Form 1045: Application for Tentative Refunds, Definitive Guide

KEY TAKEAWAYS

• You can use Form 1045 when you have overpaid your taxes and want to request a refund of the overpayment.
• You must file Form 1045 within 1 year from the date your tax return was due or within 60 days from the date you paid your tax, whichever is later.
• Your overpayment must be at least $500, or 10% of the tax shown on your return (not including any penalties or interest), whichever is less.

What is Form 1045?

Form 1045 is an application for tentative refunds. Taxpayers who overpaid their taxes and are seeking a refund use this form. You must file the form within one year from the date you paid the tax.

How does Form 1045 work?

The IRS uses Form 1045 to process tentative refunds for individual taxpayers. This form is to request a refund of overpayment of tax liability, and must file within 12 months from the date the return was due. The form includes a worksheet to help figure out the amount of refund you are due.

Who can file Form 1045?

Individual taxpayers who have overpaid their taxes and are due a refund can file Form 1045. This form can also be for partnerships, S corporations, estates, and trusts. Certain non-profit organizations that have overpaid their taxes may also use it.

How to generate Form 1045

The first step is to download and save the form to your computer. You can do this by clicking on the “Download” button located at the top of the page. Next, fill out the form with your personal information and tax return information. Once you have completed the form, send it to the IRS along with your payment for any taxes owed.

If you are expecting a refund, the IRS will issue a correct refund check. You can expect 90-day time frames from the date they receive your return. Please note, though, that processing times often take 16 to 20 weeks.

If you owe taxes, the IRS will send you a bill for the amount due. You will then have to make a payment for the taxes owed.

When to file Form 1045?

Business taxpayers needing a corporation application for tentative refund must meet certain conditions. This is necessary for a refund request.

Single taxpayer entities that meet either of the following conditions may file Form 1045. This is the Application for Tentative Refund:

1) The entity has a net operating loss (NOL) for the tax year.

2) The entity incurred carryback tax refunds from a net income tax year to a net operating loss tax year.

Example of Form 1045

The following is an example of Form 1045. This example is for illustrative purposes only and does not represent an actual Form 1045.

Form 1045: Application for Tentative Refunds

• Name of taxpayer: John Doe
• Address: 123 Main Street
• Social Security: xxx-xx-xxxx
• Spouse’s Social Security: xxx-xx-xxxx
• Telephone number: 555-555-1212
• Filing reason: Net operating loss, Unused credit, or Net section 1256 contracts loss
• Attach Form 8886 if applicable.
• Enter Computation of Decrease in Tax
• Enter Net operating loss carryback
• Enter Adjusted Gross Income (line 11)
• Enter Deductions (line 12)
• Subtract line 12 from 11
• Enter Exemptions

Summary

The Form 1045, Application for Tentative Refunds, is for individuals and businesses. They use it to claim adjustment refunds on taxes paid but may owe back to the taxpayer. The form files with the IRS and, if approved, a refund adjustment will go to the taxpayer.

Be sure not to confuse Form 1045 with the Form 1040, which is an individual tax return. The Form 1045 is for businesses and individuals who have paid taxes but may be eligible for a refund.

Businesses and individuals must file the Form 1045 if they meet the necessary criteria.