Form 1045: Application For Tentative Refund

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DEFINITION of 'Form 1045: Application For Tentative Refund'

A tax form distributed by the Internal Revenue Service (IRS) and used by individuals, estates and trusts to apply for a tax refund. Form 1045 is used to request a refund resulting from either a carryback of a net operating loss (NOL), unused business tax credit or net section 1256 loss, or from a tax overpayment. Instructions for Form 1045 indicate what qualifies as a loss.

INVESTOPEDIA EXPLAINS 'Form 1045: Application For Tentative Refund'

Tax payers should be careful when carrying back net operating loss (NOL) to a previous tax year because it may create an alternative minimum tax (AMT) obligation. This can be created even if there was no AMT owed in the previous period.

RELATED TERMS
  1. IRS Publication 536 - Net Operating ...

    A document published by the Internal Revenue Service (IRS) that ...
  2. Loss Carryforward

    An accounting technique that applies the current year's net operating ...
  3. Loss Carryback

    An accounting technique with which a company retroactively applies ...
  4. Net Operating Loss - NOL

    A period in which a company's allowable tax deductions are greater ...
  5. Alternative Minimum Tax - AMT

    A tax calculation that adds certain tax preference items back ...
  6. Section 7702

    The section of the United States Internal Revenue Code that defines ...
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