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Student Tax Return Calculator

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Student Tax Return Calculator

Student tax return calculator Index Prev  Up     Home   More Online Publications
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Most Popular Forms & Pubs

All forms and publications, including other formats, accessible products, and prior year revisions

Form 1040, U.S. Individual Income Tax Return
Annual income tax return filed by citizens or residents of the United States
Related: Instructions for Form 1040   Tax Tables

Additional forms and schedules for filing Form 1040

Form 1040-A, U.S. Individual Income Tax Return
Shorter version of Form 1040 allows you to report limited types of income and to claim certain adjustments. You cannot itemize deductions if you file Form 1040-A
Related: Instructions for Form 1040-A

Form 1040-ES, Estimated Tax for Individuals
Figure and pay your estimated tax on income that is not subject to withholding (for example, earnings from self-employment, interest, dividends, rents, alimony, etc.)
Related: Instructions for Form 1040-ES

Form 1040-EZ, Income Tax Return for Single and Joint Filers With No Dependents
Simplest individual income tax return form to fill out. If you file Form 1040EZ, you cannot itemize deductions or claim any adjustments to income or tax credits (other than the earned income credit).
Related: Inst 1040-EZ

Need help choosing the right 1040 for your situation? Use the Interactive Tax Assistant (ITA) or read Which Form - 1040, 1040A, or 1040EZ?

Form 2848, Power of Attorney and Declaration of Representative
Use Form 2848 to authorize an individual to represent you before the IRS.
Related: Instructions for Form 2848

Form 8821, Tax Information Authorization
Authorizes any individual, corporation, firm, organization, or partnership you designate to inspect and/or receive your confidential information for the type of tax and the years or periods listed on the form.

Form 8949, Sales and Other Dispositions of Capital Assets
Reconcile amounts that were reported to you and the IRS on Form 1099-B or 1099-S (or substitute statement) with the amounts you report on your return.
Related: Instructions for Form 8949

Form 9465, Installment Agreement Request
Request monthly payments through an installment agreement if you're not financially able to pay your tax debt immediately. 
Related: Instructions for Form 9465  Online Payment Agreement Application

Form 990, Return of Organization Exempt From Income Tax
Used by tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations to provide the IRS with the information required by section 6033.
Related: Instructions for Form 990  Schedules for Form 990

Form SS-4, Application for Employer Identification Number (EIN)
Apply for an Employer Identification Number. An EIN is a nine-digit number assigned to employers, sole proprietors, corporations, partnerships, estates, trusts, certain individuals, and other entities for tax filing and reporting purposes.
Related: Instructions for Form SS-4  Apply for an EIN online

Form W-2, Wage and Tax Statement (Info copy only)
Employers must complete, file with the Social Security Administration, and furnish to their employees Form W-2 showing the wages paid and taxes withheld for the year for each employee.
Related: Instructions for Form W-2 and W-3  Order Employer Returns Online

Form W-4, Employee's Withholding Allowance Certificate
Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. Consider completing a new Form W-4 each year and when your personal or financial situation changes.
Related: Withholding Calculator

Form W-9, Request for Taxpayer Identification Number (TIN) and Certification
Provide your correct TIN to the person who is required to file an information return with the IRS to report, for example, income paid to you, real estate transactions, mortgage interest you paid, acquisition or abandonment of secured property, cancellation of debt, or contributions you made to an IRA.
Related: Instructions for the Requestor of Form W-9

Publication 15 (Circular E), Employer's Tax Guide
Explains your tax responsibilities as an employer. It also includes tax tables that you need to figure the taxes to withhold from each employee.
Related: Read Pub 15 Online

Publication 17, Your Federal Income Tax
Explains the general rules for filing a federal income tax return. It supplements the information contained in your tax form instruction booklet. It explains the tax law to make sure you pay only the tax you owe and no more.
Related: Read Pub 17 Online

Publication 502, Medical and Dental Expenses
Explains the itemized deduction for medical and dental expenses that you claim on Schedule A (Form 1040).
Related: Read Pub 502 Online

Publication 590, Individual Retirement Arrangements (IRAs)
Explains individual retirement arrangements (IRAs). An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement.
Related: Read Pub 590 Online

All forms and publications, including other formats, accessible products, and prior year revisions

