Fillable MI-1045 315500 7 MI-1045, Application for Michigan Net Operating Loss Refund

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MI-1045 315500 7 MI-1045, Application for Michigan Net Operating Loss Refund

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Michigan Department of Treasury (Rev. 3-10), Page 1
Application for Michigan Net Operating Loss Refund MI-1045
Issued under authority of Public Act 281 of 1967. Type or print in blue or black ink.
Year (YYYY) Month-Year (MM-YYYY) Month-Year (MM-YYYY)
4 For loss year or for loss year beginning and ending
4Filer’s First Name
M.I. Last Name
4Filer’s Social Security Number (Example: 123-45-6789)
If a Joint Return, Spouse’s First Name M.I. Last Name
4Spouse’s Social Security Number (Example: 123-45-6789)
Home Address (No., Street, P.O. Box or Rural Route)
City or Town State ZIP Code
IMPORTANT: Use your U.S. Form 1040 to complete this form. Do not consider net operating losses from other years, income and
losses from other states, or income and losses from oil and gas production that is subject to Michigan Severance Tax.
PART 1: COMPUTING THE NET OPERATING LOSS (NOL) (see instructions, page 2).
1. Wages, salaries, tips, etc. ........................................................................................................................ 1. 00
2. Interest income ........................................................................................................................................ 2. 00
3. Dividends _______________ Less exclusions _______________ Balance _______________ ........ 3. 00
4. Business income or loss (attach U.S. Schedules C and F) ..................................................................... 4. 00
5. Capital gain or loss (attach U.S. Schedule D) ......................................................................................... 5. 00
6. Other gains or losses (attach U.S. Form 4797) ....................................................................................... 6. 00
7. Pension, IRA, and annuities (included in Adjusted Gross Income (AGI)) ................................................ 7. 00
8. Net rent or royalty income ....................................................................................................................... 8. 00
9. Income or losses from partnerships, estates, trusts and S corporations (attach U.S. Schedule E) .......... 9. 00
10. Miscellaneous income
(e.g. state and local refunds, unemployment compensation). Explain: ____________ 10. 00
11. Total income. Add lines 1 through 10....................................................................................................... 11. 00
12. ADJUSTMENTS: Only list adjustments to Michigan source income
a. Payments to a retirement plan as an individual or self-employed person 12a. 00
b. Deduction for self-employment tax and self-employed health insurance 12b. 00
c. Educator expenses and/or moving expenses .......................................... 12c. 00
d. Alimony paid and/or penalty for early withdrawal of savings ................... 12d. 00
e. Domestic production activities deduction ................................................ 12e. 00
f. Other adjustments to income including health savings account deduction 12f. 00
13. Total adjustments. Add lines 12a through 12f ......................................................................................... 13. 00
14. Michigan AGI. Subtract line 13 from line 11. If greater than zero, you do not have an NOL. .................. 14. 00
15. Nonbusiness deductions: Add lines 12a, 12d and 12f ................................. 15. 00
16. Nonbusiness income included in line 11
a. Interest income ............................................. 16a. 00
b. Dividend income ........................................... 16b. 00
c. Net nonbusiness capital gains
(before any allowable exclusion) .................. 16c. 00
d. Pension, IRA, and annuities ......................... 16d. 00
e. Alimony received .......................................... 16e. 00
f. Other income ................................................. 16f. 00
17. Total nonbusiness income. Add lines 16a through 16f ................................ 17. 00
18.
Excess of nonbusiness deductions over nonbusiness income, subtract
line 17 from line 15. If less than zero, enter “0” ............................................ 18. 00
19. Excess capital loss deduction (see instructions, page 2) ............................. 19. 00
20. Add lines 18 and 19 ................................................................................................................................. 20. 00
21. Net operating loss. Combine lines 14 and 20. If greater than zero, you do not have an NOL ............... 21. 00
MICHIGAN NET OPERATING LOSS: The Michigan NOL amount may be carried back two years. For 2008 and 2009, most taxpayers may qualify to
use a 3, 4, or 5 year carryback period in the same manner as provided in the Internal Revenue Code. Any unused balance may be carried forward 20
years. An election to forego the carryback period must be led in the same manner as required by the Internal Revenue Code. (Attach a statement to
your return for the NOL year.) Any loss in excess of income subject to Michigan tax may be carried forward to the next year.
+ 0000 2009 73 01 27 9
Reset Form
MI-1045, Page 2
Filer’s Social Security Number
Application for Refund From
Carryback of Net Operating Loss
PART 2: REDETERMINING YOUR MICHIGAN INCOME TAX
A B C
22. Year you are carrying the NOL to ..................................................
23. Reported federal AGI .................................................................... 00 00 00
24.
