Form Instructions 1045 should be completed by individuals or businesses that want to claim a quick refund of taxes paid either by filing an amended tax return or carrying back a net operating loss (NOL). Here are a few points to consider regarding the form:
1. Small Business Owners: If you own a small business and want to claim a refund for taxes paid in previous years, you may be eligible to use Form Instructions 1045. It allows you to carry back a net operating loss to offset taxable income from the previous two years.
2. Individuals with Large Deductions: If you have significant deductions, such as casualty losses, that exceed your taxable income in a particular year, you can use Form Instructions 1045 to claim a quick refund for the excess amount.
3. Individuals Seeking Amended Returns: Individuals who have already filed their tax returns but later discovered errors or overlooked certain deductions can file an amended return using Form Instructions 1045. This allows you to claim any additional refunds you may be entitled to.
4. Eligibility for NOL Carryback: If you have experienced business losses in the current tax year, you may be able to carry those losses back to previous years. By completing Form Instructions 1045, you can claim a refund for taxes paid in those previous years based on the NOL amount.
5. Corporations and Partnerships: Not only individuals but also corporations and partnerships can benefit from using Form Instructions 1045 to claim quick refunds for NOL carrybacks. This form provides a straightforward process for these business entities to recoup taxes paid in previous years.
Remember, Form Instructions 1045 should only be completed by those eligible under the specific tax regulations. It's always recommended to consult with a tax professional or seek guidance from the Internal Revenue Service (IRS) to ensure appropriate eligibility and accurate completion of the form.