How to Claim a Net Operating Loss Refund
Form 1045 and Form 1040X
You may use either Form 1045 or Form 1040X to claim an NOL refund. You'll get a faster refund if you use Form 1045, usually about 90 days.
Purpose of Form 1045:
- Form 1045 is used by an individual, estate, or trust to apply for a quick tax refund resulting from:
- The carryback of a Net Operating Loss (NOL).
- The carryback of an unused general business credit.
- The carryback of a net section 1256 contracts loss.
- An overpayment of tax due to a claim of right adjustment under section 1341(b)(1).
- You must file Form 1045 no later than one year after the NOL year.
- You have an NOL for 2015 (the NOL year).
- You're a calendar year taxpayer (Jan. 1 through Dec 31)
- You must file Form 1045 no later than December 31, 2016.
Do not file Form 1045 with your original Form 1040. File Form 1045 separately and attach it to a copy of Form 1040.
- Instead of using Form 1045 to claim an NOL refund, you may use Form 1040X.
- If you choose to use Form 1040X, you must use a separate Form 1040X to amend each carryback year to which you apply an NOL.
- Attach a computation of your NOL to Form 1040X using Schedule A of Form 1045 and Schedule B for NOL carryovers, if applicable.
- It takes longer to get a refund if you use Form 1040X.
- One advantage of using Form 1040X is that you have more time to file it.
- You must file Form 1040X within threes years after the due date (including extensions) for filing Form 1040 for the NOL year.
- You must file Form 1045, no later than one year after the NOL year.
- You have an NOL for 2014 (the NOL year).
- You're a calendar year taxpayer.
- Your Form 1040 is due April 15, 2015.
- You carry the NOL back to 2012 (two years prior to the NOL).
- Form 1040X must be filed no later than April 15, 2018 (the third year after the April 15, 2015 due date for Form 1040, plus extensions).
- Form 1045 would have to be filed no later than December 31, 2015, one year after the NOL year of 2014.
- Return to the Business Deductions Table of Contents to find related links