Form 1138 Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback

Form 1138 Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback

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INSTRUCTIONS: EXTENSION OF TIME FOR PAYMENT OF TAXES BY A CORPORATION EXPECTING A NET OPERATING CARRYBACK LOSS (Form 1138)

 

 

Corporations expecting a net operating loss in the current tax year can file a form 1138 to request an extension of the period allotted for payment of taxes from the immediately preceding tax year. This document is found on the website of the Internal Revenue Service.

 

Extension Of Time For Payment Of Taxes By A Corporation Expecting A Net Operating Carryback Loss 1138 Step 1: Enter your corporation's name, employer identification number, street address, city or town, state and zip code.

 

Extension Of Time For Payment Of Taxes By A Corporation Expecting A Net Operating Carryback Loss 1138 Step 2: On line 1, enter the ending date of the tax year during which you are expecting a net operating loss.

 

Extension Of Time For Payment Of Taxes By A Corporation Expecting A Net Operating Carryback Loss 1138 Step 3: On line 2, enter the amount of the expected net operating loss.

 

Extension Of Time For Payment Of Taxes By A Corporation Expecting A Net Operating Carryback Loss 1138 Step 4: On line 3, enter the expected reduction in previously determined tax liability attributable to the expected net operating loss.

 

Extension Of Time For Payment Of Taxes By A Corporation Expecting A Net Operating Carryback Loss 1138 Step 5: On line 4, enter the ending date of the tax year immediately preceding the tax year in which you expect a net operating loss.

 

Extension Of Time For Payment Of Taxes By A Corporation Expecting A Net Operating Carryback Loss 1138 Step 5: On line 5, provide a written explanation of the circumstances that lead you to expect a net operating loss.

 

Extension Of Time For Payment Of Taxes By A Corporation Expecting A Net Operating Carryback Loss 1138 Step 6: On line 6a, enter the total tax shown on your return, plus any assessed deficiency, interest or penalty.

 

Extension Of Time For Payment Of Taxes By A Corporation Expecting A Net Operating Carryback Loss 1138 Step 7: On line 6b, enter the amount from 6a paid or owed, plus refunds, abatements and credits. 

 

Extension Of Time For Payment Of Taxes By A Corporation Expecting A Net Operating Carryback Loss 1138 Step 8: Subtract line 6b from line 6a. Enter the difference on line 6c.


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