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

What Is IRS Form 1138?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on November 1, 2018. As of today, no separate filing guidelines for the form are provided by the IRS.

Form Details:

  • A 2-page form available for download in PDF;
  • Actual and valid for filing 2021 taxes;
  • Editable, printable, and free;
  • Fill out the form in our online filing application.

Download a fillable version of IRS Form 1138 through the link below or browse more documents in our library of IRS Forms.

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

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1138
Extension of Time for Payment of Taxes by a
Corporation Expecting a Net Operating Loss Carryback
Form
OMB No. 1545-0123
(Rev. November 2018)
(Under Section 6164 of the Internal Revenue Code)
Department of the Treasury
Go to www.irs.gov/Form1138 for the latest information.
Internal Revenue Service
Name
Employer identification number
Number, street, and room or suite no. If a P.O. box, see instructions.
City or town, state, and ZIP code
1
Ending date of the tax year of the expected net operating loss (NOL)
2 Amount of expected NOL
$
3
Reduction of previously determined tax attributable to the expected NOL carryback
(see instructions—attach schedule)
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4
Ending date of the tax year immediately preceding the tax year of the expected NOL
5
Give the reasons, facts, and circumstances that cause the corporation to expect an NOL.
6
Amount for which payment is to be extended:
a Enter the total tax shown on the return, plus any amount assessed as a deficiency, interest, or
penalty. See instructions .
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6a
b Enter amounts from line 6a that were already paid or were required to have been paid, plus refunds,
credits, and abatements. See instructions .
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6b
c Subtract line 6b from line 6a. Don’t enter more than the amount on line 3 above. This is the amount
of tax for which the time for payment is extended
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6c
Sign
Under penalties of perjury, I declare that I have examined this form, including any accompanying schedules and statements, and
to the best of my knowledge and belief it is true, correct, and complete.
Here
Keep a copy of
this form for
Signature of officer
Date
Title
your records.
1138
For Paperwork Reduction Act Notice, see instructions.
Form
(Rev. 11-2018)
Cat. No. 17250W
1138
Extension of Time for Payment of Taxes by a
Corporation Expecting a Net Operating Loss Carryback
Form
OMB No. 1545-0123
(Rev. November 2018)
(Under Section 6164 of the Internal Revenue Code)
Department of the Treasury
Go to www.irs.gov/Form1138 for the latest information.
Internal Revenue Service
Name
Employer identification number
Number, street, and room or suite no. If a P.O. box, see instructions.
City or town, state, and ZIP code
1
Ending date of the tax year of the expected net operating loss (NOL)
2 Amount of expected NOL
$
3
Reduction of previously determined tax attributable to the expected NOL carryback
(see instructions—attach schedule)
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$
4
Ending date of the tax year immediately preceding the tax year of the expected NOL
5
Give the reasons, facts, and circumstances that cause the corporation to expect an NOL.
6
Amount for which payment is to be extended:
a Enter the total tax shown on the return, plus any amount assessed as a deficiency, interest, or
penalty. See instructions .
.
.
.
.
.
.
.
.
.
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6a
b Enter amounts from line 6a that were already paid or were required to have been paid, plus refunds,
credits, and abatements. See instructions .
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6b
c Subtract line 6b from line 6a. Don’t enter more than the amount on line 3 above. This is the amount
of tax for which the time for payment is extended
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6c
Sign
Under penalties of perjury, I declare that I have examined this form, including any accompanying schedules and statements, and
to the best of my knowledge and belief it is true, correct, and complete.
Here
Keep a copy of
this form for
Signature of officer
Date
Title
your records.
1138
For Paperwork Reduction Act Notice, see instructions.
Form
(Rev. 11-2018)
Cat. No. 17250W
2
Form 1138 (Rev. 11-2018)
Page
General Instructions
Line 2. The amount of the expected NOL must be based on all of the
facts relating to the operation of the corporation. Consider the following
items when estimating the amount of the expected NOL.
Section references are to the Internal Revenue Code unless otherwise
noted.
1. The number and dollar amounts of the corporation’s government
Future developments. For the latest information about developments
contracts that have been canceled,
related to Form 1138 and its instructions, such as legislation enacted
2. Profit and loss statements, and
after they were published, go to www.irs.gov/Form1138.
3. Other factors peculiar to the corporation’s operations.
What’s New
See section 172 to help determine the amount of the expected NOL.
Limitations apply to (a) the amount of taxable income of a new loss
The 2-year carryback rule generally does not apply to net operating
corporation for any tax year ending after an ownership change that may
losses (NOLs) arising in tax years ending after December 31, 2017.
be offset by any pre-change NOLs and (b) the use of preacquisition
Exceptions apply to certain farming losses and NOLs of insurance