Page Last Reviewed or Updated: 29-Jan-2014

The Student Tax Return Calculator

Student tax return calculator Publication 536 - Main Content Table of Contents NOL Steps How To Figure an NOLNonbusiness deductions (line 6). Student tax return calculator Nonbusiness income (line 7). Student tax return calculator Nonbusiness capital losses. Student tax return calculator Business capital losses. Student tax return calculator Illustrated Form 1045, Schedule A When To Use an NOLExceptions to 2-Year Carryback Rule Waiving the Carryback Period How To Carry an NOL Back or Forward How To Claim an NOL DeductionDeducting a Carryback Deducting a Carryforward Change in Marital Status Change in Filing Status Illustrated Form 1045 How To Figure an NOL CarryoverIllustrated Form 1045, Schedule B NOL Carryover From 2013 to 2014Worksheet Instructions How To Get Tax HelpLow Income Taxpayer Clinics NOL Steps Follow Steps 1 through 5 to figure and use your NOL. Student tax return calculator Step 1. Student tax return calculator   Complete your tax return for the year. Student tax return calculator You may have an NOL if a negative figure appears on the line below: Individuals — Form 1040, line 41, or Form 1040NR, line 39. Student tax return calculator Estates and trusts — Form 1041, line 22. Student tax return calculator   If the amount on that line is not negative, stop here — you do not have an NOL. Student tax return calculator Step 2. Student tax return calculator   Determine whether you have an NOL and its amount. Student tax return calculator See How To Figure an NOL , later. Student tax return calculator If you do not have an NOL, stop here. Student tax return calculator Step 3. Student tax return calculator   Decide whether to carry the NOL back to a past year or to waive the carryback period and instead carry the NOL forward to a future year. Student tax return calculator See When To Use an NOL , later. Student tax return calculator Step 4. Student tax return calculator   Deduct the NOL in the carryback or carryforward year. Student tax return calculator See How To Claim an NOL Deduction , later. Student tax return calculator If your NOL deduction is equal to or less than your taxable income without the deduction, stop here — you have used up your NOL. Student tax return calculator Step 5. Student tax return calculator   Determine the amount of your unused NOL. Student tax return calculator See How To Figure an NOL Carryover , later. Student tax return calculator Carry over the unused NOL to the next carryback or carryforward year and begin again at Step 4. Student tax return calculator Note. Student tax return calculator   If your NOL deduction includes more than one NOL amount, apply Step 5 separately to each NOL amount, starting with the amount from the earliest year. Student tax return calculator How To Figure an NOL If your deductions for the year are more than your income for the year, you may have an NOL. Student tax return calculator There are rules that limit what you can deduct when figuring an NOL. Student tax return calculator In general, the following items are not allowed when figuring an NOL. Student tax return calculator Any deduction for personal exemptions. Student tax return calculator Capital losses in excess of capital gains. Student tax return calculator The section 1202 exclusion of the gain from the sale or exchange of qualified small business stock. Student tax return calculator Nonbusiness deductions in excess of nonbusiness income. Student tax return calculator The net operating loss deduction. Student tax return calculator The domestic production activities deduction. Student tax return calculator Form 1045, Schedule A. Student tax return calculator   Use Form 1045, Schedule A, to figure an NOL. Student tax return calculator The following discussion explains Schedule A and includes an illustrated example. Student tax return calculator   First, complete Form 1045, Schedule A, line 1, using amounts from your return. Student tax return calculator If line 1 is a negative amount, you may have an NOL. Student tax return calculator   Next, complete the rest of Form 1045, Schedule A, to figure your NOL. Student tax return calculator Nonbusiness deductions (line 6). Student tax return calculator   Enter on line 6 deductions that are not connected to your trade or business or your employment. Student tax return calculator Examples of deductions not related to your trade or business are: Alimony paid, Deductions for contributions to an IRA or a self-employed retirement plan, Health savings account deduction, Archer medical savings account deduction, Most itemized deductions (except for casualty and theft losses, state income tax on trade and business income, and any employee business expenses), and The standard deduction. Student tax return calculator   Do not include on line 6 the deduction for personal exemptions for you, your spouse, or your dependents. Student tax return calculator   Do not enter business deductions on line 6. Student tax return calculator These are deductions that are connected to your trade or business. Student tax return calculator They include the following. Student tax return calculator State income tax on income attributable to trade or business (including wages, salary, and unemployment compensation). Student tax return calculator Moving expenses. Student tax return calculator Educator expenses. Student tax return calculator The deduction for the deductible part of self-employed health insurance. Student tax return calculator Domestic production activities deduction. Student tax return calculator Rental losses. Student tax return calculator Loss on the sale or exchange of business real estate or depreciable property. Student tax return calculator Your share of a business loss from a partnership or an S corporation. Student tax return calculator Ordinary loss on the sale or exchange of stock in a small business corporation or a small business investment company. Student tax return calculator If you itemize your deductions, casualty and theft losses (even if they involve nonbusiness property) and employee business expenses (such as union dues, uniforms, tools, education expenses, and travel and transportation expenses). Student tax return calculator Loss on the sale of accounts receivable (if you use an accrual method of accounting). Student tax return calculator Interest and litigation expenses on state and federal income taxes related to your business. Student tax return calculator Unrecovered investment in a pension or annuity claimed on a decedent's final return. Student tax return calculator Payment by a federal employee to buy back sick leave used in an earlier year. Student tax return calculator Nonbusiness income (line 7). Student tax return calculator   Enter on line 7 only income that is not related to your trade or business or your employment. Student tax return calculator For example, enter your annuity income, dividends, and interest on investments. Student tax return calculator Also, include your share of nonbusiness income from partnerships and S corporations. Student tax return calculator   Do not include on line 7 the income you receive from your trade or business or your employment. Student tax return calculator This includes salaries and wages, self-employment income, unemployment compensation included in your gross income, and your share of business income from partnerships and S corporations. Student tax return calculator Also, do not include rental income or ordinary gain from the sale or other disposition of business real estate or depreciable business property. Student tax return calculator Adjustment for section 1202 exclusion (line 17). Student tax return calculator   Enter on line 17 any gain you excluded under section 1202 on the sale or exchange of qualified small business stock. Student tax return calculator Adjustments for capital losses (lines 19–22). Student tax return calculator   The amount deductible for capital losses is limited based on whether the losses are business capital losses or nonbusiness capital losses. Student tax return calculator Nonbusiness capital losses. Student tax return calculator   You can deduct your nonbusiness capital losses (line 2) only up to the amount of your nonbusiness capital gains without regard to any section 1202 exclusion (line 3). Student tax return calculator If your nonbusiness capital losses are more than your nonbusiness capital gains without regard to any section 1202 exclusion, you cannot deduct the excess. Student tax return calculator Business capital losses. Student tax return calculator   You can deduct your business capital losses (line 11) only up to the total of: Your nonbusiness capital gains that are more than the total of your nonbusiness capital losses and excess nonbusiness deductions (line 10), and Your total business capital gains without regard to any section 1202 exclusion (line 12). Student tax return calculator Domestic production activities deduction (line 23). Student tax return calculator   You cannot take the domestic production activities deduction when figuring your NOL. Student tax return calculator Enter on line 23 any domestic production activities deduction claimed on your return. Student tax return calculator NOLs from other years (line 24). Student tax return calculator   You cannot deduct any NOL carryovers or carrybacks from other years. Student tax return calculator Enter the total amount of your NOL deduction for losses from other years. Student tax return calculator Illustrated Form 1045, Schedule A The following example illustrates how to figure an NOL. Student tax return calculator It includes filled-in pages 1 and 2 of Form 1040 and Form 1045, Schedule A. Student tax return calculator Example. Student tax return calculator Glenn Johnson is in the retail record business. Student tax return calculator He is single and has the following income and deductions on his Form 1040 for 2013. Student tax return calculator See the illustrated Form 1040 , later. Student tax return calculator INCOME   Wages from part-time job $1,225 Interest on savings 425 Net long-term capital gain on sale of real estate used in business 2,000 Glenn's total income $3,650 DEDUCTIONS   Net loss from business (gross income of $67,000 minus expenses of $72,000) $5,000 Net short-term capital loss on sale of stock 1,000 Standard deduction 6,100 Personal exemption 3,900 Glenn's total deductions $16,000 Glenn's deductions exceed his income by $12,350 ($16,000 − $3,650). Student tax return calculator However, to figure whether he has an NOL, certain deductions are not allowed. Student tax return calculator He uses Form 1045, Schedule A, to figure his NOL. Student tax return calculator See the Illustrated Form 1045, Schedule A , later. Student tax return calculator The following items are not allowed on Form 1045, Schedule A. Student tax return calculator Nonbusiness net short-term capital loss $1,000 Nonbusiness deductions (standard deduction, $6,100) minus nonbusiness income (interest, $425) 5,675 Deduction for personal exemption 3,900 Total adjustments to net loss $10,575     Therefore, Glenn's NOL for 2013 is figured as follows: Glenn's total 2013 income $3,650 Less:     Glenn's original 2013 total deductions $16,000   Reduced by the disallowed items − 10,575 − 5,425 Glenn's NOL for 2013 $1,775 This image is too large to be displayed in the current screen. Student tax return calculator Please click