedule A, to figure an NOL. 1040 form 2012 The following discussion explains Schedule A and includes an illustrated example. 1040 form 2012   First, complete Form 1045, Schedule A, line 1, using amounts from your return. 1040 form 2012 If line 1 is a negative amount, you may have an NOL. 1040 form 2012   Next, complete the rest of Form 1045, Schedule A, to figure your NOL. 1040 form 2012 Nonbusiness deductions (line 6). 1040 form 2012   Enter on line 6 deductions that are not connected to your trade or business or your employment. 1040 form 2012 Examples of deductions not related to your trade or business are: Alimony paid, Deductions for contributions to an IRA or a self-employed retirement plan, Health savings account deduction, Archer medical savings account deduction, Most itemized deductions (except for casualty and theft losses, state income tax on trade and business income, and any employee business expenses), and The standard deduction. 1040 form 2012   Do not include on line 6 the deduction for personal exemptions for you, your spouse, or your dependents. 1040 form 2012   Do not enter business deductions on line 6. 1040 form 2012 These are deductions that are connected to your trade or business. 1040 form 2012 They include the following. 1040 form 2012 State income tax on income attributable to trade or business (including wages, salary, and unemployment compensation). 1040 form 2012 Moving expenses. 1040 form 2012 Educator expenses. 1040 form 2012 The deduction for the deductible part of self-employed health insurance. 1040 form 2012 Domestic production activities deduction. 1040 form 2012 Rental losses. 1040 form 2012 Loss on the sale or exchange of business real estate or depreciable property. 1040 form 2012 Your share of a business loss from a partnership or an S corporation. 1040 form 2012 Ordinary loss on the sale or exchange of stock in a small business corporation or a small business investment company. 1040 form 2012 If you itemize your deductions, casualty and theft losses (even if they involve nonbusiness property) and employee business expenses (such as union dues, uniforms, tools, education expenses, and travel and transportation expenses). 1040 form 2012 Loss on the sale of accounts receivable (if you use an accrual method of accounting). 1040 form 2012 Interest and litigation expenses on state and federal income taxes related to your business. 1040 form 2012 Unrecovered investment in a pension or annuity claimed on a decedent's final return. 1040 form 2012 Payment by a federal employee to buy back sick leave used in an earlier year. 1040 form 2012 Nonbusiness income (line 7). 1040 form 2012   Enter on line 7 only income that is not related to your trade or business or your employment. 1040 form 2012 For example, enter your annuity income, dividends, and interest on investments. 1040 form 2012 Also, include your share of nonbusiness income from partnerships and S corporations. 1040 form 2012   Do not include on line 7 the income you receive from your trade or business or your employment. 1040 form 2012 This includes salaries and wages, self-employment income, unemployment compensation included in your gross income, and your share of business income from partnerships and S corporations. 1040 form 2012 Also, do not include rental income or ordinary gain from the sale or other disposition of business real estate or depreciable business property. 1040 form 2012 Adjustment for section 1202 exclusion (line 17). 1040 form 2012   Enter on line 17 any gain you excluded under section 1202 on the sale or exchange of qualified small business stock. 1040 form 2012 Adjustments for capital losses (lines 19–22). 1040 form 2012   The amount deductible for capital losses is limited based on whether the losses are business capital losses or nonbusiness capital losses. 1040 form 2012 Nonbusiness capital losses. 1040 form 2012   You can deduct your nonbusiness capital losses (line 2) only up to the amount of your nonbusiness capital gains without regard to any section 1202 exclusion (line 3). 1040 form 2012 If your nonbusiness capital losses are more than your nonbusiness capital gains without regard to any section 1202 exclusion, you cannot deduct the excess. 1040 form 2012 Business capital losses. 1040 form 2012   You can deduct your business capital losses (line 11) only up to the total of: Your nonbusiness capital gains that are more than the total of your nonbusiness capital losses and excess nonbusiness deductions (line 10), and Your total business capital gains without regard to any section 1202 exclusion (line 12). 1040 form 2012 Domestic production activities deduction (line 23). 1040 form 2012   You cannot take the domestic production activities deduction when figuring your NOL. 1040 form 2012 Enter on line 23 any domestic production activities deduction claimed on your return. 1040 form 2012 NOLs from other years (line 24). 1040 form 2012   You cannot deduct any NOL carryovers or carrybacks from other years. 1040 form 2012 Enter the total amount of your NOL deduction for losses from other years. 1040 form 2012 Illustrated Form 1045, Schedule A The following example illustrates how to figure an NOL. 1040 form 2012 It includes filled-in pages 1 and 2 of Form 1040 and Form 1045, Schedule A. 1040 form 2012 Example. 1040 form 2012 Glenn Johnson is in the retail record business. 1040 form 2012 He is single and has the following income and deductions on his Form 1040 for 2013. 1040 form 2012 See the illustrated Form 1040 , later. 1040 form 2012 INCOME   Wages from part-time job $1,225 Interest on savings 425 Net long-term capital gain on sale of real estate used in business 2,000 Glenn's total income $3,650 DEDUCTIONS   Net loss from business (gross income of $67,000 minus expenses of $72,000) $5,000 Net short-term capital loss on sale of stock 1,000 Standard deduction 6,100 Personal exemption 3,900 Glenn's total deductions $16,000 Glenn's deductions exceed his income by $12,350 ($16,000 − $3,650). 1040 form 2012 However, to figure whether he has an NOL, certain deductions are not allowed. 1040 form 2012 He uses Form 1045, Schedule A, to figure his NOL. 1040 form 2012 See the Illustrated Form 1045, Schedule A , later. 1040 form 2012 The following items are not allowed on Form 1045, Schedule A. 1040 form 2012 Nonbusiness net short-term capital loss $1,000 Nonbusiness deductions (standard deduction, $6,100) minus nonbusiness income (interest, $425) 5,675 Deduction for personal exemption 3,900 Total adjustments to net loss $10,575     Therefore, Glenn's NOL for 2013 is figured as follows: Glenn's total 2013 income $3,650 Less:     Glenn's original 2013 total deductions $16,000   Reduced by the disallowed items − 10,575 − 5,425 Glenn's NOL for 2013 $1,775 This image is too large to be displayed in the current screen. 1040 form 2012 Please click the link to view the image. 1040 form 2012 Form 1040, page 1 This image is too large to be displayed in the current screen. 1040 form 2012 Please click the link to view the image. 1040 form 2012 Form 1040, page 2 This image is too large to be displayed in the current screen. 1040 form 2012 Please click the link to view the image. 1040 form 2012 Form 1045, page 2 When To Use an NOL Generally, if you have an NOL for a tax year ending in 2013, you must carry back the entire amount of the NOL to the 2 tax years before the NOL year (the carryback period), and then carry forward any remaining NOL for up to 20 years after the NOL year (the carryforward period). 1040 form 2012 You can, however, choose not to carry back an NOL and only carry it forward. 1040 form 2012 See Waiving the Carryback Period , later. 1040 form 2012 You cannot deduct any part of the NOL remaining after the 20-year carryforward period. 1040 form 2012 NOL year. 1040 form 2012   This is the year in which the NOL occurred. 1040 form 2012 Exceptions to 2-Year Carryback Rule Eligible losses, farming losses, qualified disaster losses, and specified liability losses, all defined next, qualify for longer carryback periods. 1040 form 2012 Eligible loss. 1040 form 2012   The carryback period for eligible losses is 3 years. 1040 form 2012 Only the eligible loss portion of the NOL can be carried back 3 years. 1040 form 2012 An eligible loss is any part of an NOL that: Is from a casualty or theft, or Is attributable to a federally declared disaster for a qualified small business or certain qualified farming businesses. 1040 form 2012 Qualified small business. 