Additions from MI-1040, Schedule 1. Explain: _______________
___________________________________________________ 00 00 00
25. Balance. Add lines 23 and 24 ........................................................ 00 00 00
26.
Subtractions from MI-1040, Schedule 1. Explain: ____________
___________________________________________________ 00 00 00
27. Balance. Subtract line 26 from line 25 ........................................... 00 00 00
28. Net Operating Loss Deduction (NOLD) from line 21 ..................... 00 00 00
29. Balance. Subtract line 28 from line 27 ........................................... 00 00 00
30. Michigan exemption allowance...................................................... 00 00 00
31. Taxable balance. Subtract line 30 from line 29 ............................. 00 00 00
32.
Tax. Multiply line 31 by applicable tax rate.
If less than zero, enter “0”.............................................................. 00 00 00
33. Nonrefundable tax credits.............................................................. 00 00 00
34.
Tax due. Subtract line 33 from line 32.
If less than zero, enter “0”.............................................................. 00 00 00
35. a. Refundable tax credits ............................................................... 00 00 00
b. Tax withheld ............................................................................... 00 00 00
c. Tax paid with prior returns .......................................................... 00 00 00
d. Estimated tax payments ............................................................ 00 00 00
36. Total of items 35a through 35d ...................................................... 00 00 00
37. Tax previously refunded or carried to next year............................. 00 00 00
38. Balance of tax paid. Subtract line 37 from line 36 ......................... 00 00 00
39. Overpayment. Subtract line 34 from line 38 .................................. 00 00 00
Taxpayer Certication. I declare under penalty of perjury that the information in this return
and attachments is true and complete to the best of my knowledge.
Preparer Certication. I declare under penalty of perjury that this
return is based on all information of which I have any knowledge.
Filer’s Signature
Date
4Preparer’s PTIN, FEIN or SSN
Spouse’s Signature Date
4Preparer’s Business Name (print or type)
Preparer’s Business Address (print or type)
4 I authorize Treasury to discuss my return with my preparer.
Yes No
Line-by-Line Instructions for Parts 1 and 2
Note: The Michigan NOL is generally carried back two years. See
instructions, page 4, for exceptions.
Part 1: Computing Net Operating Loss
To complete Part 1, use the entries on your U.S. Form 1040 for the year
the loss occurred. Do not consider income and losses from other states
or income and losses from oil and gas.
Line
10: Miscellaneous income includes state and local refunds,
unemployment benets, alimony received and any other miscellaneous
taxable income.
Line
14: Subtract line 13 from line 11. This amount should equal
your federal AGI if you have no income or losses from other states or
income and losses from oil and gas.
Line
19: The excess capital loss must be calculated on a U.S. Form
1045 Schedule A, line 21 or 22, then entered on this line.
Part 2: Redetermining Your Michigan Income Tax
Line 24: Include any additions from Michigan Schedule 1.
Line
26: Include any subtractions from Michigan Schedule 1.
Line
29: If line 29 is less than zero, enter amount on line 28 in the
next column. Cannot exceed line 28 of the preceding column.
Line
33: Enter the total of nonrefundable credits claimed on your
original return.
Line
35a: Enter the total of refundable credits for homestead
property tax, home heating, farmland preservation and any other
refundable credits claimed for the tax year you are ling. Any credit
entered here must be adjusted for the NOLD adjustment to household
income, if applicable. Be sure to attach your amended credit form.
Line
35c: For the year listed on line 22, enter total tax paid with the
annual return plus any additional tax paid after original return was
led.