the link to view the image. Student tax return calculator Form 1040, page 1 This image is too large to be displayed in the current screen. Student tax return calculator Please click the link to view the image. Student tax return calculator Form 1040, page 2 This image is too large to be displayed in the current screen. Student tax return calculator Please click the link to view the image. Student tax return calculator Form 1045, page 2 When To Use an NOL Generally, if you have an NOL for a tax year ending in 2013, you must carry back the entire amount of the NOL to the 2 tax years before the NOL year (the carryback period), and then carry forward any remaining NOL for up to 20 years after the NOL year (the carryforward period). Student tax return calculator You can, however, choose not to carry back an NOL and only carry it forward. Student tax return calculator See Waiving the Carryback Period , later. Student tax return calculator You cannot deduct any part of the NOL remaining after the 20-year carryforward period. Student tax return calculator NOL year. Student tax return calculator   This is the year in which the NOL occurred. Student tax return calculator Exceptions to 2-Year Carryback Rule Eligible losses, farming losses, qualified disaster losses, and specified liability losses, all defined next, qualify for longer carryback periods. Student tax return calculator Eligible loss. Student tax return calculator   The carryback period for eligible losses is 3 years. Student tax return calculator Only the eligible loss portion of the NOL can be carried back 3 years. Student tax return calculator An eligible loss is any part of an NOL that: Is from a casualty or theft, or Is attributable to a federally declared disaster for a qualified small business or certain qualified farming businesses. Student tax return calculator Qualified small business. Student tax return calculator   A qualified small business is a sole proprietorship or a partnership that has average annual gross receipts (reduced by returns and allowances) of $5 million or less during the 3-year period ending with the tax year of the NOL. Student tax return calculator If the business did not exist for this entire 3-year period, use the period the business was in existence. Student tax return calculator   An eligible loss does not include a farming loss or a qualified disaster loss. Student tax return calculator Farming loss. Student tax return calculator   The carryback period for a farming loss is 5 years. Student tax return calculator Only the farming loss portion of the NOL can be carried back 5 years. Student tax return calculator A farming loss is the smaller of: The amount that would be the NOL for the tax year if only income and deductions attributable to farming businesses were taken into account, or The NOL for the tax year. Student tax return calculator Farming business. Student tax return calculator   A farming business is a trade or business involving cultivation of land or the raising or harvesting of any agricultural or horticultural commodity. Student tax return calculator A farming business can include operating a nursery or sod farm or raising or harvesting most ornamental trees or trees bearing fruit, nuts, or other crops. Student tax return calculator The raising, shearing, feeding, caring for, training, and management of animals is also considered a farming business. Student tax return calculator   A farming business does not include contract harvesting of an agricultural or horticultural commodity grown or raised by someone else. Student tax return calculator It also does not include a business in which you merely buy or sell plants or animals grown or raised entirely by someone else. Student tax return calculator Waiving the 5-year carryback. Student tax return calculator   You can choose to figure the carryback period for a farming loss without regard to the special 5-year carryback rule. Student tax return calculator To make this choice for 2013, attach to your 2013 income tax return filed by the due date (including extensions) a statement that you are choosing to treat any 2013 farming losses without regard to the special 5-year carryback rule. Student tax return calculator If you filed your original return on time but did not file the statement with it, you can make this choice on an amended return filed within 6 months after the due date of the return (excluding extensions). Student tax return calculator Attach an election statement to your amended return, and write “Filed pursuant to section 301. Student tax return calculator 9100-2” at the top of the statement. Student tax return calculator Once made, this choice is irrevocable. Student tax return calculator Qualified disaster loss. Student tax return calculator   The carryback period for a qualified disaster loss is 5 years. Student tax return calculator Only the qualified disaster loss portion of the NOL can be carried back 5 years. Student tax return calculator A qualified disaster loss is the smaller of: The sum of: Any losses attributable to a federally declared disaster and occurring before January 1, 2010, in the disaster area, plus Any allowable qualified disaster expenses (even if you did not choose to treat those expenses as deductions in the current year), or The NOL for the tax year. Student tax return calculator Qualified disaster expenses. Student tax return calculator   A qualified disaster expense is any capital expense paid or incurred in connection with a trade or business or with business-related property which is: For the abatement or control of hazardous substances that were released as a result of a federally declared disaster occurring before January 1, 2010, For the removal of debris from, or the demolition of structures on, real property which is business-related property damaged or destroyed as a result of a federally declared disaster occurring before January 1, 2010, or For the repair of business-related property damaged as a result of a federally declared disaster occurring before January 1, 2010. Student tax return calculator Business-related property is property held for use in a trade or business, property held for the production of income, or inventory property. Student tax return calculator Note. Student tax return calculator Section 198A allows taxpayers to treat certain capital expenses (qualified disaster expenses) as deductions in the year the expenses were paid or incurred. Student tax return calculator Excluded losses. Student tax return calculator   A qualified disaster loss does not include any losses from property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store for which the principal business is the sale of alcoholic beverages for consumption off premises. Student tax return calculator   A qualified disaster loss also does not include any losses from any gambling or animal racing property. Student tax return calculator Gambling or animal racing property is any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing, and the portion of any real property (determined by square footage) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing, unless this portion is less than 100 square feet. Student tax return calculator Specified liability loss. Student tax return calculator   The carryback period for a specified liability loss is 10 years. Student tax return calculator Only the specified liability loss portion of the NOL can be carried back 10 years. Student tax return calculator Generally, a specified liability loss is a loss arising from: Product liability and expenses incurred in the investigation or settlement of, or opposition to, product liability claims, or An act (or failure to act) that occurred at least 3 years before the beginning of the loss year and resulted in a liability under a federal or state law requiring: Reclamation of land, Dismantling of a drilling platform, Remediation of environmental contamination, or Payment under any workers compensation act. Student tax return calculator   Any loss from a liability arising from (1) through (4) above can be taken into account as a specified liability loss only if you used an accrual method of accounting throughout the period in which the act (or failure to act) occurred. Student tax return calculator For details, see section 172(f). Student tax return calculator Waiving the 10-year carryback. Student tax return calculator   You can choose to figure the carryback period for a specified liability loss without regard to the special 10-year carryback rule. Student tax return calculator To make this choice for 2013 attach to your 2013 income tax return filed by the due date (including extensions) a statement that you are choosing to treat any 2013 specified liability losses without regard to the special 10-year carryback rule. Student tax return calculator If you filed your original return on time but did not file the statement with it, you can make this choice on an amended return filed within 6 months after the due date of the return (excluding extensions). Student tax return calculator Attach a statement to your amended return and write “Filed pursuant to section 301. Student tax return calculator 9100-2” at the top of the statement. Student tax return calculator Once made, this choice is irrevocable. Student tax return calculator Waiving the Carryback Period You can choose not to carry back your NOL. Student tax return calculator If you make this choice, then you can use your NOL only in the 20-year carryforward period. Student tax return calculator (This choice means you also choose not to carry back any alternative tax NOL. Student tax return calculator ) To make this choice, attach a statement to your original return filed by the due date (including extensions) for the NOL year. Student tax return calculator This statement must show that you are choosing to waive the carryback period under section 172(b)(3). Student tax return calculator If you filed your original return on time but did not file the statement with it, you can make this choice on an amended return filed within 6 months of the due date of the return (excluding extensions). Student tax return calculator Attach a statement to your amended return, and write “Filed pursuant to section 301. Student tax return calculator 9100-2” at the top of the statement. Student tax return calculator Once you choose to waive the carryback period, it generally is irrevocable. Student tax return calculator If you choose to waive the carryback period for more than one NOL, you must make a separate choice and attach a separate statement for each NOL year. Student tax return calculator If you do not file this statement on time, you cannot waive the carryback period. Student tax return calculator How To Carry an NOL Back or Forward If you choose to carry back the NOL, you must first carry the entire NOL to the earliest carryback year. Student tax return calculator If your NOL is not used up, you can carry the rest to the next earliest carryback year, and so on. Student tax return calculator If you waive the carryback period or do not use up the NOL in the carryback period, carry forward what remains of the NOL to the 20 tax years following the NOL year. Student tax return calculator Start by carrying it to the first tax year after the NOL year. Student tax return calculator If you do not use it up, carry the unused part to the next year. Student tax return calculator Continue to carry any unused part of