1040 form 2012   A qualified small business is a sole proprietorship or a partnership that has average annual gross receipts (reduced by returns and allowances) of $5 million or less during the 3-year period ending with the tax year of the NOL. 1040 form 2012 If the business did not exist for this entire 3-year period, use the period the business was in existence. 1040 form 2012   An eligible loss does not include a farming loss or a qualified disaster loss. 1040 form 2012 Farming loss. 1040 form 2012   The carryback period for a farming loss is 5 years. 1040 form 2012 Only the farming loss portion of the NOL can be carried back 5 years. 1040 form 2012 A farming loss is the smaller of: The amount that would be the NOL for the tax year if only income and deductions attributable to farming businesses were taken into account, or The NOL for the tax year. 1040 form 2012 Farming business. 1040 form 2012   A farming business is a trade or business involving cultivation of land or the raising or harvesting of any agricultural or horticultural commodity. 1040 form 2012 A farming business can include operating a nursery or sod farm or raising or harvesting most ornamental trees or trees bearing fruit, nuts, or other crops. 1040 form 2012 The raising, shearing, feeding, caring for, training, and management of animals is also considered a farming business. 1040 form 2012   A farming business does not include contract harvesting of an agricultural or horticultural commodity grown or raised by someone else. 1040 form 2012 It also does not include a business in which you merely buy or sell plants or animals grown or raised entirely by someone else. 1040 form 2012 Waiving the 5-year carryback. 1040 form 2012   You can choose to figure the carryback period for a farming loss without regard to the special 5-year carryback rule. 1040 form 2012 To make this choice for 2013, attach to your 2013 income tax return filed by the due date (including extensions) a statement that you are choosing to treat any 2013 farming losses without regard to the special 5-year carryback rule. 1040 form 2012 If you filed your original return on time but did not file the statement with it, you can make this choice on an amended return filed within 6 months after the due date of the return (excluding extensions). 1040 form 2012 Attach an election statement to your amended return, and write “Filed pursuant to section 301. 1040 form 2012 9100-2” at the top of the statement. 1040 form 2012 Once made, this choice is irrevocable. 1040 form 2012 Qualified disaster loss. 1040 form 2012   The carryback period for a qualified disaster loss is 5 years. 1040 form 2012 Only the qualified disaster loss portion of the NOL can be carried back 5 years. 1040 form 2012 A qualified disaster loss is the smaller of: The sum of: Any losses attributable to a federally declared disaster and occurring before January 1, 2010, in the disaster area, plus Any allowable qualified disaster expenses (even if you did not choose to treat those expenses as deductions in the current year), or The NOL for the tax year. 1040 form 2012 Qualified disaster expenses. 1040 form 2012   A qualified disaster expense is any capital expense paid or incurred in connection with a trade or business or with business-related property which is: For the abatement or control of hazardous substances that were released as a result of a federally declared disaster occurring before January 1, 2010, For the removal of debris from, or the demolition of structures on, real property which is business-related property damaged or destroyed as a result of a federally declared disaster occurring before January 1, 2010, or For the repair of business-related property damaged as a result of a federally declared disaster occurring before January 1, 2010. 1040 form 2012 Business-related property is property held for use in a trade or business, property held for the production of income, or inventory property. 1040 form 2012 Note. 1040 form 2012 Section 198A allows taxpayers to treat certain capital expenses (qualified disaster expenses) as deductions in the year the expenses were paid or incurred. 1040 form 2012 Excluded losses. 1040 form 2012   A qualified disaster loss does not include any losses from property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store for which the principal business is the sale of alcoholic beverages for consumption off premises. 1040 form 2012   A qualified disaster loss also does not include any losses from any gambling or animal racing property. 1040 form 2012 Gambling or animal racing property is any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing, and the portion of any real property (determined by square footage) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing, unless this portion is less than 100 square feet. 1040 form 2012 Specified liability loss. 1040 form 2012   The carryback period for a specified liability loss is 10 years. 1040 form 2012 Only the specified liability loss portion of the NOL can be carried back 10 years. 1040 form 2012 Generally, a specified liability loss is a loss arising from: Product liability and expenses incurred in the investigation or settlement of, or opposition to, product liability claims, or An act (or failure to act) that occurred at least 3 years before the beginning of the loss year and resulted in a liability under a federal or state law requiring: Reclamation of land, Dismantling of a drilling platform, Remediation of environmental contamination, or Payment under any workers compensation act. 1040 form 2012   Any loss from a liability arising from (1) through (4) above can be taken into account as a specified liability loss only if you used an accrual method of accounting throughout the period in which the act (or failure to act) occurred. 1040 form 2012 For details, see section 172(f). 1040 form 2012 Waiving the 10-year carryback. 1040 form 2012   You can choose to figure the carryback period for a specified liability loss without regard to the special 10-year carryback rule. 1040 form 2012 To make this choice for 2013 attach to your 2013 income tax return filed by the due date (including extensions) a statement that you are choosing to treat any 2013 specified liability losses without regard to the special 10-year carryback rule. 1040 form 2012 If you filed your original return on time but did not file the statement with it, you can make this choice on an amended return filed within 6 months after the due date of the return (excluding extensions). 1040 form 2012 Attach a statement to your amended return and write “Filed pursuant to section 301. 1040 form 2012 9100-2” at the top of the statement. 1040 form 2012 Once made, this choice is irrevocable. 1040 form 2012 Waiving the Carryback Period You can choose not to carry back your NOL. 1040 form 2012 If you make this choice, then you can use your NOL only in the 20-year carryforward period. 1040 form 2012 (This choice means you also choose not to carry back any alternative tax NOL. 1040 form 2012 ) To make this choice, attach a statement to your original return filed by the due date (including extensions) for the NOL year. 1040 form 2012 This statement must show that you are choosing to waive the carryback period under section 172(b)(3). 1040 form 2012 If you filed your original return on time but did not file the statement with it, you can make this choice on an amended return filed within 6 months of the due date of the return (excluding extensions). 1040 form 2012 Attach a statement to your amended return, and write “Filed pursuant to section 301. 1040 form 2012 9100-2” at the top of the statement. 1040 form 2012 Once you choose to waive the carryback period, it generally is irrevocable. 1040 form 2012 If you choose to waive the carryback period for more than one NOL, you must make a separate choice and attach a separate statement for each NOL year. 1040 form 2012 If you do not file this statement on time, you cannot waive the carryback period. 1040 form 2012 How To Carry an NOL Back or Forward If you choose to carry back the NOL, you must first carry the entire NOL to the earliest carryback year. 1040 form 2012 If your NOL is not used up, you can carry the rest to the next earliest carryback year, and so on. 1040 form 2012 If you waive the carryback period or do not use up the NOL in the carryback period, carry forward what remains of the NOL to the 20 tax years following the NOL year. 1040 form 2012 Start by carrying it to the first tax year after the NOL year. 1040 form 2012 If you do not use it up, carry the unused part to the next year. 1040 form 2012 Continue to carry any unused part of the NOL forward until the NOL is used up or you complete the 20-year carryforward period. 