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Form 1139 Corporation Application for Tentative Refund See separate instructions. Do not file with the corporation's income tax return--file separately. Employer identification number OMB No. 1545-0582

How to fill out 1139

How to fill out form 1139:

1. Gather all necessary information and documentation, including your business's federal tax ID number and the appropriate tax forms for the year in question.
2. Start by filling out the top section of form 1139, providing your business's name, address, and tax identification information.
3. Move on to Part I of the form, where you will indicate the type of tax credit or refund you are requesting. Provide all relevant details and calculations as required.
4. Proceed to Part II, where you will enter any required information related to net operating loss (NOL) carrybacks or carryforwards. This may include the prior year's NOL amount, the current year's NOL deduction, and any remaining NOL balance.
5. If applicable, complete Part III for general business credits, ensuring you include any necessary calculations and details.
6. Double-check all information provided on the form for accuracy and completeness.
7. Sign and date the form before submitting it to the appropriate tax authority. Retain a copy for your records.

Who needs form 1139:

1. Corporations that have incurred a net operating loss (NOL) and wish to carry back or carryforward the loss to a prior or future tax year.
2. Businesses that are eligible for certain tax credits and wish to apply those credits to offset their tax liabilities.
3. Entities that qualify for accelerated refund procedures, allowing for quicker access to refunds related to NOL carrybacks or certain tax credits.

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What is 1139?

Form 1139 is a tax form used by corporations to apply for a refund of overpaid taxes by carrying back net operating losses or unused credits to prior tax years.

Who is required to file 1139?

Corporations that have incurred a net operating loss or have unused credits that they wish to carry back to recover overpaid taxes in prior years are required to file Form 1139.

How to fill out 1139?

To fill out Form 1139, corporations must provide information regarding their net operating losses, tax credits, and prior tax years to which they are carrying back losses or credits. Detailed instructions can be found in the form's guidance available on the IRS website.

What is the purpose of 1139?

The purpose of Form 1139 is to allow corporations to quickly obtain a refund for taxes from prior years by carrying back losses or unused credits, thereby improving cash flow.

What information must be reported on 1139?

Form 1139 requires the corporation to report the amount of net operating loss or unused credits being carried back, the tax years affected, and any adjustments made to taxable income.