the NOL forward until the NOL is used up or you complete the 20-year carryforward period. Student tax return calculator Example 1. Student tax return calculator You started your business as a sole proprietor in 2013 and had a $42,000 NOL for the year. Student tax return calculator No part of the NOL qualifies for the 3-year, 5-year, or 10-year carryback. Student tax return calculator You begin using your NOL in 2011, the second year before the NOL year, as shown in the following chart. Student tax return calculator Year   Carryback/  Carryover Unused  Loss 2011 $42,000 $40,000 2012 40,000 37,000 2013 (NOL year)     2014 37,000 31,500 2015 31,500 22,500 2016 22,500 12,700 2017 12,700 4,000 2018 4,000 -0- If your loss were larger, you could carry it forward until the year 2033. Student tax return calculator If you still had an unused 2013 carryforward after the year 2033, you would not be allowed to deduct it. Student tax return calculator Example 2. Student tax return calculator Assume the same facts as in Example 1 , except that $4,000 of the NOL is attributable to a casualty loss and this loss qualifies for a 3-year carryback period. Student tax return calculator You begin using the $4,000 in 2010. Student tax return calculator As shown in the following chart, $3,000 of this NOL is used in 2010. Student tax return calculator The remaining $1,000 is carried to 2011 with the $38,000 NOL that you must begin using in 2011. Student tax return calculator Year   Carryback/  Carryover Unused  Loss 2010 $4,000 $1,000 2011 39,000 37,000 2012 37,000 34,000 2013 (NOL year)     2014 34,000 28,500 2015 28,500 19,500 2016 19,500 9,700 2017 9,700 1,000 2018 1,000 -0- How To Claim an NOL Deduction If you have not already carried the NOL to an earlier year, your NOL deduction is the total NOL. Student tax return calculator If you carried the NOL to an earlier year, your NOL deduction is the carried over NOL minus the NOL amount you used in the earlier year or years. Student tax return calculator If you carry more than one NOL to the same year, your NOL deduction is the total of these carrybacks and carryovers. Student tax return calculator NOL resulting in no taxable income. Student tax return calculator   If your NOL is more than the taxable income of the year you carry it to (figured before deducting the NOL), you generally will have an NOL carryover to the next year. Student tax return calculator See How To Figure an NOL Carryover , later, to determine how much NOL you have used and how much you carry to the next year. Student tax return calculator Deducting a Carryback If you carry back your NOL, you can use either Form 1045 or Form 1040X. Student tax return calculator You can get your refund faster by using Form 1045, but you have a shorter time to file it. Student tax return calculator You can use Form 1045 to apply an NOL to all carryback years. Student tax return calculator If you use Form 1040X, you must use a separate Form 1040X for each carryback year to which you apply the NOL. Student tax return calculator Estates and trusts that do not file Form 1045 must file an amended Form 1041 (instead of Form 1040X) for each carryback year to which NOLs are applied. Student tax return calculator Use a copy of the appropriate year's Form 1041, check the “Amended return” box, and follow the Form 1041 instructions for amended returns. Student tax return calculator Include the NOL deduction with other deductions not subject to the 2% limit (line 15a). Student tax return calculator Also, see the special procedures for filing an amended return due to an NOL carryback, explained under Form 1040X , later. Student tax return calculator Form 1045. Student tax return calculator   You can apply for a quick refund by filing Form 1045. Student tax return calculator This form results in a tentative adjustment of tax in the carryback year. Student tax return calculator See the Illustrated Form 1045 . Student tax return calculator at the end of this discussion. Student tax return calculator   If the IRS refunds or credits an amount to you from Form 1045 and later determines that the refund or credit is too much, the IRS may assess and collect the excess immediately. Student tax return calculator   Generally, you must file Form 1045 on or after the date you file your tax return for the NOL year, but not later than one year after the end of the NOL year. Student tax return calculator If the last day of the NOL year falls on a Saturday, Sunday, or holiday, the form will be considered timely if postmarked on the next business day. Student tax return calculator For example, if you are a calendar year taxpayer with a carryback from 2013 to 2011, you must file Form 1045 on or after the date you file your tax return for 2013, but no later than December 31, 2014. Student tax return calculator Form 1040X. Student tax return calculator   If you do not file Form 1045, you can file Form 1040X to get a refund of tax because of an NOL carryback. Student tax return calculator File Form 1040X within 3 years after the due date, including extensions, for filing the return for the NOL year. Student tax return calculator For example, if you are a calendar year taxpayer and filed your 2011 return by the April 15, 2012, due date, you must file a claim for refund of 2008 tax because of an NOL carryback from 2011 by April 15, 2015. Student tax return calculator   Attach a computation of your NOL using Form 1045, Schedule A, and, if it applies, your NOL carryover using Form 1045, Schedule B, discussed later . Student tax return calculator Refiguring your tax. Student tax return calculator   To refigure your total tax liability for a carryback year, first refigure your adjusted gross income for that year. Student tax return calculator (On Form 1045, use lines 10 and 11 and the “After carryback” column for the applicable carryback year. Student tax return calculator ) Use your adjusted gross income after applying the NOL deduction to refigure income or deduction items that are based on, or limited to, a percentage of your adjusted gross income. Student tax return calculator Refigure the following items. Student tax return calculator The special allowance for passive activity losses from rental real estate activities. Student tax return calculator Taxable social security and tier 1 railroad retirement benefits. Student tax return calculator IRA deductions. Student tax return calculator Excludable savings bond interest. Student tax return calculator Excludable employer-provided adoption benefits. Student tax return calculator The student loan interest deduction. Student tax return calculator The tuition and fees deduction. Student tax return calculator   If more than one of these items apply, refigure them in the order listed above, using your adjusted gross income after applying the NOL deduction and any previous item. Student tax return calculator (Enter your NOL deduction on Form 1045, line 10. Student tax return calculator On line 11, using the “After carryback” column, enter your adjusted gross income refigured after applying the NOL deduction and after refiguring any above items. Student tax return calculator )   Next, refigure your taxable income. Student tax return calculator (On Form 1045, use lines 12 through 15 and the “After carryback” column. Student tax return calculator ) Use your refigured adjusted gross income (Form 1045, line 11, using the “After carryback” column) to refigure certain deductions and other items that are based on or limited to a percentage of your adjusted gross income. Student tax return calculator Refigure the following items. Student tax return calculator The itemized deduction for medical expenses. Student tax return calculator The itemized deduction for qualified mortgage insurance premiums. Student tax return calculator The itemized deduction for casualty losses. Student tax return calculator Miscellaneous itemized deductions subject to the 2% limit. Student tax return calculator The overall limit on itemized deductions (do not apply to carryback years beginning after December 31, 2009). Student tax return calculator The phaseout of the deduction for exemptions (do not apply to carryback years beginning after December 31, 2009). Student tax return calculator Qualified motor vehicle tax (do not apply to carryback years beginning after December 31, 2009). Student tax return calculator    Do not refigure the itemized deduction for charitable contributions. Student tax return calculator   Finally, use your refigured taxable income (Form 1045, line 15, using the “After carryback” column) to refigure your total tax liability. Student tax return calculator Refigure your income tax, your alternative minimum tax, and any credits that are based on or limited by your adjusted gross income (AGI), modified adjusted gross income (MAGI), or tax liability. Student tax return calculator (On Form 1045, use lines 16 through 25, and the “After carryback” column. Student tax return calculator ) The earned income credit, for example, may be affected by changes to adjusted gross income or the amount of tax (or both) and, therefore, must be recomputed. Student tax return calculator If you become eligible for a credit because of the carryback, complete the form for that specific credit (such as the EIC Worksheet) for that year. Student tax return calculator   While it is necessary to refigure your income tax, alternative minimum tax, and credits, do not refigure your self-employment tax. Student tax return calculator Deducting a Carryforward If you carry forward your NOL to a tax year after the NOL year, list your NOL deduction as a negative figure on the “Other income” line of Form 1040 or Form 1040NR (line 21 for 2013). Student tax return calculator Estates and trusts include an NOL deduction on Form 1041 with other deductions not subject to the 2% limit (line 15a for 2013). Student tax return calculator You must attach a statement that shows all the important facts about the NOL. Student tax return calculator Your statement should include a computation showing how you figured the NOL deduction. Student tax return calculator If you deduct more than one NOL in the same year, your statement must cover each of them. Student tax return calculator Change in Marital Status If you and your spouse were not married to each other in all years involved in figuring NOL carrybacks and carryovers, only the spouse who had the loss can take the NOL deduction. Student tax return calculator If you file a joint return, the NOL deduction is limited to the income of that spouse. Student tax return calculator For example, if your marital status changes because of death or divorce, and in a later year you have an NOL, you can carry back that loss only to the part of the income reported on the joint return (filed with your former spouse) that was related to your taxable income. Student tax return calculator After you deduct the NOL in the carryback year, the joint rates apply to the resulting taxable income. Student tax return calculator Refund limit. Student tax return calculator   If you are not married in the NOL year (or are married to a different spouse), and in the carryback year you were married and filed a joint return, your refund for the overpaid joint tax may be limited. Student tax return calculator You can claim a refund for the difference between your share of the refigured tax and your contribution toward the tax paid on the joint return. Student tax return