Mail your completed form to: Michigan Department of Treasury
Lansing, MI 48956
+ 0000 2009 73 02 27 7
MI-1045, Page 3
Filer’s Social Security Number
Computation of Federal Modied Taxable
Income (FMTI) for Household Income Only
PART 3: ADJUSTING YOUR NOL FOR HOUSEHOLD INCOME
Step 1. Figure Your FMTI
A B C
40. Year you are carrying the NOL to ..................................................
41. Reported AGI for year shown on line 40 without NOLD ................ 00 00 00
42. a. Adjustments to AGI (see instructions)........................................ 00 00 00
b. Capital losses, in excess of capital gains ($3,000 maximum) ... 00 00 00
43. MODIFIED Federal AGI. Add lines 41 and 42a or 42b .................. 00 00 00
44. a. Medical (see instructions for limitations).................................... 00 00 00
b. Taxes ......................................................................................... 00 00 00
c. Contributions.............................................................................. 00 00 00
d. Interest....................................................................................... 00 00 00
e. Casualty loss ............................................................................. 00 00 00
f. Moving expenses....................................................................... 00 00 00
g. Miscellaneous (attach U.S. Schedule A; see inst.) .................... 00 00 00
h. Limit on itemized deductions ..................................................... 00 00 00
i. If you did not itemize, use the standard deduction .................... 00 00 00
45. Enter the total of 44a through h, or 44i if you did not itemize ........ 00 00 00
46. FMTI. Subtract line 45 from line 43. If less than zero, enter “0” .... 00 00 00
Step 2. Figure Your Carryback (If you are not carrying the loss back, go to Step 3.)
47.
Unabsorbed NOL. Enter in column A your
federal NOL as a positive amount ................................................. 00 00 00
48.
NOL to be carried to next succeeding year.
Subtract line 46 from line 47. Carry the amount on this line to
the next column, line 47. If less than zero, enter “0”...................... 00 00 00
Step 3. Figure Your Carryforward
49. Year the federal NOL occurred ......................................................
50. Enter the amount of the original federal NOL as a positive amount 00 00 00
51. Total of all NOLDs used for previous years ................................... 00 00 00
52.
Subtract line 51 from line 50. This is the remaining NOL that can
be carried forward to the year on line 40 ....................................... 00 00 00
53.
Subtract line 46 (FMTI) from line 52. This is the remaining
NOL to carry forward. If less than zero, enter “0” .......................... 00 00 00
Line-by-Line Instructions for Part 3
Part 3: Adjusting Your NOL for Household Income
Line 41: Include NOL carryovers or carrybacks from earlier years.
Line
42a: Adjustments to AGI, such as taxable Social Security
benets and IRA deductions, must be recalculated based on federal
modied AGI.
Line
44: Use 44a through h if you itemized. If you didn’t itemize, use
44i.
44a:
Medical adjustments. The amount of medical adjustments you
can take varies with federal law from year to year. You must recalculate
your medical expense deduction based on modied federal AGI and the
federal limitation in effect for the year entered on line 40.
44c:
Percentage limitations on charitable contributions are based on
modied federal AGI.
44g:
Miscellaneous deductions are limited to 2 percent of AGI. This
amount cannot exceed 2 percent of modied federal AGI.
44h:
If modied AGI exceeds certain amounts, itemized deductions
may be limited. See limitations in effect for the year entered on line
40.
Line
46: This is your FMTI. Your Michigan NOLD will be the
amount on this line or the amount from line 47 (or line 52 for
carryforwards), whichever is smaller. This amount cannot be less than
zero.
Line
47: Enter your federal NOL in column A as a positive amount.
Each succeeding year will be the excess portion (if any) from line 48
of the preceding column.
Line
48: Subtract line 46 from line 47. If the result is more than
zero, this is the excess NOL to be carried to the next year. If it is less
than zero, the NOLD is limited to the excess on line 47. This is the
last year affected by the NOL.
Line
53: If line 46 is less than line 52, subtract line 46 from line 52
and enter here; then use line 46 as your NOLD to recalculate your
credit. If line 46 is greater than line 52 enter “0” and use line 52 as
your NOLD to recalculate your Michigan credits.
+ 0000 2009 73 03 27 5
also complete page 2, Redetermining Your Michigan Income Tax.
Page 3 is used to determine the amount of your federal NOLD that
may be used to compute your household income.
See “NOL Effects on Homestead Property Tax Credit” below.
If you are ling a refund claim from the carryback of a Michigan
NOL, you must also le the appropriate amended credit claim
forms for each year the loss is being carried back. Attach the
amended credit claim forms to Form MI-1045.
The total amount of the federal NOLD used to arrive at federal
AGI must be added back on Form MI-1040. The Michigan NOLD
is then subtracted in its place on Form MI-1040. This amount will
be the NOL determined on Form MI-1045, page 1, line 21, less
any of the loss used in previous years. See the MI-1040 instruction
booklet for specic line references for the years involved.
Required Attachments
You must attach a copy of your federal income tax return (U.S.
Form 1040) and any supporting federal tax schedules or forms
that support the NOL. Be sure to indicate the location (city and
state) of any income or loss. If you have income or loss subject to
apportionment, see MI-1040H Schedule of Apportionment.