1040 form 2012 Example 1. 1040 form 2012 You started your business as a sole proprietor in 2013 and had a $42,000 NOL for the year. 1040 form 2012 No part of the NOL qualifies for the 3-year, 5-year, or 10-year carryback. 1040 form 2012 You begin using your NOL in 2011, the second year before the NOL year, as shown in the following chart. 1040 form 2012 Year   Carryback/  Carryover Unused  Loss 2011 $42,000 $40,000 2012 40,000 37,000 2013 (NOL year)     2014 37,000 31,500 2015 31,500 22,500 2016 22,500 12,700 2017 12,700 4,000 2018 4,000 -0- If your loss were larger, you could carry it forward until the year 2033. 1040 form 2012 If you still had an unused 2013 carryforward after the year 2033, you would not be allowed to deduct it. 1040 form 2012 Example 2. 1040 form 2012 Assume the same facts as in Example 1 , except that $4,000 of the NOL is attributable to a casualty loss and this loss qualifies for a 3-year carryback period. 1040 form 2012 You begin using the $4,000 in 2010. 1040 form 2012 As shown in the following chart, $3,000 of this NOL is used in 2010. 1040 form 2012 The remaining $1,000 is carried to 2011 with the $38,000 NOL that you must begin using in 2011. 1040 form 2012 Year   Carryback/  Carryover Unused  Loss 2010 $4,000 $1,000 2011 39,000 37,000 2012 37,000 34,000 2013 (NOL year)     2014 34,000 28,500 2015 28,500 19,500 2016 19,500 9,700 2017 9,700 1,000 2018 1,000 -0- How To Claim an NOL Deduction If you have not already carried the NOL to an earlier year, your NOL deduction is the total NOL. 1040 form 2012 If you carried the NOL to an earlier year, your NOL deduction is the carried over NOL minus the NOL amount you used in the earlier year or years. 1040 form 2012 If you carry more than one NOL to the same year, your NOL deduction is the total of these carrybacks and carryovers. 1040 form 2012 NOL resulting in no taxable income. 1040 form 2012   If your NOL is more than the taxable income of the year you carry it to (figured before deducting the NOL), you generally will have an NOL carryover to the next year. 1040 form 2012 See How To Figure an NOL Carryover , later, to determine how much NOL you have used and how much you carry to the next year. 1040 form 2012 Deducting a Carryback If you carry back your NOL, you can use either Form 1045 or Form 1040X. 1040 form 2012 You can get your refund faster by using Form 1045, but you have a shorter time to file it. 1040 form 2012 You can use Form 1045 to apply an NOL to all carryback years. 1040 form 2012 If you use Form 1040X, you must use a separate Form 1040X for each carryback year to which you apply the NOL. 1040 form 2012 Estates and trusts that do not file Form 1045 must file an amended Form 1041 (instead of Form 1040X) for each carryback year to which NOLs are applied. 1040 form 2012 Use a copy of the appropriate year's Form 1041, check the “Amended return” box, and follow the Form 1041 instructions for amended returns. 1040 form 2012 Include the NOL deduction with other deductions not subject to the 2% limit (line 15a). 1040 form 2012 Also, see the special procedures for filing an amended return due to an NOL carryback, explained under Form 1040X , later. 1040 form 2012 Form 1045. 1040 form 2012   You can apply for a quick refund by filing Form 1045. 1040 form 2012 This form results in a tentative adjustment of tax in the carryback year. 1040 form 2012 See the Illustrated Form 1045 . 1040 form 2012 at the end of this discussion. 1040 form 2012   If the IRS refunds or credits an amount to you from Form 1045 and later determines that the refund or credit is too much, the IRS may assess and collect the excess immediately. 1040 form 2012   Generally, you must file Form 1045 on or after the date you file your tax return for the NOL year, but not later than one year after the end of the NOL year. 1040 form 2012 If the last day of the NOL year falls on a Saturday, Sunday, or holiday, the form will be considered timely if postmarked on the next business day. 1040 form 2012 For example, if you are a calendar year taxpayer with a carryback from 2013 to 2011, you must file Form 1045 on or after the date you file your tax return for 2013, but no later than December 31, 2014. 1040 form 2012 Form 1040X. 1040 form 2012   If you do not file Form 1045, you can file Form 1040X to get a refund of tax because of an NOL carryback. 1040 form 2012 File Form 1040X within 3 years after the due date, including extensions, for filing the return for the NOL year. 1040 form 2012 For example, if you are a calendar year taxpayer and filed your 2011 return by the April 15, 2012, due date, you must file a claim for refund of 2008 tax because of an NOL carryback from 2011 by April 15, 2015. 1040 form 2012   Attach a computation of your NOL using Form 1045, Schedule A, and, if it applies, your NOL carryover using Form 1045, Schedule B, discussed later . 1040 form 2012 Refiguring your tax. 1040 form 2012   To refigure your total tax liability for a carryback year, first refigure your adjusted gross income for that year. 1040 form 2012 (On Form 1045, use lines 10 and 11 and the “After carryback” column for the applicable carryback year. 1040 form 2012 ) Use your adjusted gross income after applying the NOL deduction to refigure income or deduction items that are based on, or limited to, a percentage of your adjusted gross income. 1040 form 2012 Refigure the following items. 1040 form 2012 The special allowance for passive activity losses from rental real estate activities. 1040 form 2012 Taxable social security and tier 1 railroad retirement benefits. 1040 form 2012 IRA deductions. 1040 form 2012 Excludable savings bond interest. 1040 form 2012 Excludable employer-provided adoption benefits. 1040 form 2012 The student loan interest deduction. 1040 form 2012 The tuition and fees deduction. 1040 form 2012   If more than one of these items apply, refigure them in the order listed above, using your adjusted gross income after applying the NOL deduction and any previous item. 1040 form 2012 (Enter your NOL deduction on Form 1045, line 10. 1040 form 2012 On line 11, using the “After carryback” column, enter your adjusted gross income refigured after applying the NOL deduction and after refiguring any above items. 1040 form 2012 )   Next, refigure your taxable income. 1040 form 2012 (On Form 1045, use lines 12 through 15 and the “After carryback” column. 1040 form 2012 ) Use your refigured adjusted gross income (Form 1045, line 11, using the “After carryback” column) to refigure certain deductions and other items that are based on or limited to a percentage of your adjusted gross income. 1040 form 2012 Refigure the following items. 1040 form 2012 The itemized deduction for medical expenses. 1040 form 2012 The itemized deduction for qualified mortgage insurance premiums. 1040 form 2012 The itemized deduction for casualty losses. 1040 form 2012 Miscellaneous itemized deductions subject to the 2% limit. 1040 form 2012 The overall limit on itemized deductions (do not apply to carryback years beginning after December 31, 2009). 1040 form 2012 The phaseout of the deduction for exemptions (do not apply to carryback years beginning after December 31, 2009). 1040 form 2012 Qualified motor vehicle tax (do not apply to carryback years beginning after December 31, 2009). 1040 form 2012    Do not refigure the itemized deduction for charitable contributions. 1040 form 2012   Finally, use your refigured taxable income (Form 1045, line 15, using the “After carryback” column) to refigure your total tax liability. 1040 form 2012 Refigure your income tax, your alternative minimum tax, and any credits that are based on or limited by your adjusted gross income (AGI), modified adjusted gross income (MAGI), or tax liability. 1040 form 2012 (On Form 1045, use lines 16 through 25, and the “After carryback” column. 1040 form 2012 ) The earned income credit, for example, may be affected by changes to adjusted gross income or the amount of tax (or both) and, therefore, must be recomputed. 1040 form 2012 If you become eligible for a credit because of the carryback, complete the form for that specific credit (such as the EIC Worksheet) for that year. 1040 form 2012   While it is necessary to refigure your income tax, alternative minimum tax, and credits, do not refigure your self-employment tax. 1040 form 2012 Deducting a Carryforward If you carry forward your NOL to a tax year after the NOL year, list your NOL deduction as a negative figure on the “Other income” line of Form 1040 or Form 1040NR (line 21 for 2013). 