calculator The refund cannot be more than the joint overpayment. Student tax return calculator Attach a statement showing how you figured your refund. Student tax return calculator Figuring your share of a joint tax liability. Student tax return calculator   There are five steps for figuring your share of the refigured joint tax liability. Student tax return calculator Figure your total tax as though you had filed as married filing separately. Student tax return calculator Figure your spouse's total tax as though your spouse had also filed as married filing separately. Student tax return calculator Add the amounts in (1) and (2). Student tax return calculator Divide the amount in (1) by the amount in (3). Student tax return calculator Multiply the refigured tax on your joint return by the amount figured in (4). Student tax return calculator This is your share of the joint tax liability. Student tax return calculator Figuring your contribution toward tax paid. Student tax return calculator   Unless you have an agreement or clear evidence of each spouse's contributions toward the payment of the joint tax liability, figure your contribution by adding the tax withheld on your wages and your share of joint estimated tax payments or tax paid with the return. Student tax return calculator If the original return for the carryback year resulted in an overpayment, reduce your contribution by your share of the tax refund. Student tax return calculator Figure your share of a joint payment or refund by the same method used in figuring your share of the joint tax liability. Student tax return calculator Use your taxable income as originally reported on the joint return in steps (1) and (2) above, and substitute the joint payment or refund for the refigured joint tax in step (5). Student tax return calculator Change in Filing Status If you and your spouse were married and filed a joint return for each year involved in figuring NOL carrybacks and carryovers, figure the NOL deduction on a joint return as you would for an individual. Student tax return calculator However, treat the NOL deduction as a joint NOL. Student tax return calculator If you and your spouse were married and filed separate returns for each year involved in figuring NOL carrybacks and carryovers, the spouse who sustained the loss may take the NOL deduction on a separate return. Student tax return calculator Special rules apply for figuring the NOL carrybacks and carryovers of married people whose filing status changes for any tax year involved in figuring an NOL carryback or carryover. Student tax return calculator Separate to joint return. Student tax return calculator   If you and your spouse file a joint return for a carryback or carryforward year, and were married but filed separate returns for any of the tax years involved in figuring the NOL carryback or carryover, treat the separate carryback or carryover as a joint carryback or carryover. Student tax return calculator Joint to separate returns. Student tax return calculator   If you and your spouse file separate returns for a carryback or carryforward year, but filed a joint return for any or all of the tax years involved in figuring the NOL carryover, figure each of your carryovers separately. Student tax return calculator Joint return in NOL year. Student tax return calculator   Figure each spouse's share of the joint NOL through the following steps. Student tax return calculator Figure each spouse's NOL as if he or she filed a separate return. Student tax return calculator See How To Figure an NOL , earlier. Student tax return calculator If only one spouse has an NOL, stop here. Student tax return calculator All of the joint NOL is that spouse's NOL. Student tax return calculator If both spouses have an NOL, multiply the joint NOL by a fraction, the numerator of which is spouse A's NOL figured in (1) and the denominator of which is the total of the spouses' NOLs figured in (1). Student tax return calculator The result is spouse A's share of the joint NOL. Student tax return calculator The rest of the joint NOL is spouse B's share. Student tax return calculator Example 1. Student tax return calculator Mark and Nancy are married and file a joint return for 2013. Student tax return calculator They have an NOL of $5,000. Student tax return calculator They carry the NOL back to 2011, a year in which Mark and Nancy filed separate returns. Student tax return calculator Figured separately, Nancy's 2013 deductions were more than her income, and Mark's income was more than his deductions. Student tax return calculator Mark does not have any NOL to carry back. Student tax return calculator Nancy can carry back the entire $5,000 NOL to her 2011 separate return. Student tax return calculator Example 2. Student tax return calculator Assume the same facts as in Example 1 , except that both Mark and Nancy had deductions in 2013 that were more than their income. Student tax return calculator Figured separately, his NOL is $1,800 and her NOL is $3,000. Student tax return calculator The sum of their separate NOLs ($4,800) is less than their $5,000 joint NOL because his deductions included a $200 net capital loss that is not allowed in figuring his separate NOL. Student tax return calculator The loss is allowed in figuring their joint NOL because it was offset by Nancy's capital gains. Student tax return calculator Mark's share of their $5,000 joint NOL is $1,875 ($5,000 × $1,800/$4,800) and Nancy's is $3,125 ($5,000 − $1,875). Student tax return calculator Joint return in previous carryback or carryforward year. Student tax return calculator   If only one spouse had an NOL deduction on the previous year's joint return, all of the joint carryover is that spouse's carryover. Student tax return calculator If both spouses had an NOL deduction (including separate carryovers of a joint NOL, figured as explained in the previous discussion ), figure each spouse's share of the joint carryover through the following steps. Student tax return calculator Figure each spouse's modified taxable income as if he or she filed a separate return. Student tax return calculator See Modified taxable income under How To Figure an NOL Carryover , later. Student tax return calculator Multiply the joint modified taxable income you used to figure the joint carryover by a fraction, the numerator of which is spouse A's modified taxable income figured in (1) and the denominator of which is the total of the spouses' modified taxable incomes figured in (1). Student tax return calculator This is spouse A's share of the joint modified taxable income. Student tax return calculator Subtract the amount figured in (2) from the joint modified taxable income. Student tax return calculator This is spouse B's share of the joint modified taxable income. Student tax return calculator Reduce the amount figured in (3), but not below zero, by spouse B's NOL deduction. Student tax return calculator Add the amounts figured in (2) and (4). Student tax return calculator Subtract the amount figured in (5) from spouse A's NOL deduction. Student tax return calculator This is spouse A's share of the joint carryover. Student tax return calculator The rest of the joint carryover is spouse B's share. Student tax return calculator Example. Student tax return calculator Sam and Wanda filed a joint return for 2011 and separate returns for 2012 and 2013. Student tax return calculator In 2013, Sam had an NOL of $18,000 and Wanda had an NOL of $2,000. Student tax return calculator They choose to carry back both NOLs 2 years to their 2011 joint return and claim a $20,000 NOL deduction. Student tax return calculator Their joint modified taxable income (MTI) for 2011 is $15,000, and their joint NOL carryover to 2012 is $5,000 ($20,000 – $15,000). Student tax return calculator Sam and Wanda each figure their separate MTI for 2011 as if they had filed separate returns. Student tax return calculator Then they figure their shares of the $5,000 carryover as follows. Student tax return calculator Step 1. Student tax return calculator   Sam's separate MTI $9,000 Wanda's separate MTI + 3,000 Total MTI $12,000 Step 2. Student tax return calculator   Joint MTI $15,000 Sam's MTI ÷ total MTI ($9,000 ÷ $12,000) × . Student tax return calculator 75 Sam's share of joint MTI $11,250 Step 3. Student tax return calculator   Joint MTI $15,000 Sam's share of joint MTI − 11,250 Wanda's share of joint MTI $3,750 Step 4. Student tax return calculator   Wanda's share of joint MTI $3,750 Wanda's NOL deduction − 2,000 Wanda's remaining share $1,750 Step 5. Student tax return calculator   Sam's share of joint MTI $11,250 Wanda's remaining share + 1,750 Joint MTI to be offset $13,000 Step 6. Student tax return calculator   Sam's NOL deduction $18,000 Joint MTI to be offset − 13,000 Sam's carryover to 2012 $5,000 Joint carryover to 2012 $5,000 Sam's carryover − 5,000 Wanda's carryover to 2012 $-0- Wanda's $2,000 NOL deduction offsets $2,000 of her $3,750 share of the joint modified taxable income and is completely used up. Student tax return calculator She has no carryover to 2012. Student tax return calculator Sam's $18,000 NOL deduction offsets all of his $11,250 share of joint modified taxable income and the remaining $1,750 of Wanda's share. Student tax return calculator His carryover to 2012 is $5,000. Student tax return calculator Illustrated Form 1045 The following example illustrates how to use Form 1045 to claim an NOL deduction in a carryback year. Student tax return calculator It includes a filled-in page 1 of Form 1045. Student tax return calculator Example. Student tax return calculator Martha Sanders is a self-employed contractor. Student tax return calculator Martha's 2013 deductions are more than her 2013 income because of a business loss. Student tax return calculator She uses Form 1045 to carry back her NOL 2 years and claim an NOL deduction in 2011. Student tax return calculator Her filing status in both years was single. Student tax return calculator See the filled-in Form 1045 later. Student tax return calculator Martha figures her 2013 NOL on Form 1045, Schedule A (not shown). Student tax return calculator (For an example using Form 1045, Schedule A, see Illustrated Form 1045, Schedule A under How To Figure an NOL , earlier. Student tax return calculator ) She enters the $10,000 NOL from Form 1045, Schedule A, line 25, on Form 1045, line 1a. Student tax return calculator Martha completes lines 10 through 25, using the “Before carryback” column under the column for the second preceding tax year ended 12/31/11 on page 1 of Form 1045 using the following amounts from her 2011 return. Student tax return calculator 2011 Adjusted gross income $50,000 Itemized deductions:     Medical expenses [$6,000 − ($50,000 × 7. Student tax return calculator 5%)] $2,250   State income tax + 2,000   Real estate tax + 4,000   Home mortgage interest + 5,000   Total itemized deductions $13,250 Exemption $3,700 Income tax $4,550 Self-employment tax $6,120   Martha refigures her taxable income for 2011 after carrying back her 2013 NOL as follows: 2011 Adjusted gross income $50,000 Less:     NOL from 2013 −10,000 2011 Adjusted gross income after carryback $40,000 Less:     Itemized deductions:     Medical expenses [$6,000 − ($40,000 × 7. Student tax return calculator 5%)] $3,000   State income tax + 2,000   Real estate tax + 4,000   Home mortgage interest + 5,000   Total itemized deductions −14,000 Less:     