NOL Effects on Homestead Property Tax Credit
To determine household income for purposes of computing the
homestead property tax credit, the home heating credit, and the
farmland preservation tax credit, an NOLD is allowed. The amount
of the NOLD that is allowed cannot exceed your FMTI in the year
to which it is being carried back or carried forward. Claim the
amount of the allowed NOLD on the “other adjustments line” on
the appropriate credit forms for each applicable year. Caution:
To deduct an NOLD from household income, you must have a
corresponding federal NOLD. If you have a Michigan NOLD,
but no federal NOLD, you cannot take an NOLD in household
income. Income and losses from other states, income and losses
from oil and gas production, and federal itemized deductions must
be considered when calculating the NOL and NOLDs used for
household income. The amount of the allowable NOLD for use in
household income is calculated on page 3 of the MI-1045 form for
both carrybacks and carryforwards. The amount of the carryback
deduction will be the smaller of lines 46 or 47, and the amount of
the carryforward deduction will be the smaller of lines 46 or 52.
Example: Your 2006 FMTI is $20,000, and your 2006 federal
NOLD is $50,000. The amount of the 2006 NOLD of $50,000 that
may be used in 2006 household income is limited to $20,000. The
balance of $30,000 will be available for use in 2007 to the extent
of your 2007 FMTI.
Forms or Questions
Michigan tax forms are available on Treasury’s Web site
at www.michigan.gov/taxes. You may also call toll-free
1-800-827-4000 to have tax forms mailed to you or to ask
technical questions.
Instructions for Form MI-1045
MI-1045, Page 4
What is a Net Operating Loss?
A net operating loss (NOL) occurs when a business has losses
in excess of its gains. The Michigan NOL deduction (NOLD)
is subject to allocation and apportionment as required by the
Michigan Income Tax Act. Income and losses attributed to other
states, and income and losses from oil and gas production included
in the federal NOL must be eliminated from the Michigan NOL
calculation in the loss year. The Michigan NOL may be carried
back in the same manner as prescribed in Section 172 of the
Internal Revenue Code as in effect for the year the loss was
incurred. If your NOL is not exhausted in the carryback years, or
you elect to forego the carryback, an NOL carryforward will exist
for subsequent years. The carryover period is limited to 15 years
for loss years before 1998. Beginning with the 1998 tax year, the
carryback period is generally limited to two years for both federal
and Michigan taxes, and any unused loss may be carried forward
20 years. For tax years beginning or ending in 2008 and 2009,
eligible taxpayers may elect a 3, 4, or 5 year carryback period
instead of the standard two-year period in the same manner and
under the same conditions as provided for federal NOLs in the
Internal Revenue Code. Exceptions to the general carryback
periods for federal purposes also apply to Michigan.
The Michigan NOL
The Michigan Court of Appeals has ruled in two separate cases,
Preston v Treasury, 190 Mich App 491; 476 NW 2d 455, (1991)
and Beznos v Treasury, 224 Mich App 717; 569 NW 2d 908 (1997),
that the Michigan NOL and NOLD are computed separately and
independently of the federal NOL and NOLD. If you incurred a
federal NOL that you are carrying back to previous years, you
must determine the allowed Michigan NOL, if any, by completing
page 1 of Form MI-1045. If you incurred a Michigan NOL, but
are electing to forego the carryback, and carry the Michigan NOL
forward, you do not need to le this form until the year you actually
use the loss to offset Michigan income. If you incurred an NOL
from Michigan sources, but did not incur a corresponding federal
NOL, you must complete page 1 of Form MI-1045, to determine
your allowable Michigan NOL.
When to File Form MI-1045
If you are carrying back your NOL to prior years, Form MI-1045
must be led within four years after the date set for ling the return
in which the NOL was incurred. For example: If the original NOL
was incurred in 2005, then the original 2005 return was due April 17,
2006. You must le Form MI-1045 by April 15, 2010, to carryback
the 2005 Michigan NOL to a year that is otherwise outside of the
general 4 year statute of limitations.
If your Michigan NOL is carried forward, Form MI-1045 should
be led in the year to which it is being carried forward.
Using Form MI-1045
Use page 1 of Form MI-1045 to calculate your Michigan NOL for
the year of the loss. If you are carrying the loss back, you must
Note: The Michigan NOL is generally carried back two years. For 2008 and 2009, most taxpayers may elect to carryback the Michigan NOL
up to 5 years. Any remaining unused loss after the carryback period, may be carried forward 20 years. Certain exceptions and limitations to
the general 2 or 5 year carryback period that apply to federal NOLs also apply to Michigan NOLs. See U.S. Form 1045 instructions for more
information on the general carryback rules for federal NOLs.
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MI-1045 315500 7 MI-1045, Application for Michigan Net Operating Loss Refund

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Completed 1 May 2020

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