Get the free Instructions for 1139 (Rev. July 1997). Instructions for Form 1139

Department of the Treasury Internal Revenue Service Instructions for Form 1139 (Revised July 1997) Corporation Application for Tentative Refund Section references are to the Internal Revenue Code

How to fill out instructions for 1139 rev

Instructions for filling out Form 1139 Rev:

1. Start by gathering all the necessary information and documentation. Ensure you have access to your business's financial records, tax returns, and any other relevant information.
2. Begin the form by entering the business's name, address, and employer identification number (EIN). This information is crucial for identifying the entity filing the form.
3. Provide the tax period for which you are requesting a refund adjustment. This will typically be the taxable year in which the overpayment or carryback occurred.
4. Specify the type of return you are using as the basis for the overpayment or credit. This could be an income tax return, an estimated tax payment, or a corporation's tax return, depending on your situation.
5. Report the total tax liability for the preceding tax year. This amount can usually be found on your previously filed tax return.
6. Calculate the amount of any previously assessed credits, payments, and refunds applied against the tax liability. These figures are crucial for determining the overpayment and help establish the refund amount.
7. Determine the net operating loss (NOL) deduction or the carryback of an NOL to the preceding tax year. If applicable, enter the corresponding values based on your business's financial situation.
8. Fill in any other credits, payments, or refunds that are being deducted or applied to the tax liability. These may include general business credits, capital loss carrybacks, and other relevant deductions.
9. Calculate the total overpayment or refund by deducting the total tax liability and any applicable credits, payments, and refunds from step 6.
10. Sign and date the completed Form 1139 Rev. If you are filing on behalf of a corporation, the form should be signed by an authorized officer.

Who needs instructions for 1139 rev?

1. Any business entity that has paid or accrued an overpayment of taxes and wants to claim a refund adjustment should follow the instructions for Form 1139 Rev.
2. This form is particularly useful for corporations, partnerships, and individuals who are eligible to carry back net operating losses (NOL) or other tax attributes.
3. Additionally, taxpayers who want to offset a current-year tax liability by claiming a refund based on the overpayment of a prior-year tax return should refer to the instructions for Form 1139 Rev.

Remember, always consult with a tax professional or refer to the official IRS instructions for Form 1139 Rev to ensure accurate completion and adherence to any specific requirements or updates.

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What is instructions for 1139 rev?

Instructions for 1139 rev provide guidance on how to fill out and file Form 1139 for claiming a quick refund of taxes.

Who is required to file instructions for 1139 rev?

Individuals or businesses who are eligible to claim a quick refund of taxes using Form 1139 are required to file instructions for 1139 rev.

How to fill out instructions for 1139 rev?

Instructions for 1139 rev should be filled out following the guidelines provided by the IRS, including providing accurate information about the tax refund being claimed.

What is the purpose of instructions for 1139 rev?

The purpose of instructions for 1139 rev is to help taxpayers understand how to properly complete Form 1139 and submit it for a quick refund of taxes.

What information must be reported on instructions for 1139 rev?

Instructions for 1139 rev must include details about the taxpayer, the tax refund being claimed, and any other relevant information required by the IRS.