1040 form 2012 Estates and trusts include an NOL deduction on Form 1041 with other deductions not subject to the 2% limit (line 15a for 2013). 1040 form 2012 You must attach a statement that shows all the important facts about the NOL. 1040 form 2012 Your statement should include a computation showing how you figured the NOL deduction. 1040 form 2012 If you deduct more than one NOL in the same year, your statement must cover each of them. 1040 form 2012 Change in Marital Status If you and your spouse were not married to each other in all years involved in figuring NOL carrybacks and carryovers, only the spouse who had the loss can take the NOL deduction. 1040 form 2012 If you file a joint return, the NOL deduction is limited to the income of that spouse. 1040 form 2012 For example, if your marital status changes because of death or divorce, and in a later year you have an NOL, you can carry back that loss only to the part of the income reported on the joint return (filed with your former spouse) that was related to your taxable income. 1040 form 2012 After you deduct the NOL in the carryback year, the joint rates apply to the resulting taxable income. 1040 form 2012 Refund limit. 1040 form 2012   If you are not married in the NOL year (or are married to a different spouse), and in the carryback year you were married and filed a joint return, your refund for the overpaid joint tax may be limited. 1040 form 2012 You can claim a refund for the difference between your share of the refigured tax and your contribution toward the tax paid on the joint return. 1040 form 2012 The refund cannot be more than the joint overpayment. 1040 form 2012 Attach a statement showing how you figured your refund. 1040 form 2012 Figuring your share of a joint tax liability. 1040 form 2012   There are five steps for figuring your share of the refigured joint tax liability. 1040 form 2012 Figure your total tax as though you had filed as married filing separately. 1040 form 2012 Figure your spouse's total tax as though your spouse had also filed as married filing separately. 1040 form 2012 Add the amounts in (1) and (2). 1040 form 2012 Divide the amount in (1) by the amount in (3). 1040 form 2012 Multiply the refigured tax on your joint return by the amount figured in (4). 1040 form 2012 This is your share of the joint tax liability. 1040 form 2012 Figuring your contribution toward tax paid. 1040 form 2012   Unless you have an agreement or clear evidence of each spouse's contributions toward the payment of the joint tax liability, figure your contribution by adding the tax withheld on your wages and your share of joint estimated tax payments or tax paid with the return. 1040 form 2012 If the original return for the carryback year resulted in an overpayment, reduce your contribution by your share of the tax refund. 1040 form 2012 Figure your share of a joint payment or refund by the same method used in figuring your share of the joint tax liability. 1040 form 2012 Use your taxable income as originally reported on the joint return in steps (1) and (2) above, and substitute the joint payment or refund for the refigured joint tax in step (5). 1040 form 2012 Change in Filing Status If you and your spouse were married and filed a joint return for each year involved in figuring NOL carrybacks and carryovers, figure the NOL deduction on a joint return as you would for an individual. 1040 form 2012 However, treat the NOL deduction as a joint NOL. 1040 form 2012 If you and your spouse were married and filed separate returns for each year involved in figuring NOL carrybacks and carryovers, the spouse who sustained the loss may take the NOL deduction on a separate return. 1040 form 2012 Special rules apply for figuring the NOL carrybacks and carryovers of married people whose filing status changes for any tax year involved in figuring an NOL carryback or carryover. 1040 form 2012 Separate to joint return. 1040 form 2012   If you and your spouse file a joint return for a carryback or carryforward year, and were married but filed separate returns for any of the tax years involved in figuring the NOL carryback or carryover, treat the separate carryback or carryover as a joint carryback or carryover. 1040 form 2012 Joint to separate returns. 1040 form 2012   If you and your spouse file separate returns for a carryback or carryforward year, but filed a joint return for any or all of the tax years involved in figuring the NOL carryover, figure each of your carryovers separately. 1040 form 2012 Joint return in NOL year. 1040 form 2012   Figure each spouse's share of the joint NOL through the following steps. 1040 form 2012 Figure each spouse's NOL as if he or she filed a separate return. 1040 form 2012 See How To Figure an NOL , earlier. 1040 form 2012 If only one spouse has an NOL, stop here. 1040 form 2012 All of the joint NOL is that spouse's NOL. 1040 form 2012 If both spouses have an NOL, multiply the joint NOL by a fraction, the numerator of which is spouse A's NOL figured in (1) and the denominator of which is the total of the spouses' NOLs figured in (1). 1040 form 2012 The result is spouse A's share of the joint NOL. 1040 form 2012 The rest of the joint NOL is spouse B's share. 1040 form 2012 Example 1. 1040 form 2012 Mark and Nancy are married and file a joint return for 2013. 1040 form 2012 They have an NOL of $5,000. 1040 form 2012 They carry the NOL back to 2011, a year in which Mark and Nancy filed separate returns. 1040 form 2012 Figured separately, Nancy's 2013 deductions were more than her income, and Mark's income was more than his deductions. 1040 form 2012 Mark does not have any NOL to carry back. 1040 form 2012 Nancy can carry back the entire $5,000 NOL to her 2011 separate return. 1040 form 2012 Example 2. 1040 form 2012 Assume the same facts as in Example 1 , except that both Mark and Nancy had deductions in 2013 that were more than their income. 1040 form 2012 Figured separately, his NOL is $1,800 and her NOL is $3,000. 1040 form 2012 The sum of their separate NOLs ($4,800) is less than their $5,000 joint NOL because his deductions included a $200 net capital loss that is not allowed in figuring his separate NOL. 1040 form 2012 The loss is allowed in figuring their joint NOL because it was offset by Nancy's capital gains. 1040 form 2012 Mark's share of their $5,000 joint NOL is $1,875 ($5,000 × $1,800/$4,800) and Nancy's is $3,125 ($5,000 − $1,875). 1040 form 2012 Joint return in previous carryback or carryforward year. 1040 form 2012   If only one spouse had an NOL deduction on the previous year's joint return, all of the joint carryover is that spouse's carryover. 1040 form 2012 If both spouses had an NOL deduction (including separate carryovers of a joint NOL, figured as explained in the previous discussion ), figure each spouse's share of the joint carryover through the following steps. 1040 form 2012 Figure each spouse's modified taxable income as if he or she filed a separate return. 1040 form 2012 See Modified taxable income under How To Figure an NOL Carryover , later. 1040 form 2012 Multiply the joint modified taxable income you used to figure the joint carryover by a fraction, the numerator of which is spouse A's modified taxable income figured in (1) and the denominator of which is the total of the spouses' modified taxable incomes figured in (1). 1040 form 2012 This is spouse A's share of the joint modified taxable income. 1040 form 2012 Subtract the amount figured in (2) from the joint modified taxable income. 1040 form 2012 This is spouse B's share of the joint modified taxable income. 1040 form 2012 Reduce the amount figured in (3), but not below zero, by spouse B's NOL deduction. 1040 form 2012 Add the amounts figured in (2) and (4). 1040 form 2012 Subtract the amount figured in (5) from spouse A's NOL deduction. 1040 form 2012 This is spouse A's share of the joint carryover. 1040 form 2012 The rest of the joint carryover is spouse B's share. 1040 form 2012 Example. 1040 form 2012 Sam and Wanda filed a joint return for 2011 and separate returns for 2012 and 2013. 1040 form 2012 In 2013, Sam had an NOL of $18,000 and Wanda had an NOL of $2,000. 1040 form 2012 They choose to carry back both NOLs 2 years to their 2011 joint return and claim a $20,000 NOL deduction. 