Form 1045, Application for Tentative Refund

Form 1045, Application for Tentative Refund, is an IRS document used to claim a quick tax refund. Key points include:

1. Used for net operating loss (NOL) carrybacks, unused credits, or claim of right adjustments

2. Allows faster processing than an amended return (Form 1040X)

3. Must be filed within one year after the end of the year in which the loss or credit occurred

4. Can request refunds for up to three prior tax years

5. Typically processed within 90 days

This form is particularly useful for businesses or individuals who have suffered significant losses and want to offset them against previous years’ income. It provides a quicker way to obtain a refund, which can be crucial for cash flow. However, it’s important to note that the refund is “tentative” and subject to further IRS review. Due to its complexity, it’s often advisable to seek professional assistance when preparing this form to ensure accuracy and maximize the potential refund.