Form 1139

Forum|Forum|5 years ago
February 8, 2021
1 reply
11 views

My client had a NOL in 2020. His business started in 2018 and he was profitable in 2018 and 2019. I am trying to complete Form 1139 to carryback the 2020 NOL to 2018 and 2019 and then to carry it forward.

My understanding is first we need to file Form 1120 for 2020. Then, we need to complete Form 1139 and just fax that in.

In the software, is there a way to trigger Form 1139 to populate. I filled it out under Miscellaneous Forms --> Tentative Refund (1139) but it's not previewing when I press Preview Forms.

ProConnect Tax

This topic has been closed for replies.

Best answer by George4Tacks

I believe it should work like the 1045 https://proconnect.intuit.com/community/individual/help/entering-form-1045-application-for-tentative-refund/00/5708 It may just be too early in the season for it to be fully functional.

Yes, you must file the 1120 first.

I went back to a 2019 return to "test" It looks like PCT does little more than offer you a way to enter figures and create the form. You will have to go back to each preceding year to figure the affect of the carryback and enter it in the 2020 software.

George4TacksAnswer

Level 15

I believe it should work like the 1045 https://proconnect.intuit.com/community/individual/help/entering-form-1045-application-for-tentative-refund/00/5708 It may just be too early in the season for it to be fully functional.

Yes, you must file the 1120 first.

I went back to a 2019 return to "test" It looks like PCT does little more than offer you a way to enter figures and create the form. You will have to go back to each preceding year to figure the affect of the carryback and enter it in the 2020 software.

Answers are easy. Questions are hard!

M

mobilestranger21Author

Level 3

Thank you. I was able to generate the Form 1139 and fill out the information for the prior years.

IRS Instructions say it should not filed with the Form 1120.

I spoke with chat support and they said once I e-file, the 1120 and 1139 will be submitted but "separated" to comply with the IRS requirements. Does that sound about right to you? I just want to make sure they're not going to be sent together at once.

sjrcpa

Level 15

I do not believe the 1139 gets efiled-unless this is new for 2020.

And the fax option was only good through 12/31/20.

The more I know the more I don’t know.

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