1040 form 2012 Their joint modified taxable income (MTI) for 2011 is $15,000, and their joint NOL carryover to 2012 is $5,000 ($20,000 – $15,000). 1040 form 2012 Sam and Wanda each figure their separate MTI for 2011 as if they had filed separate returns. 1040 form 2012 Then they figure their shares of the $5,000 carryover as follows. 1040 form 2012 Step 1. 1040 form 2012   Sam's separate MTI $9,000 Wanda's separate MTI + 3,000 Total MTI $12,000 Step 2. 1040 form 2012   Joint MTI $15,000 Sam's MTI ÷ total MTI ($9,000 ÷ $12,000) × . 1040 form 2012 75 Sam's share of joint MTI $11,250 Step 3. 1040 form 2012   Joint MTI $15,000 Sam's share of joint MTI − 11,250 Wanda's share of joint MTI $3,750 Step 4. 1040 form 2012   Wanda's share of joint MTI $3,750 Wanda's NOL deduction − 2,000 Wanda's remaining share $1,750 Step 5. 1040 form 2012   Sam's share of joint MTI $11,250 Wanda's remaining share + 1,750 Joint MTI to be offset $13,000 Step 6. 1040 form 2012   Sam's NOL deduction $18,000 Joint MTI to be offset − 13,000 Sam's carryover to 2012 $5,000 Joint carryover to 2012 $5,000 Sam's carryover − 5,000 Wanda's carryover to 2012 $-0- Wanda's $2,000 NOL deduction offsets $2,000 of her $3,750 share of the joint modified taxable income and is completely used up. 1040 form 2012 She has no carryover to 2012. 1040 form 2012 Sam's $18,000 NOL deduction offsets all of his $11,250 share of joint modified taxable income and the remaining $1,750 of Wanda's share. 1040 form 2012 His carryover to 2012 is $5,000. 1040 form 2012 Illustrated Form 1045 The following example illustrates how to use Form 1045 to claim an NOL deduction in a carryback year. 1040 form 2012 It includes a filled-in page 1 of Form 1045. 1040 form 2012 Example. 1040 form 2012 Martha Sanders is a self-employed contractor. 1040 form 2012 Martha's 2013 deductions are more than her 2013 income because of a business loss. 1040 form 2012 She uses Form 1045 to carry back her NOL 2 years and claim an NOL deduction in 2011. 1040 form 2012 Her filing status in both years was single. 1040 form 2012 See the filled-in Form 1045 later. 1040 form 2012 Martha figures her 2013 NOL on Form 1045, Schedule A (not shown). 1040 form 2012 (For an example using Form 1045, Schedule A, see Illustrated Form 1045, Schedule A under How To Figure an NOL , earlier. 1040 form 2012 ) She enters the $10,000 NOL from Form 1045, Schedule A, line 25, on Form 1045, line 1a. 1040 form 2012 Martha completes lines 10 through 25, using the “Before carryback” column under the column for the second preceding tax year ended 12/31/11 on page 1 of Form 1045 using the following amounts from her 2011 return. 1040 form 2012 2011 Adjusted gross income $50,000 Itemized deductions:     Medical expenses [$6,000 − ($50,000 × 7. 1040 form 2012 5%)] $2,250   State income tax + 2,000   Real estate tax + 4,000   Home mortgage interest + 5,000   Total itemized deductions $13,250 Exemption $3,700 Income tax $4,550 Self-employment tax $6,120   Martha refigures her taxable income for 2011 after carrying back her 2013 NOL as follows: 2011 Adjusted gross income $50,000 Less:     NOL from 2013 −10,000 2011 Adjusted gross income after carryback $40,000 Less:     Itemized deductions:     Medical expenses [$6,000 − ($40,000 × 7. 1040 form 2012 5%)] $3,000   State income tax + 2,000   Real estate tax + 4,000   Home mortgage interest + 5,000   Total itemized deductions −14,000 Less:     Exemption − 3,700 2011 Taxable income after carryback $22,300 Martha then completes lines 10 through 25, using the “After carryback” column under the column for the second preceding tax year ended 12/31/11. 1040 form 2012 On line 10, Martha enters her $10,000 NOL deduction. 1040 form 2012 Her new adjusted gross income on line 11 is $40,000 ($50,000 − $10,000). 1040 form 2012 To complete line 12, she must refigure her medical expense deduction using her new adjusted gross income. 1040 form 2012 Her refigured medical expense deduction is $3,000 [$6,000 − ($40,000 × 7. 1040 form 2012 5%)]. 1040 form 2012 This increases her total itemized deductions to $14,000 [$13,250 + ($3,000 − $2,250)]. 1040 form 2012 Martha uses her refigured taxable income ($22,300) from line 15, and the tax tables in her 2011 Form 1040 instructions to find her income tax. 1040 form 2012 She enters the new amount, $2,924, on line 16, and her new total tax liability, $9,044, on line 25. 1040 form 2012 Martha used up her $10,000 NOL in 2011 so she does not complete a column for the first preceding tax year ended 12/31/2012. 1040 form 2012 The decrease in tax because of her NOL deduction (line 27) is $1,612. 1040 form 2012 Martha files Form 1045 after filing her 2013 return, but no later than December 31, 2014. 1040 form 2012 She mails it to the Internal Revenue Service Center for the place where she lives as shown in the 2013 instructions for Form 1040 and attaches a copy of her 2013 return (including the applicable forms and schedules). 1040 form 2012 This image is too large to be displayed in the current screen. 1040 form 2012 Please click the link to view the image. 1040 form 2012 Form 1045, page 1 How To Figure an NOL Carryover If your NOL is more than your taxable income for the year to which you carry it (figured before deducting the NOL), you may have an NOL carryover. 1040 form 2012 You must make certain modifications to your taxable income to determine how much NOL you will use up in that year and how much you can carry over to the next tax year. 1040 form 2012 Your carryover is the excess of your NOL deduction over your modified taxable income for the carryback or carryforward year. 1040 form 2012 If your NOL deduction includes more than one NOL, apply the NOLs against your modified taxable income in the same order in which you incurred them, starting with the earliest. 1040 form 2012 Modified taxable income. 1040 form 2012   Your modified taxable income is your taxable income figured with the following changes. 1040 form 2012 You cannot claim an NOL deduction for the NOL carryover you are figuring or for any later NOL. 1040 form 2012 You cannot claim a deduction for capital losses in excess of your capital gains. 1040 form 2012 Also, you must increase your taxable income by the amount of any section 1202 exclusion. 1040 form 2012 You cannot claim the domestic production activities deduction. 1040 form 2012 You cannot claim a deduction for your exemptions for yourself, your spouse, or dependents. 1040 form 2012 You must figure any item affected by the amount of your adjusted gross income after making the changes in (1), (2), and (3), above, and certain other changes to your adjusted gross income that result from (1), (2), and (3). 1040 form 2012 This includes income and deduction items used to figure adjusted gross income (for example, IRA deductions), as well as certain itemized deductions. 1040 form 2012 To figure a charitable contribution deduction, do not include deductions for NOL carrybacks in the change in (1) but do include deductions for NOL carryforwards from tax years before the NOL year. 1040 form 2012   Your taxable income as modified cannot be less than zero. 1040 form 2012 Form 1045, Schedule B. 1040 form 2012   You can use Form 1045, Schedule B, to figure your modified taxable income for carryback years and your carryover from each of those years. 1040 form 2012 Do not use Form 1045, Schedule B, for a carryforward year. 1040 form 2012 If your 2013 return includes an NOL deduction from an NOL year before 2013 that reduced your taxable income to zero (to less than zero, if an estate or trust), see NOL Carryover From 2013 to 2014 , later. 1040 form 2012 Illustrated Form 1045, Schedule B The following example illustrates how to figure an NOL carryover from a carryback year. 1040 form 2012 It includes a filled-in Form 1045, Schedule B. 1040 form 2012 Example. 1040 form 2012 Ida Brown runs a small clothing shop. 1040 form 2012 In 2013, she has an NOL of $36,000 that she carries back to 2011. 1040 form 2012 She has no other carrybacks or carryforwards to 2011. 1040 form 2012 Ida's adjusted gross income in 2011 was $35,000, consisting of her salary of $36,000 minus a $1,000 capital loss deduction. 1040 form 2012 She is single and claimed only one personal exemption of $3,700. 1040 form 2012 During that year, she gave $1,450 in charitable contributions. 1040 form 2012 Her medical expenses were $3,000. 1040 form 2012 She also deducted $1,650 in taxes and $3,125 in home mortgage interest. 1040 form 2012 Her deduction for charitable contributions was not limited because her contributions, $1,450, were less than 50% of her adjusted gross income. 