Exemption − 3,700 2011 Taxable income after carryback $22,300 Martha then completes lines 10 through 25, using the “After carryback” column under the column for the second preceding tax year ended 12/31/11. Student tax return calculator On line 10, Martha enters her $10,000 NOL deduction. Student tax return calculator Her new adjusted gross income on line 11 is $40,000 ($50,000 − $10,000). Student tax return calculator To complete line 12, she must refigure her medical expense deduction using her new adjusted gross income. Student tax return calculator Her refigured medical expense deduction is $3,000 [$6,000 − ($40,000 × 7. Student tax return calculator 5%)]. Student tax return calculator This increases her total itemized deductions to $14,000 [$13,250 + ($3,000 − $2,250)]. Student tax return calculator Martha uses her refigured taxable income ($22,300) from line 15, and the tax tables in her 2011 Form 1040 instructions to find her income tax. Student tax return calculator She enters the new amount, $2,924, on line 16, and her new total tax liability, $9,044, on line 25. Student tax return calculator Martha used up her $10,000 NOL in 2011 so she does not complete a column for the first preceding tax year ended 12/31/2012. Student tax return calculator The decrease in tax because of her NOL deduction (line 27) is $1,612. Student tax return calculator Martha files Form 1045 after filing her 2013 return, but no later than December 31, 2014. Student tax return calculator She mails it to the Internal Revenue Service Center for the place where she lives as shown in the 2013 instructions for Form 1040 and attaches a copy of her 2013 return (including the applicable forms and schedules). Student tax return calculator This image is too large to be displayed in the current screen. Student tax return calculator Please click the link to view the image. Student tax return calculator Form 1045, page 1 How To Figure an NOL Carryover If your NOL is more than your taxable income for the year to which you carry it (figured before deducting the NOL), you may have an NOL carryover. Student tax return calculator You must make certain modifications to your taxable income to determine how much NOL you will use up in that year and how much you can carry over to the next tax year. Student tax return calculator Your carryover is the excess of your NOL deduction over your modified taxable income for the carryback or carryforward year. Student tax return calculator If your NOL deduction includes more than one NOL, apply the NOLs against your modified taxable income in the same order in which you incurred them, starting with the earliest. Student tax return calculator Modified taxable income. Student tax return calculator   Your modified taxable income is your taxable income figured with the following changes. Student tax return calculator You cannot claim an NOL deduction for the NOL carryover you are figuring or for any later NOL. Student tax return calculator You cannot claim a deduction for capital losses in excess of your capital gains. Student tax return calculator Also, you must increase your taxable income by the amount of any section 1202 exclusion. Student tax return calculator You cannot claim the domestic production activities deduction. Student tax return calculator You cannot claim a deduction for your exemptions for yourself, your spouse, or dependents. Student tax return calculator You must figure any item affected by the amount of your adjusted gross income after making the changes in (1), (2), and (3), above, and certain other changes to your adjusted gross income that result from (1), (2), and (3). Student tax return calculator This includes income and deduction items used to figure adjusted gross income (for example, IRA deductions), as well as certain itemized deductions. Student tax return calculator To figure a charitable contribution deduction, do not include deductions for NOL carrybacks in the change in (1) but do include deductions for NOL carryforwards from tax years before the NOL year. Student tax return calculator   Your taxable income as modified cannot be less than zero. Student tax return calculator Form 1045, Schedule B. Student tax return calculator   You can use Form 1045, Schedule B, to figure your modified taxable income for carryback years and your carryover from each of those years. Student tax return calculator Do not use Form 1045, Schedule B, for a carryforward year. Student tax return calculator If your 2013 return includes an NOL deduction from an NOL year before 2013 that reduced your taxable income to zero (to less than zero, if an estate or trust), see NOL Carryover From 2013 to 2014 , later. Student tax return calculator Illustrated Form 1045, Schedule B The following example illustrates how to figure an NOL carryover from a carryback year. Student tax return calculator It includes a filled-in Form 1045, Schedule B. Student tax return calculator Example. Student tax return calculator Ida Brown runs a small clothing shop. Student tax return calculator In 2013, she has an NOL of $36,000 that she carries back to 2011. Student tax return calculator She has no other carrybacks or carryforwards to 2011. Student tax return calculator Ida's adjusted gross income in 2011 was $35,000, consisting of her salary of $36,000 minus a $1,000 capital loss deduction. Student tax return calculator She is single and claimed only one personal exemption of $3,700. Student tax return calculator During that year, she gave $1,450 in charitable contributions. Student tax return calculator Her medical expenses were $3,000. Student tax return calculator She also deducted $1,650 in taxes and $3,125 in home mortgage interest. Student tax return calculator Her deduction for charitable contributions was not limited because her contributions, $1,450, were less than 50% of her adjusted gross income. Student tax return calculator The deduction for medical expenses was limited to expenses over 7. Student tax return calculator 5% of adjusted gross income (. Student tax return calculator 075 × $35,000 = $2,625; $3,000 − $2,625 = $375). Student tax return calculator The deductions for taxes and home mortgage interest were not subject to any limits. Student tax return calculator She was able to claim $6,600 ($1,450 + $375 + $1,650 + $3,125) in itemized deductions and a personal exemption deduction of $3,700 for 2011. Student tax return calculator She had no other deductions in 2011 (except the NOL deduction). Student tax return calculator Her taxable income (figured without the NOL deduction) for the year was $24,700. Student tax return calculator Ida's adjusted gross income in 2012 was $9,325, consisting of net business income from the clothing shop of $12,325 and a net capital loss of $3,000. Student tax return calculator She did not itemize her deductions in 2012. Student tax return calculator She deducted the standard deduction of $5,950 and the personal exemption deduction of $3,800. Student tax return calculator She had no other deductions in 2012 (other than the NOL deduction). Student tax return calculator Her taxable income, therefore, was ($425). Student tax return calculator Ida's $36,000 carryback will result in her having 2011 taxable income of zero. Student tax return calculator She then completes the column for the second preceding tax year ended 12/31/11 on Form 1045, Schedule B, to figure how much of her NOL she uses up in 2011 and how much she can carry over to 2012. Student tax return calculator She completes the column for the first preceding tax year ended 12/31/12. Student tax return calculator See the illustrated Form 1045, Schedule B , shown later. Student tax return calculator Column 1, line 1. Student tax return calculator Ida enters $36,000, her 2013 net operating loss, on line 1. Student tax return calculator Column 1, line 2. Student tax return calculator She enters $24,700, her 2011 taxable income (figured without the NOL deduction), on line 2. Student tax return calculator Column 1, line 3. Student tax return calculator Ida enters her net capital loss deduction of $1,000 on line 3. Student tax return calculator Column 1, lines 4 and 5. Student tax return calculator Ida had no section 1202 exclusion or domestic production activities deduction in 2011. Student tax return calculator She enters zero on lines 4 and 5. Student tax return calculator Column 1, line 6. Student tax return calculator Although Ida's entry on line 3 modifies her adjusted gross income, that does not affect any other items included in her adjusted gross income. Student tax return calculator Ida enters zero on line 6. Student tax return calculator Column 1, line 7. Student tax return calculator Ida had itemized deductions and entered $1,000 on line 3, so she completes lines 11 through 38 to figure her adjustment to itemized deductions. Student tax return calculator On line 7, she enters the total adjustment from line 38. Student tax return calculator Column 1, line 8. Student tax return calculator Ida enters the deduction for her personal exemption of $3,700 for 2011. Student tax return calculator Column 1, line 9. Student tax return calculator After combining lines 2 through 8, Ida's modified taxable income is $29,475. Student tax return calculator Column 1, line 10. Student tax return calculator Ida figures her carryover to 2012 by subtracting her modified taxable income (line 9) from her NOL deduction (line 1). Student tax return calculator She enters the $6,525 carryover on line 10. Student tax return calculator She also enters the $6,525 as her NOL deduction for 2012 on Form 1045, page 1, line 10, in the “After carryback” column under the column for the first preceding tax year ended 12/31/12. Student tax return calculator (For an illustrated example of page 1 of Form 1045, see Illustrated Form 1045 under How To Claim an NOL Deduction , earlier. Student tax return calculator ) Next, Ida completes column 2 for the first preceding tax year ended 12/31/12. Student tax return calculator Column 1, line 11. Student tax return calculator Ida's adjusted gross income for 2011 was $35,000. Student tax return calculator Column 1, line 12. Student tax return calculator She adds lines 3 through 6 and enters $1,000 on line 12. Student tax return calculator (This is her net capital loss deduction added back, which modifies her adjusted gross income. Student tax return calculator ) Column 1, line 13. Student tax return calculator Her modified adjusted gross income for 2011 is now $36,000. Student tax return calculator Column 1, line 14. Student tax return calculator On her 2011 tax return, she deducted $375 as medical expenses. Student tax return calculator Column 1, line 15. Student tax return calculator Her actual medical expenses were $3,000. Student tax return calculator Column 1, line 16. Student tax return calculator She multiplies her modified adjusted gross income, $36,000, by . Student tax return calculator 075. Student tax return calculator She enters $2,700 on line 16. Student tax return calculator Column 1, line 17. Student tax return calculator She substracts $2,700 from her actual medical expenses, $3,000. Student tax return calculator She enters $300 on line 17. Student tax return calculator This is her modified medical deduction. Student tax return calculator Column 1, line 18. Student tax return calculator The difference between her medical deduction and her modified medical deduction is $75. Student tax return