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Instructions for Form 1045
- Introductory Material

Table of Contents

What's New

5-year carryback of 2008 net operating losses (NOLs) for eligible small businesses.   For 2008, you can elect a 3, 4, or 5-year carryback period for the part of your 2008 NOL that is an eligible small business loss. See Eligible small business (ESB) losses on page 5.

Tax relief for federally declared disaster areas.   The following benefits apply to federally declared disaster areas.

  • A 5-year carryback period applies to the portion of an NOL that is a qualified disaster loss. See the instructions for line 10 that begin on page 4.

  • The 90% limit on the alternative tax net operating loss deduction (ATNOLD) does not apply to the portion of an ATNOLD attributable to qualified disaster losses. See the instructions for line 17 on page 7.

Tax relief for the Kansas disaster area.   The following benefits apply in the Kansas disaster area. (For a complete discussion of the temporary tax relief available, see Pub. 4492-A.)

  • A 5-year carryback period applies to the portion of an NOL that is a qualified recovery assistance loss. See the instructions for line 10 that begin on page 4.

  • The 90% limit on the alternative tax net operating loss deduction (ATNOLD) does not apply to the portion of an ATNOLD attributable to qualified recovery assistance losses. See the instructions for line 17 on page 7.

Tax relief for the Midwestern disaster areas.   The following benefits apply in the Midwestern disaster areas. (For a complete discussion of the temporary tax relief available, see Pub. 4492-B.)

  • A 5-year carryback period applies to the portion of an NOL that is a qualified disaster recovery assistance loss. See the instructions for line 10 that begin on page 4.

  • The 90% limit on the alternative tax net operating loss deduction (ATNOLD) does not apply to the portion of an ATNOLD attributable to qualified disaster recovery assistance losses. See the instructions for line 17 on page 7.

  • The additional exemption amount on Form 8914 (for providing housing to a Midwestern displaced individual) is also allowable as a nonbusiness deduction in figuring the amount of the NOL that is available for carryback or carryforward.

Qualified GO Zone loss.   The definition of qualified GO Zone loss no longer includes certain deductions that expired before 2008. See Qualified GO Zone loss on page 2. For a list of the deductions that have expired, see page 6 of Pub. 4492. (See Pub. 4492, pages 12 and 13, for the special depreciation allowance.)

Deduction for mortgage insurance premiums refigured.   If you deducted mortgage insurance premiums in 2007 and you are carrying back an NOL to that year, you may have to refigure your deduction using modified adjusted gross income (Form 1045, Schedule B, line 13) instead of adjusted gross income. See the instructions for Schedule B, line 20, on page 9.

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