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If you checked “No” for 1995, enter Line 29—Overpayment of nonbusiness property. Employee
$3,900 if single ($6,550 if married). business expenses such as union dues,
If you used TeleFile for your original Tax Under Section 1341(b)(1) uniforms, tools, and educational expenses
return and someone else could claim you If you apply for a tentative refund based are also business deductions.
as a dependent on their return, first get on an overpayment of tax under section
Form 1040EZ for the year in question. 1341(b)(1), enter it on this line. Also, Line 10—Nonbusiness Income
Next, complete the worksheet on the back attach a computation that shows the Other Than Capital Gains
of that form. Then, enter the amount from information required in Regulations This is income that is not from a trade or
the worksheet on Form 1045. If no one section 5.6411-1(d). business. Examples are dividends,
could claim you as a dependent, enter the annuities, and interest on investments.
amount listed above for that tax year. Signature Do not enter business income on line
Individuals.— Sign and date Form 1045. 10. This is income from a trade or
Line 17—Income Tax If Form 1045 is filed jointly, both spouses business and includes the following:
● Salaries and wages.
For columns (b), (d), and (f), refigure your must sign.
tax after taking into account the NOL ● Rental income.
Estates.— All executors or administrators
carryback. Include on this line any tax must sign and date Form 1045. ● Gain on the sale or exchange of
from Forms 4970 and 4972. Attach an Trusts.— The fiduciary or an authorized business real estate or depreciable
explanation of the method used to figure representative must sign and date Form property.
your tax and, if necessary, a detailed 1045. ● Your share of business income from a
computation. For example, write “Tax partnership or an S corporation.
Rate Schedule—1993” if that is the
method used for that year. You do not Schedule A—Net Operating For more details on business and
nonbusiness income and deductions, see
need to attach a detailed computation of Loss (NOL) Pub. 536.
the tax in this case. Complete and file this schedule to
determine the amount of your NOL that is Schedule B—Net Operating
Line 18—General Business available for carryback or carryover.
Loss Carryover
Credit Line 9—Nonbusiness Deductions Complete and file this schedule to
In columns (b), (d), and (f), enter the total These are deductions that are not determine your net operating loss
of the recomputed general business connected with a trade or business. They deduction for each carryback year and the
credits. Attach all Forms 3800 used to include the following: amount to be carried forward if not fully
redetermine the amount of general absorbed.
● IRA deduction.
business credit.
● Deduction for payments on behalf of a If your NOL is more than the taxable
self-employed individual to a Keogh income of the earliest year to which it is
Line 19—Other Credits retirement plan or a simplified employee carried, you must figure the amount of the
See your tax return for the carryback year pension (SEP) plan. NOL that is to be carried to the next tax
for any additional credits such as the ● Self-employed health insurance year. The amount of the NOL you may
earned income credit, credit for child and deduction. carry to the next year, after applying it to
dependent care expenses, foreign tax ● Alimony.
an earlier year(s), is the excess, if any,
credit, etc., that will apply in that year. If of the NOL carryback over the modified
● Itemized deductions are usually
there is an entry on this line, identify the taxable income of that earlier year.
credit(s) claimed. nonbusiness, except for casualty and theft Modified taxable income is the amount
losses, and any employee business figured on line 7 of Schedule B.
expenses.
Line 22—Recapture Taxes ● Standard deduction.
Note: If you carry two or more NOLs to
a tax year, you must deduct them, when
Enter the amount shown on your Form Do not enter business deductions on figuring modified taxable income, in the
1040, line 49. line 9. These are deductions that are order in which they were incurred. First,
connected with a trade or business. They deduct the NOL from the earliest year,
Line 23—Alternative include the following: then the NOL from the next earliest year,
Minimum Tax ● State income tax on business profits. and so on. After you deduct each NOL,
● Moving expenses. there will be a new, lower total for
A carryback of an NOL may affect your modified taxable income to compare with
● Deduction for one-half of
alternative minimum tax. Individuals use any remaining NOL.
Form 6251 to figure this tax, and attach self-employment tax.
● Rental losses.
a copy if there is any change to your Line 2
alternative minimum tax liability. Estates ● Loss on the sale or exchange of
The NOL carryback from the 1996 tax
and trusts use Schedule H (Form 1041) business real estate or depreciable year or any later tax year is not allowed.
(Schedule I for 1995). property. However, net operating losses, otherwise
● Your share of a business loss from a
allowable as carrybacks or carryforwards,
Line 24—Self-Employment partnership or an S corporation. occurring in tax years before 1996, are
● Ordinary loss on the sale or exchange
Tax taken into account in figuring the modified
of section 1244 (small business) stock. taxable income for the earlier year.