calculator She enters this on line 18. Student tax return calculator Column 1, lines 19 through 21. Student tax return calculator Ida had no deduction for qualified mortgage insurance premiums in 2011. Student tax return calculator She skips lines 19 and 20 and enters zero on line 21. Student tax return calculator Column 1, line 22. Student tax return calculator She enters her modified adjusted gross income of $36,000 on line 22. Student tax return calculator Column 1, line 23. Student tax return calculator She had no other carrybacks to 2011 and enters zero on line 23. Student tax return calculator Column 1, line 24. Student tax return calculator Her modified adjusted gross income remains $36,000. Student tax return calculator Column 1, line 25. Student tax return calculator Her actual contributions for 2011 were $1,450, which she enters on line 25. Student tax return calculator Column 1, line 26. Student tax return calculator She now refigures her charitable contributions based on her modified adjusted gross income. Student tax return calculator Her contributions are well below the 50% limit, so she enters $1,450 on line 26. Student tax return calculator Column 1, line 27. Student tax return calculator The difference is zero. Student tax return calculator Column 1, lines 28 through 37. Student tax return calculator Ida had no casualty losses or deductions for miscellaneous items in 2011. Student tax return calculator She skips lines 28 through 31 and lines 33 through 36. Student tax return calculator Ida enters zero on lines 32 and 37. Student tax return calculator Column 1, line 38. Student tax return calculator She combines lines 18, 21, 27, 32, and 37 and enters $75 on line 38. Student tax return calculator She carries this figure to line 7. Student tax return calculator Column 2, line 1. Student tax return calculator Ida enters $6,525, the carryback of her 2013 NOL to 2012, from column 1, line 10, on line 1. Student tax return calculator Column 2, line 2. Student tax return calculator She enters ($425), her 2012 taxable income, on line 2. Student tax return calculator Column 2, line 3. Student tax return calculator Ida enters her net capital loss deduction of $3,000 on line 3. Student tax return calculator Column 2, lines 4 and 5. Student tax return calculator Ida had no section 1202 exclusion or domestic production activities deduction in 2012. Student tax return calculator She enters zero on lines 4 and 5. Student tax return calculator Column 2, line 6. Student tax return calculator Although Ida's entry on line 3 modifies her adjusted gross income, that does not affect any other items included in her adjusted gross income. Student tax return calculator Ida enters zero on line 6. Student tax return calculator Column 2, line 7. Student tax return calculator Because Ida did not itemize deductions on her 2012 tax return, she enters zero on line 7. Student tax return calculator Column 2, line 8. Student tax return calculator Ida enters the deduction for her personal exemption of $3,800 for 2012. Student tax return calculator Column 2, line 9. Student tax return calculator After combining lines 2 through 8, Ida's modified taxable income is $6,375. Student tax return calculator Column 2, line 10. Student tax return calculator Ida figures her carryforward to 2014 by subtracting her modified taxable income (line 9) from her NOL deduction (line 1). Student tax return calculator She enters the $150 carryover on line 10. Student tax return calculator This image is too large to be displayed in the current screen. Student tax return calculator Please click the link to view the image. Student tax return calculator Form 1045, page 3 This image is too large to be displayed in the current screen. Student tax return calculator Please click the link to view the image. Student tax return calculator Form 1045, page 4 NOL Carryover From 2013 to 2014 If you had an NOL deduction carried forward from a year prior to 2013 that resulted in your having taxable income on your 2013 return of zero (of less than zero, if an estate or trust), complete Table 1 , Worksheet for NOL Carryover From 2013 to 2014, on the following pages. Student tax return calculator It will help you figure your NOL to carry to 2014. Student tax return calculator Keep the worksheet for your records. Student tax return calculator Worksheet Instructions At the top of the worksheet, enter the NOL year for which you are figuring the carryover. Student tax return calculator More than one NOL. Student tax return calculator   If your 2013 NOL deduction includes amounts for more than one loss year, complete this worksheet only for one loss year. Student tax return calculator To determine which year, start with your earliest NOL and subtract each NOL separately from your taxable income figured without the NOL deduction. Student tax return calculator Complete this worksheet for the earliest NOL that results in your having taxable income below zero. Student tax return calculator Your NOL carryover to 2014 is the total of the amount on line 10 of the worksheet and all later NOL amounts. Student tax return calculator Example. Student tax return calculator Your taxable income for 2013 is $5,000 without your $9,000 NOL deduction. Student tax return calculator Your NOL deduction includes a $2,000 carryover from 2011 and a $7,000 carryover from 2012. Student tax return calculator Subtract your 2011 NOL of $2,000 from $5,000. Student tax return calculator This gives you taxable income of $3,000. Student tax return calculator Your 2011 NOL is now completely used up. Student tax return calculator Subtract your $7,000 2012 NOL from $3,000. Student tax return calculator This gives you taxable income of ($4,000). Student tax return calculator You now complete the worksheet for your 2012 NOL. Student tax return calculator Your NOL carryover to 2014 is the unused part of your 2012 NOL from line 10 of the worksheet. Student tax return calculator Line 2. Student tax return calculator   Treat your NOL deduction for the NOL year entered at the top of the worksheet and later years as a positive amount. Student tax return calculator Add it to your negative taxable income (figured without the NOL deduction). Student tax return calculator Enter the result on line 2. Student tax return calculator Line 6. Student tax return calculator   You must refigure the following income and deductions based on adjusted gross income. Student tax return calculator The special allowance for passive activity losses from rental real estate activities. Student tax return calculator Taxable social security and tier 1 railroad retirement benefits. Student tax return calculator IRA deductions. Student tax return calculator Excludable savings bond interest. Student tax return calculator Excludable employer-provided adoption benefits. Student tax return calculator The student loan interest deduction. Student tax return calculator The tuition and fees deduction. Student tax return calculator   If none of these items apply to you, enter zero on line 6. Student tax return calculator Otherwise, increase your adjusted gross income by the total of lines 3 through 5 and your NOL deduction for the NOL year entered at the top of the worksheet and later years. Student tax return calculator Using this increased adjusted gross income, refigure the items that apply, in the order listed above. Student tax return calculator Your adjustment for each item is the difference between the refigured amount and the amount included on your return. Student tax return calculator Combine the adjustments for previous items with your adjusted gross income before refiguring the next item. Student tax return calculator Keep a record of your computations. Student tax return calculator   Enter your total adjustments for the above items on line 6. Student tax return calculator Line 7. Student tax return calculator   Enter zero if you claimed the standard deduction or the amounts on lines 3 through 5 are zero. Student tax return calculator Otherwise, use lines 11 through 33 of the worksheet to figure the amount to enter on this line. Student tax return calculator Complete only those sections that apply to you. Student tax return calculator Estates and trusts. Student tax return calculator   Enter zero on line 7 if you did not claim any miscellaneous deductions on Form 1041, line 15c, or a casualty or theft loss. Student tax return calculator Otherwise, refigure these deductions by substituting modified adjusted gross income (see below ) for adjusted gross income. Student tax return calculator Subtract the recomputed deductions from those claimed on the return. Student tax return calculator Enter the result on line 7. Student tax return calculator Modified adjusted gross income. Student tax return calculator   To refigure miscellaneous itemized deductions of an estate or trust (Form 1041, line 15c), modified adjusted gross income is the total of the following amounts. Student tax return calculator The adjusted gross income on the return. Student tax return calculator The amounts from lines 3 through 5 of the worksheet. Student tax return calculator The exemption amount from Form 1041, line 20. Student tax return calculator The NOL deduction for the NOL year entered at the top of the worksheet and for later years. Student tax return calculator   To refigure the casualty and theft loss deduction of an estate or trust, modified adjusted gross income is the total of the following amounts. Student tax return calculator The adjusted gross income amount you used to figure the deduction claimed on the return. Student tax return calculator The amounts from lines 3 through 5 of the worksheet. Student tax return calculator The NOL deduction for the NOL year entered at the top of the worksheet and for later years. Student tax return calculator Line 11. Student tax return calculator   Treat your NOL deduction for the NOL year entered at the top of the worksheet and for later years as a positive amount. Student tax return calculator Add it to your adjusted gross income. Student tax return calculator Enter the result on line 11. Student tax return calculator Line 20. Student tax return calculator   Is your modified adjusted gross income from line 13 of this worksheet more than $100,000 ($50,000 if married filing separately)?   □ Yes. Student tax return calculator Your deduction is limited. Student tax return calculator Refigure your deduction using the Mortgage Insurance Premiums Deduction Worksheet in the 2013 Instructions for Form 1045. Student tax return calculator On line 2 of the Mortgage Insurance Premiums Deduction Worksheet, enter the amount from line 13 of this worksheet. Student tax return calculator   □ No. Student tax return calculator Your deduction is not limited. Student tax return calculator Enter the amount from line 19 on line 20 and enter -0- on line 21. Student tax return calculator Line 23. Student tax return calculator   If you had a contributions carryover from 2012 to 2013 and your NOL deduction includes an amount from an NOL year before 2012, you may have to reduce your contributions carryover. Student tax return calculator Reduce the contributions carryover by the amount of any adjustment you made to your 2012 charitable contributions deduction when figuring your NOL carryover to 2013. Student tax return calculator Use the reduced contributions carryover to figure the amount to enter on line 23. Student tax return calculator Please click here for the text description of the image. Student tax return calculator Worksheet for NOL Carryover Worksheet for NOL Carryover (Continued) How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Student tax return calculator Free help with your tax return. Student tax return calculator   You can get free help preparing your return nationwide from IRS-certified volunteers. Student tax return calculator The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Student tax return calculator The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Student tax return calculator Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Student tax return calculator In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Student tax return calculator To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Student tax return calculator gov, download the IRS2Go app, or call 1-800-906-9887. Student tax return calculator   As part of the TCE program, AARP offers the Tax-Aide counseling program. Student tax return calculator To find the nearest AARP Tax-Aide site, visit AARP's website at www. Student tax return calculator aarp. Student tax return calculator org/money/taxaide or call 1-888-227-7669. Student tax return calculator For more information on these programs, go to IRS. Student tax return calculator gov and enter “VITA” in the search box. Student tax return calculator Internet. Student tax return calculator    IRS. Student tax return calculator gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Student tax return calculator Download the free IRS2Go app from the iTunes app store or from Google Play. Student tax return calculator Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Student tax return calculator Check the status of your 2013 refund with the Where's My Refund? application on IRS. Student tax return calculator gov or download the IRS2Go app and select the Refund Status option. Student tax return calculator The IRS issues more than 9 out of 10 refunds in less than 21 days. Student tax return calculator Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Student tax return calculator You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Student tax return calculator The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Student tax return calculator Use the Interactive Tax Assistant (ITA) to research your tax questions. Student tax return calculator No need to wait on the phone or stand in line. Student tax return calculator The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Student tax return calculator When you reach the response screen, you can print the entire interview and the final response for your records. Student tax return calculator New subject areas are added on a regular basis. Student tax return calculator  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Student tax return calculator gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Student tax return calculator You can use the IRS Tax Map to search publications and instructions by topic or keyword. Student tax return calculator The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Student tax return calculator When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Student tax return calculator Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Student tax return calculator You can also ask the IRS to mail a return or an account transcript to you. Student tax return calculator Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Student tax return calculator gov or by calling 1-800-908-9946. Student tax return calculator Tax return and tax account transcripts are generally available for the current year and the past three years. Student tax return calculator Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Student tax return calculator Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Student tax return calculator If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Student tax return calculator Check the status of your amended return using Where's My Amended Return? Go to IRS. Student tax return calculator gov and enter Where's My Amended Return? in the search box. Student tax return calculator You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Student tax return calculator It can take up to 3 weeks from the date you mailed it to show up in our system. Student tax return calculator Make a payment using one of several safe and convenient electronic payment options available on IRS. Student tax return calculator gov. Student tax return calculator Select the Payment tab on the front page of IRS. Student tax return calculator gov for more information. Student tax return calculator Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Student tax return calculator Figure your income tax withholding with the IRS Withholding Calculator on IRS. Student tax return calculator gov. Student tax return calculator Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Student tax return calculator Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Student tax return calculator gov. Student tax return calculator Request an Electronic Filing PIN by going to IRS. Student tax return calculator gov and entering Electronic Filing PIN in the search box. Student tax return calculator Download forms, instructions and publications, including accessible versions for people with disabilities. Student tax return calculator Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Student tax return calculator gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Student tax return calculator An employee can answer questions about your tax account or help you set up a payment plan. Student tax return calculator Before you visit, check the Office Locator on IRS. Student tax return calculator gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Student tax return calculator If you have a special need, such as a disability, you can request an appointment. Student tax return calculator Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Student tax return calculator Apply for an Employer Identification Number (EIN). Student tax return calculator Go to IRS. Student tax return calculator gov and enter Apply for an EIN in the search box. Student tax return calculator Read the Internal Revenue Code, regulations, or other official guidance. Student tax return calculator Read Internal Revenue Bulletins. Student tax return calculator Sign up to receive local and national tax news and more by email. Student tax return calculator Just click on “subscriptions” above the search box on IRS. Student tax return calculator gov and choose from a variety of options. Student tax return calculator Phone. Student tax return calculator    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Student tax return calculator Download the free IRS2Go app from the iTunes app store or from Google Play. Student tax return calculator Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Student tax return calculator gov, or download the IRS2Go app. Student tax return calculator Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Student tax return calculator The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Student tax return calculator Most VITA and TCE sites offer free electronic filing. Student tax return calculator Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Student tax return calculator Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Student tax return calculator Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Student tax return calculator If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Student tax return calculator The IRS issues more than 9 out of 10 refunds in less than 21 days. Student tax return calculator Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Student tax return calculator Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Student tax return calculator The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Student tax return calculator Note, the above information is for our automated hotline. Student tax return calculator Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Student tax return calculator Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Student tax return calculator You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Student tax return calculator It can take up to 3 weeks from the date you mailed it to show up in our system. Student tax return calculator Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Student tax return calculator You should receive your order within 10 business days. Student tax return calculator Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Student tax return calculator If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Student tax return calculator Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Student tax return calculator The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Student tax return calculator These individuals can also contact the IRS through relay services such as the Federal Relay Service. Student tax return calculator Walk-in. Student tax return calculator   You can find a selection of forms, publications and services — in person. Student tax return calculator Products. Student tax return calculator You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Student tax return calculator Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Student tax return calculator Services. Student tax return calculator You can walk in to your local TAC for face-to-face tax help. Student tax return calculator An employee can answer questions about your tax account or help you set up a payment plan. Student tax return calculator Before visiting, use the Office Locator tool on IRS. Student tax return calculator gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Student tax return calculator Mail. Student tax return calculator   You can send your order for forms, instructions, and publications to the address below. Student tax return calculator You should receive a response within 10 business days after your request is received. Student tax return calculator Internal Revenue Service 1201 N. Student tax return calculator Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Student tax return calculator The Taxpayer Advocate Service (TAS) is your voice at the IRS. Student tax return calculator Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Student tax return calculator   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Student tax return calculator We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Student tax return calculator You face (or your business is facing) an immediate threat of adverse action. Student tax return calculator You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Student tax return calculator   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Student tax return calculator Here's why we can help: TAS is an independent organization within the IRS. Student tax return calculator Our advocates know how to work with the IRS. Student tax return calculator Our services are free and tailored to meet your needs. Student tax return calculator We have offices in every state, the District of Columbia, and Puerto Rico. Student tax return calculator   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Student tax return calculator   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Student tax return calculator If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Student tax return calculator Low Income Taxpayer Clinics Low Income