1040 form 2012 The deduction for medical expenses was limited to expenses over 7. 1040 form 2012 5% of adjusted gross income (. 1040 form 2012 075 × $35,000 = $2,625; $3,000 − $2,625 = $375). 1040 form 2012 The deductions for taxes and home mortgage interest were not subject to any limits. 1040 form 2012 She was able to claim $6,600 ($1,450 + $375 + $1,650 + $3,125) in itemized deductions and a personal exemption deduction of $3,700 for 2011. 1040 form 2012 She had no other deductions in 2011 (except the NOL deduction). 1040 form 2012 Her taxable income (figured without the NOL deduction) for the year was $24,700. 1040 form 2012 Ida's adjusted gross income in 2012 was $9,325, consisting of net business income from the clothing shop of $12,325 and a net capital loss of $3,000. 1040 form 2012 She did not itemize her deductions in 2012. 1040 form 2012 She deducted the standard deduction of $5,950 and the personal exemption deduction of $3,800. 1040 form 2012 She had no other deductions in 2012 (other than the NOL deduction). 1040 form 2012 Her taxable income, therefore, was ($425). 1040 form 2012 Ida's $36,000 carryback will result in her having 2011 taxable income of zero. 1040 form 2012 She then completes the column for the second preceding tax year ended 12/31/11 on Form 1045, Schedule B, to figure how much of her NOL she uses up in 2011 and how much she can carry over to 2012. 1040 form 2012 She completes the column for the first preceding tax year ended 12/31/12. 1040 form 2012 See the illustrated Form 1045, Schedule B , shown later. 1040 form 2012 Column 1, line 1. 1040 form 2012 Ida enters $36,000, her 2013 net operating loss, on line 1. 1040 form 2012 Column 1, line 2. 1040 form 2012 She enters $24,700, her 2011 taxable income (figured without the NOL deduction), on line 2. 1040 form 2012 Column 1, line 3. 1040 form 2012 Ida enters her net capital loss deduction of $1,000 on line 3. 1040 form 2012 Column 1, lines 4 and 5. 1040 form 2012 Ida had no section 1202 exclusion or domestic production activities deduction in 2011. 1040 form 2012 She enters zero on lines 4 and 5. 1040 form 2012 Column 1, line 6. 1040 form 2012 Although Ida's entry on line 3 modifies her adjusted gross income, that does not affect any other items included in her adjusted gross income. 1040 form 2012 Ida enters zero on line 6. 1040 form 2012 Column 1, line 7. 1040 form 2012 Ida had itemized deductions and entered $1,000 on line 3, so she completes lines 11 through 38 to figure her adjustment to itemized deductions. 1040 form 2012 On line 7, she enters the total adjustment from line 38. 1040 form 2012 Column 1, line 8. 1040 form 2012 Ida enters the deduction for her personal exemption of $3,700 for 2011. 1040 form 2012 Column 1, line 9. 1040 form 2012 After combining lines 2 through 8, Ida's modified taxable income is $29,475. 1040 form 2012 Column 1, line 10. 1040 form 2012 Ida figures her carryover to 2012 by subtracting her modified taxable income (line 9) from her NOL deduction (line 1). 1040 form 2012 She enters the $6,525 carryover on line 10. 1040 form 2012 She also enters the $6,525 as her NOL deduction for 2012 on Form 1045, page 1, line 10, in the “After carryback” column under the column for the first preceding tax year ended 12/31/12. 1040 form 2012 (For an illustrated example of page 1 of Form 1045, see Illustrated Form 1045 under How To Claim an NOL Deduction , earlier. 1040 form 2012 ) Next, Ida completes column 2 for the first preceding tax year ended 12/31/12. 1040 form 2012 Column 1, line 11. 1040 form 2012 Ida's adjusted gross income for 2011 was $35,000. 1040 form 2012 Column 1, line 12. 1040 form 2012 She adds lines 3 through 6 and enters $1,000 on line 12. 1040 form 2012 (This is her net capital loss deduction added back, which modifies her adjusted gross income. 1040 form 2012 ) Column 1, line 13. 1040 form 2012 Her modified adjusted gross income for 2011 is now $36,000. 1040 form 2012 Column 1, line 14. 1040 form 2012 On her 2011 tax return, she deducted $375 as medical expenses. 1040 form 2012 Column 1, line 15. 1040 form 2012 Her actual medical expenses were $3,000. 1040 form 2012 Column 1, line 16. 1040 form 2012 She multiplies her modified adjusted gross income, $36,000, by . 1040 form 2012 075. 1040 form 2012 She enters $2,700 on line 16. 1040 form 2012 Column 1, line 17. 1040 form 2012 She substracts $2,700 from her actual medical expenses, $3,000. 1040 form 2012 She enters $300 on line 17. 1040 form 2012 This is her modified medical deduction. 1040 form 2012 Column 1, line 18. 1040 form 2012 The difference between her medical deduction and her modified medical deduction is $75. 1040 form 2012 She enters this on line 18. 1040 form 2012 Column 1, lines 19 through 21. 1040 form 2012 Ida had no deduction for qualified mortgage insurance premiums in 2011. 1040 form 2012 She skips lines 19 and 20 and enters zero on line 21. 1040 form 2012 Column 1, line 22. 1040 form 2012 She enters her modified adjusted gross income of $36,000 on line 22. 1040 form 2012 Column 1, line 23. 1040 form 2012 She had no other carrybacks to 2011 and enters zero on line 23. 1040 form 2012 Column 1, line 24. 1040 form 2012 Her modified adjusted gross income remains $36,000. 1040 form 2012 Column 1, line 25. 1040 form 2012 Her actual contributions for 2011 were $1,450, which she enters on line 25. 1040 form 2012 Column 1, line 26. 1040 form 2012 She now refigures her charitable contributions based on her modified adjusted gross income. 1040 form 2012 Her contributions are well below the 50% limit, so she enters $1,450 on line 26. 1040 form 2012 Column 1, line 27. 1040 form 2012 The difference is zero. 1040 form 2012 Column 1, lines 28 through 37. 1040 form 2012 Ida had no casualty losses or deductions for miscellaneous items in 2011. 1040 form 2012 She skips lines 28 through 31 and lines 33 through 36. 1040 form 2012 Ida enters zero on lines 32 and 37. 1040 form 2012 Column 1, line 38. 1040 form 2012 She combines lines 18, 21, 27, 32, and 37 and enters $75 on line 38. 1040 form 2012 She carries this figure to line 7. 1040 form 2012 Column 2, line 1. 1040 form 2012 Ida enters $6,525, the carryback of her 2013 NOL to 2012, from column 1, line 10, on line 1. 1040 form 2012 Column 2, line 2. 1040 form 2012 She enters ($425), her 2012 taxable income, on line 2. 1040 form 2012 Column 2, line 3. 1040 form 2012 Ida enters her net capital loss deduction of $3,000 on line 3. 1040 form 2012 Column 2, lines 4 and 5. 1040 form 2012 Ida had no section 1202 exclusion or domestic production activities deduction in 2012. 1040 form 2012 She enters zero on lines 4 and 5. 1040 form 2012 Column 2, line 6. 1040 form 2012 Although Ida's entry on line 3 modifies her adjusted gross income, that does not affect any other items included in her adjusted gross income. 1040 form 2012 Ida enters zero on line 6. 1040 form 2012 Column 2, line 7. 1040 form 2012 Because Ida did not itemize deductions on her 2012 tax return, she enters zero on line 7. 1040 form 2012 Column 2, line 8. 1040 form 2012 Ida enters the deduction for her personal exemption of $3,800 for 2012. 1040 form 2012 Column 2, line 9. 1040 form 2012 After combining lines 2 through 8, Ida's modified taxable income is $6,375. 1040 form 2012 Column 2, line 10. 1040 form 2012 Ida figures her carryforward to 2014 by subtracting her modified taxable income (line 9) from her NOL deduction (line 1). 1040 form 2012 She enters the $150 carryover on line 10. 1040 form 2012 This image is too large to be displayed in the current screen. 1040 form 2012 Please click the link to view the image. 1040 form 2012 Form 1045, page 3 This image is too large to be displayed in the current screen. 1040 form 2012 Please click the link to view the image. 1040 form 2012 Form 1045, page 4 NOL Carryover From 2013 to 2014 If you had an NOL deduction carried forward from a year prior to 2013 that resulted in your having taxable income on your 2013 return of zero (of less than zero, if an estate or trust), complete Table 1 , Worksheet for NOL Carryover From 2013 to 2014, on the following pages. 1040 form 2012 It will help you figure your NOL to carry to 2014. 1040 form 2012 Keep the worksheet for your records. 1040 form 2012 Worksheet Instructions At the top of the worksheet, enter the NOL year for which you are figuring the carryover. 