Do not adjust the self-employment tax ● Ordinary loss on the sale or exchange
because of any carryback. of stock in a small business investment Line 4—Adjustments to Adjusted
company operating under the Small Gross Income
Line 25—Other Taxes Business Investment Act of 1958. If you entered an amount on line 3, you
See your tax return for the carryback year ● Loss from the sale of accounts must refigure certain income and
for any other taxes not mentioned above, receivable if such accounts arose under deductions based on adjusted gross
such as tax on an IRA, that will apply in the accrual method of accounting. income. These are:
that year. If there is an entry on this line, ● If you itemized your deductions, ● The special allowance for passive
identify the taxes that apply. casualty and theft losses are business activity losses from rental real estate
deductions even if they involve activities.
● Taxable social security benefits.
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● IRA deductions. Form 4684, line 18, by substituting deductions based on adjusted gross
● Excludable savings bond interest. modified adjusted gross income (see income and listed in the instructions for
For purposes of figuring the adjustment below) for the adjusted gross income of line 4 of Schedule B, do not use the
to each of these items, your adjusted the estate or trust. Subtract the amount on line 19 as your adjusted gross
gross income is increased by the amount recomputed deductions and losses from income for refiguring charitable
on line 3. Do not take into account your the deductions and losses previously contributions. Instead, figure adjusted
1996 NOL carryback. Generally, figure claimed, and enter the difference on line gross income as follows:
the adjustment to each item of income or 5, Schedule B of Form 1045. 1. Figure the adjustment to each item
deduction in the order listed above and, Modified adjusted gross income. For that affects and is based on adjusted
when figuring the adjustment to each purposes of figuring miscellaneous gross income in the same manner as
subsequent item, increase adjusted gross itemized deductions subject to the 2% explained in the instructions for line 4 of
income by the total adjustments you limit, modified adjusted gross income is Schedule B, except do not take into
figured for the previous items. However, figured by adding the following amounts account any NOL carrybacks when
a special rule applies if you received to the adjusted gross income previously figuring adjusted gross income. Attach a
social security benefits AND deducted used to figure these deductions: computation showing how the
IRA contributions. Use the worksheets in 1. The amount from line 3, Schedule B adjustments were figured.
Pub. 590, Individual Retirement of Form 1045, and 2. Add lines 3, 9, and 18 of Schedule
Arrangements (IRAs), to refigure your 2. The exemption amount from Form B to the total adjustments you figured in
taxable social security benefits and IRA 1041, line 20. 1 above. Use the result as your adjusted
deductions under the special rule. For purposes of figuring casualty or gross income for refiguring charitable
Enter on line 4 the total adjustments theft losses, modified adjusted gross contributions.
made to the listed items. Attach a income is figured by adding the amount For net operating loss carryover
computation showing how the from line 3, Schedule B of Form 1045, to purposes, you must reduce any
adjustments were figured. the adjusted gross income previously contributions carryover to the extent your
used to figure these losses. net operating loss carryover on line 8 is
Line 5—Adjustment to Itemized increased by any adjustment made to
Deductions Line 8—Net Operating Loss charitable contributions.
Individuals.— Skip this line if, for all 3 Carryover
preceding years, you did not itemize
Line 33
Enter the amounts from line 8, columns
deductions. Otherwise, complete lines 9 (a) and (b), on line 1, columns (b) and (c), If Schedule B (Form 1045), line 11, is
through 33 and enter the amount from line respectively. Carry forward to 1997 the more than $108,450 for 1993 ($54,225 if
33, or line 12 of the worksheet below, amount on line 8, column (c). married filing separately), more than
whichever applies, on line 5. $111,800 for 1994 ($55,900 if married
Estates and trusts.— Recompute the Line 20 filing separately), or more than $114,700
miscellaneous itemized deductions If, for any of the preceding years, you for 1995 ($57,350 if married filing
deducted on Form 1041, line 15b, and entered an amount other than zero on line separately), complete the worksheet
any casualty or theft losses claimed on 18 and you had any items of income or below.
Itemized Deductions Limitation Worksheet—See the Line 33 Instructions (keep for your records)
1993 1994 1995
1. Add the amounts from Schedule B (Form 1045),
lines 14, 20, 25, and 30, and the amounts from
Schedule A (Form 1040), lines 8, 12, 18, and 25
for 1993; lines 9, 14, 27, and 28 for 1994; lines 9,
14, and 27 for 1995*
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