1040-US: Calculating a five-year carryback of a farming loss on Form 1045

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Question

How do I calculate a five-year carryback of a farming loss on Form 1045?

Answer

IRS instructions require two Forms 1045 to carry back a farming loss. On Screen 1045-1, enter 5 in the Carryback period field, and enter information for all carryback years on Screen 1045-2.

Note: Per Form 1045 instructions, lines 1 through 9 and Schedule A should only be completed on one Form 1045.

Related topic: Form 1045 and net operating loss worksheet FAQs (1040)

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