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Generating Form 1045 in ProSeries

by Intuit Updated 2 years ago

Before you start

  • ProSeries doesn't automatically generate Form 1045. Most entries will be manual.
  • Refer to IRS Instructions for Form 1045 for additional information about where to file and what to attach to Form 1045.
  • Complete the amended prior-year return(s) to calculate the after carryback amounts.
  • Per IRS instructions, Form 1045 isn't available for e-file and must be printed and mailed separately from Form 1040.
  • Form 1045 isn't supported in ProSeries Basic.
  • As an alternative to Form 1045, complete an amended form 1040X in the year(s) you wish to carryback the Net Operating Loss. For more information see Entering a net operating loss (NOL) carryback by using Form 1040-X

For most taxpayers, NOLs arising in tax years ending after 2020 can only be carried forward. See Net operating losses for more information.

To complete Form 1045:

  1. Complete lines 1 through 9 with the current year Net Operating Loss (NOL) information.
  2. In Computation of Decrease in Tax you start with the earliest carryback year.
  3. Enter the Before Carryback column of Lines 11 through 29, using  the original tax returns.
  4. Recalculate the prior year returns by adding the NOL to the 1040 as Other Income.
  5. Use the newly recalculated returns to complete the After Carryback column of  Form 1045, Lines 11 through 29.
  6. Add the results for all columns' Line 32 together and enter that amount on Line 33 of Form 1045.
  7. Print and mail the Form 1045.
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