Form 1045 - Application for Tentative Refund (Current Year NOL) (CARRYBACK)
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If a return has generated a Net Operating Loss (NOL) in the current year, there will be a Green Alert in the return titled Green Alert - Net Operating Loss. The NOL amount will be reflected on Line 25 in Schedule A - NOL of Form 1045, Application for Tentative Refund. Instructions to review/modify the information and then print the schedule in the TaxAct program are provided below followed by information on how to carry back that loss (if you do not elect to carry the loss forward).
Note If there was any gain in the return excluded under section 1202 on the sale or exchange of qualified small business stock, that would need to be entered as a positive number on Line 17 of the same Schedule A - NOL in Form 1045.
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