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Screen 1045 - General Information (1040)

Overview

Enter
X
 to choose to relinquish the carryback of a net operating loss. The tax election automatically prints with the return and is included in the electronic file. Do not make the same election in the Elect screen in the Elections folder because duplicate elections may print.
Enter
X
 to prepare Form 1045. This field is mandatory to calculate Form 1045.
Enter an amount to override the calculated amount for net operating loss from Form 172, Part I and the NOL Worksheet 1. To adjust the Form 172, Part I calculations, use the 1045-3 screen. Note that if you force the NOL, you need to override Form 172, Part I to match the forced amount.
This field marks automatically when the Net section 1256 contracts loss election box on Form 6781 and the amount of the loss carryback is entered on Form 6781, line 6. Clear the field if preparing to carry back on Form 1040X instead of Form 1045.
Enter an amount for the unused general business credit to complete the first preceding year only to calculate the correct General Business Credit carryover to next year. Enter the general business credit utilized in the carryback years on the COGBCr and CO6765 screens as a reduction in the appropriate general business credit period.
Use general footnotes to attach an explanation of the method used to figure income tax after the carryback and if necessary, a detailed calculation.
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