1040 form 2012 More than one NOL. 1040 form 2012   If your 2013 NOL deduction includes amounts for more than one loss year, complete this worksheet only for one loss year. 1040 form 2012 To determine which year, start with your earliest NOL and subtract each NOL separately from your taxable income figured without the NOL deduction. 1040 form 2012 Complete this worksheet for the earliest NOL that results in your having taxable income below zero. 1040 form 2012 Your NOL carryover to 2014 is the total of the amount on line 10 of the worksheet and all later NOL amounts. 1040 form 2012 Example. 1040 form 2012 Your taxable income for 2013 is $5,000 without your $9,000 NOL deduction. 1040 form 2012 Your NOL deduction includes a $2,000 carryover from 2011 and a $7,000 carryover from 2012. 1040 form 2012 Subtract your 2011 NOL of $2,000 from $5,000. 1040 form 2012 This gives you taxable income of $3,000. 1040 form 2012 Your 2011 NOL is now completely used up. 1040 form 2012 Subtract your $7,000 2012 NOL from $3,000. 1040 form 2012 This gives you taxable income of ($4,000). 1040 form 2012 You now complete the worksheet for your 2012 NOL. 1040 form 2012 Your NOL carryover to 2014 is the unused part of your 2012 NOL from line 10 of the worksheet. 1040 form 2012 Line 2. 1040 form 2012   Treat your NOL deduction for the NOL year entered at the top of the worksheet and later years as a positive amount. 1040 form 2012 Add it to your negative taxable income (figured without the NOL deduction). 1040 form 2012 Enter the result on line 2. 1040 form 2012 Line 6. 1040 form 2012   You must refigure the following income and deductions based on adjusted gross income. 1040 form 2012 The special allowance for passive activity losses from rental real estate activities. 1040 form 2012 Taxable social security and tier 1 railroad retirement benefits. 1040 form 2012 IRA deductions. 1040 form 2012 Excludable savings bond interest. 1040 form 2012 Excludable employer-provided adoption benefits. 1040 form 2012 The student loan interest deduction. 1040 form 2012 The tuition and fees deduction. 1040 form 2012   If none of these items apply to you, enter zero on line 6. 1040 form 2012 Otherwise, increase your adjusted gross income by the total of lines 3 through 5 and your NOL deduction for the NOL year entered at the top of the worksheet and later years. 1040 form 2012 Using this increased adjusted gross income, refigure the items that apply, in the order listed above. 1040 form 2012 Your adjustment for each item is the difference between the refigured amount and the amount included on your return. 1040 form 2012 Combine the adjustments for previous items with your adjusted gross income before refiguring the next item. 1040 form 2012 Keep a record of your computations. 1040 form 2012   Enter your total adjustments for the above items on line 6. 1040 form 2012 Line 7. 1040 form 2012   Enter zero if you claimed the standard deduction or the amounts on lines 3 through 5 are zero. 1040 form 2012 Otherwise, use lines 11 through 33 of the worksheet to figure the amount to enter on this line. 1040 form 2012 Complete only those sections that apply to you. 1040 form 2012 Estates and trusts. 1040 form 2012   Enter zero on line 7 if you did not claim any miscellaneous deductions on Form 1041, line 15c, or a casualty or theft loss. 1040 form 2012 Otherwise, refigure these deductions by substituting modified adjusted gross income (see below ) for adjusted gross income. 1040 form 2012 Subtract the recomputed deductions from those claimed on the return. 1040 form 2012 Enter the result on line 7. 1040 form 2012 Modified adjusted gross income. 1040 form 2012   To refigure miscellaneous itemized deductions of an estate or trust (Form 1041, line 15c), modified adjusted gross income is the total of the following amounts. 1040 form 2012 The adjusted gross income on the return. 1040 form 2012 The amounts from lines 3 through 5 of the worksheet. 1040 form 2012 The exemption amount from Form 1041, line 20. 1040 form 2012 The NOL deduction for the NOL year entered at the top of the worksheet and for later years. 1040 form 2012   To refigure the casualty and theft loss deduction of an estate or trust, modified adjusted gross income is the total of the following amounts. 1040 form 2012 The adjusted gross income amount you used to figure the deduction claimed on the return. 1040 form 2012 The amounts from lines 3 through 5 of the worksheet. 1040 form 2012 The NOL deduction for the NOL year entered at the top of the worksheet and for later years. 1040 form 2012 Line 11. 1040 form 2012   Treat your NOL deduction for the NOL year entered at the top of the worksheet and for later years as a positive amount. 1040 form 2012 Add it to your adjusted gross income. 1040 form 2012 Enter the result on line 11. 1040 form 2012 Line 20. 1040 form 2012   Is your modified adjusted gross income from line 13 of this worksheet more than $100,000 ($50,000 if married filing separately)?   □ Yes. 1040 form 2012 Your deduction is limited. 1040 form 2012 Refigure your deduction using the Mortgage Insurance Premiums Deduction Worksheet in the 2013 Instructions for Form 1045. 1040 form 2012 On line 2 of the Mortgage Insurance Premiums Deduction Worksheet, enter the amount from line 13 of this worksheet. 1040 form 2012   □ No. 1040 form 2012 Your deduction is not limited. 1040 form 2012 Enter the amount from line 19 on line 20 and enter -0- on line 21. 1040 form 2012 Line 23. 1040 form 2012   If you had a contributions carryover from 2012 to 2013 and your NOL deduction includes an amount from an NOL year before 2012, you may have to reduce your contributions carryover. 1040 form 2012 Reduce the contributions carryover by the amount of any adjustment you made to your 2012 charitable contributions deduction when figuring your NOL carryover to 2013. 1040 form 2012 Use the reduced contributions carryover to figure the amount to enter on line 23. 1040 form 2012 Please click here for the text description of the image. 1040 form 2012 Worksheet for NOL Carryover Worksheet for NOL Carryover (Continued) How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. 1040 form 2012 Free help with your tax return. 1040 form 2012   You can get free help preparing your return nationwide from IRS-certified volunteers. 1040 form 2012 The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. 1040 form 2012 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. 1040 form 2012 Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. 1040 form 2012 In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. 1040 form 2012 To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. 1040 form 2012 gov, download the IRS2Go app, or call 1-800-906-9887. 1040 form 2012   As part of the TCE program, AARP offers the Tax-Aide counseling program. 1040 form 2012 To find the nearest AARP Tax-Aide site, visit AARP's website at www. 1040 form 2012 aarp. 1040 form 2012 org/money/taxaide or call 1-888-227-7669. 1040 form 2012 For more information on these programs, go to IRS. 1040 form 2012 gov and enter “VITA” in the search box. 1040 form 2012 Internet. 1040 form 2012    IRS. 1040 form 2012 gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. 1040 form 2012 Download the free IRS2Go app from the iTunes app store or from Google Play. 1040 form 2012 Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. 1040 form 2012 Check the status of your 2013 refund with the Where's My Refund? application on IRS. 1040 form 2012 gov or download the IRS2Go app and select the Refund Status option. 1040 form 2012 The IRS issues more than 9 out of 10 refunds in less than 21 days. 1040 form 2012 Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. 1040 form 2012 You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. 1040 form 2012 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. 1040 form 2012 Use the Interactive Tax Assistant (ITA) to research your tax questions. 1040 form 2012 No need to wait on the phone or stand in line. 1040 form 2012 The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. 1040 form 2012 When you reach the response screen, you can print the entire interview and the final response for your records. 1040 form 2012 New subject areas are added on a regular basis. 1040 form 2012  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. 1040 form 2012 gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. 1040 form 2012 You can use the IRS Tax Map to search publications and instructions by topic or keyword. 1040 form 2012 The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. 1040 form 2012 When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. 1040 form 2012 Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. 1040 form 2012 You can also ask the IRS to mail a return or an account transcript to you. 1040 form 2012 Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. 1040 form 2012 gov or by calling 1-800-908-9946. 1040 form 2012 Tax return and tax account transcripts are generally available for the current year and the past three years. 1040 form 2012 Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. 1040 form 2012 Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. 1040 form 2012 If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. 1040 form 2012 Check the status of your amended return using Where's My Amended Return? Go to IRS. 1040 form 2012 gov and enter Where's My Amended Return? in the search box. 1040 form 2012 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. 1040 form 2012 It can take up to 3 weeks from the date you mailed it to show up in our system. 1040 form 2012 Make a payment using one of several safe and convenient electronic payment options available on IRS. 1040 form 2012 gov. 1040 form 2012 Select the Payment tab on the front page of IRS. 1040 form 2012 gov for more information. 1040 form 2012 Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. 1040 form 2012 Figure your income tax withholding with the IRS Withholding Calculator on IRS. 1040 form 2012 gov. 1040 form 2012 Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. 1040 form 2012 Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. 1040 form 2012 gov. 1040 form 2012 Request an Electronic Filing PIN by going to IRS. 1040 form 2012 gov and entering Electronic Filing PIN in the search box. 1040 form 2012 Download forms, instructions and publications, including accessible versions for people with disabilities. 1040 form 2012 Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. 1040 form 2012 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. 1040 form 2012 An employee can answer questions about your tax account or help you set up a payment plan. 1040 form 2012 Before you visit, check the Office Locator on IRS. 1040 form 2012 gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. 1040 form 2012 If you have a special need, such as a disability, you can request an appointment. 1040 form 2012 Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. 1040 form 2012 Apply for an Employer Identification Number (EIN). 1040 form 2012 Go to IRS. 1040 form 2012 gov and enter Apply for an EIN in the search box. 1040 form 2012 Read the Internal Revenue Code, regulations, or other official guidance. 1040 form 2012 Read Internal Revenue Bulletins. 1040 form 2012 Sign up to receive local and national tax news and more by email. 1040 form 2012 Just click on “subscriptions” above the search box on IRS. 1040 form 2012 gov and choose from a variety of options. 1040 form 2012 Phone. 1040 form 2012    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. 1040 form 2012 Download the free IRS2Go app from the iTunes app store or from Google Play. 1040 form 2012 Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. 1040 form 2012 gov, or download the IRS2Go app. 1040 form 2012 Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. 1040 form 2012 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. 1040 form 2012 Most VITA and TCE sites offer free electronic filing. 1040 form 2012 Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. 1040 form 2012 Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. 1040 form 2012 Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. 1040 form 2012 If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. 1040 form 2012 The IRS issues more than 9 out of 10 refunds in less than 21 days. 1040 form 2012 Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. 1040 form 2012 Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. 1040 form 2012 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. 1040 form 2012 Note, the above information is for our automated hotline. 1040 form 2012 Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. 1040 form 2012 Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. 1040 form 2012 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. 1040 form 2012 It can take up to 3 weeks from the date you mailed it to show up in our system. 1040 form 2012 Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). 1040 form 2012 You should receive your order within 10 business days. 1040 form 2012 Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. 1040 form 2012 If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. 1040 form 2012 Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. 1040 form 2012 The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. 1040 form 2012 These individuals can also contact the IRS through relay services such as the Federal Relay Service. 1040 form 2012 Walk-in. 1040 form 2012   You can find a selection of forms, publications and services — in person. 1040 form 2012 Products. 1040 form 2012 You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. 1040 form 2012 Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. 1040 form 2012 Services. 1040 form 2012 You can walk in to your local TAC for face-to-face tax help. 1040 form 2012 An employee can answer questions about your tax account or help you set up a payment plan. 1040 form 2012 Before visiting, use the Office Locator tool on IRS. 1040 form 2012 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. 1040 form 2012 Mail. 1040 form 2012   You can send your order for forms, instructions, and publications to the address below. 1040 form 2012 You should receive a response within 10 business days after your request is received. 1040 form 2012 Internal Revenue Service 1201 N. 1040 form 2012 Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. 1040 form 2012 The Taxpayer Advocate Service (TAS) is your voice at the IRS. 1040 form 2012 Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. 1040 form 2012   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. 1040 form 2012 We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. 1040 form 2012 You face (or your business is facing) an immediate threat of adverse action. 1040 form 2012 You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. 1040 form 2012   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. 1040 form 2012 Here's why we can help: TAS is an independent organization within the IRS. 1040 form 2012 Our advocates know how to work with the IRS. 1040 form 2012 Our services are free and tailored to meet your needs. 1040 form 2012 We have offices in every state, the District of Columbia, and Puerto Rico. 1040 form 2012   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. 1040 form 2012   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. 1040 form 2012 If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. 1040 form 2012 Low Income Taxpayer Clinics Low Income
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Tax Relief for Victims of Severe Storms, Straight-line Winds and Tornadoes in Indiana

IN-2012-14, March 12, 2012

DETROIT — Victims of the severe storms, straight-line winds and tornadoes that began on Feb. 29, 2012 in parts of Indiana may qualify for tax relief from the Internal Revenue Service.

The President has declared Clark, Jefferson, Ripley, Scott, Warrick and Washington counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Feb. 29, and on or before May 31, have been postponed to May 31, 2012. This includes the April 17 deadline for filing 2011 individual income tax returns, making income tax payments and making 2011 contributions to an individual retirement account (IRA).  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Feb. 29, and on or before March 15, as long as the deposits are made by March 15, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until May 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Feb. 29 and on or before May 31.

The IRS also gives affected taxpayers until May 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Feb. 29 and on or before May 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Feb. 29 and on or before March 15 provided the taxpayer makes these deposits by March 15.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Indiana, Severe Storms, Straight-line Winds, and Tornadoes” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

Related Information

Page Last Reviewed or Updated: 30-Jan-2014

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