losses of one corporation to offset recognized built-in gains of another
companies, other than life insurance companies. See section 172(b) as
corporation. For more information, see sections 382 and 384 and the
amended by P.L. 115-97, section 13302.
related regulations.
Purpose of Form
Line 3. Enter the reduction of previously determined tax attributable to
the carryback, for tax years before the tax year of the NOL. Previously
A corporation that expects to incur an NOL in the current tax year that
determined tax is generally:
can be carried back to its preceding tax year can file Form 1138 to
1. The amount shown on the return, plus any amounts assessed as
extend the time for payment of tax for such immediately preceding tax
deficiencies before Form 1138 is filed; minus
year. This includes extending the time for payment of a tax deficiency.
The payment of tax that can be postponed cannot exceed the expected
2. Any abatements, credits, or refunds allowed or made before Form
overpayment from the carryback of the NOL.
1138 is filed.
Only payments of tax that are required to be paid after the filing of
See section 1314(a).
Form 1138 are eligible for extension. Do not file this form if all the
Attach a schedule showing how the reduction was figured. See the
required payments have been paid or were required to have been paid.
instructions for the corporate income tax return for information on
If the corporation previously filed Form 1138 and later finds
figuring the NOL deduction and recomputing the tax.
information that will change the amount of the expected NOL, the
Line 6a. For the year shown on line 4, enter on line 6a the total of:
corporation can file a revised Form 1138. If the amount of the NOL is
1. The total tax shown on the return, plus
increased based on the new information, the corporation can postpone
the payment of a larger amount of tax as long as the larger amount has
2. Any amount assessed as a deficiency (or as interest or a penalty)
not yet been paid or is not yet required to be paid. If the amount of the
prior to the filing of this Form 1138.
NOL is reduced because of the new information, the corporation must
Line 6b. Enter the total of the following.
pay the tax to the extent that the amount of tax postponed on the
1. The amount of tax paid or required to be paid before the date this
original filing exceeds the amount of tax postponed on the revised filing.
form is filed. This includes any amount assessed as a deficiency or as
When and Where To File
interest or a penalty if this form is filed more than 21 calendar days after
notice and demand for payment was made (more than 10 business days
File Form 1138 after the start of the tax year of the expected NOL but
if the amount for which the notice and demand for payment was made
before the tax of the preceding tax year is required to be paid.
equals or exceeds $100,000). An amount of tax for which the
Generally, file Form 1138 with the Internal Revenue Service Center
corporation has received an extension of time to pay (under section
where the corporation files its income tax return.
6161) is not considered required to be paid before the end of the
A corporation can file Form 1138 separately or with Form 7004,
extension; plus
Application for Automatic Extension of Time To File Certain Business
2. The amount of refunds, credits, and abatements made before the
Income Tax, Information, and Other Returns. If Form 1138 and Form
date this form is filed.
7004 are filed together, Form 1138 will reduce or eliminate the amount
of tax to be deposited when Form 7004 is filed. If Form 1138 is filed with
Form 7004, then file Form 1138 with the Internal Revenue Service
Paperwork Reduction Act Notice. We ask for the information on this
Center at the applicable address where the corporation files Form 7004.
form to carry out the Internal Revenue laws of the United States. You
are required to give us the information. We need it to ensure that you are
Period of extension. In general, the extension for paying the tax
complying with these laws and to allow us to figure and collect the right
expires at the end of the month in which the return for the tax year of
amount of tax.
the expected NOL is required to be filed (including extensions).
You are not required to provide the information requested on a form
The corporation can further extend the time for payment by filing
that is subject to the Paperwork Reduction Act unless the form displays
Form 1139, Corporation Application for Tentative Refund, before the
a valid OMB control number. Books or records relating to a form or its
period of extension ends. See the Instructions for Form 1139. The
instructions must be retained as long as their contents may become
period will be further extended until the date the IRS informs the
material in the administration of any Internal Revenue law. Generally, tax
corporation that it has allowed or disallowed the application in whole or
returns and return information are confidential, as required by section
in part.
6103.
Termination of extension. The IRS can terminate the extension
The time needed to complete and file this form will vary depending on
if it believes that any part of the form contains erroneous or
individual circumstances. The estimated burden for business taxpayers
unreasonable information. The IRS also can terminate the extension if it
filing this form is approved under OMB control number 1545-0123 and
believes it may not be able to collect the tax.
is included in the estimates shown in the instructions for their business
Interest. Interest is charged on postponed amounts from the dates that
income tax return.
the payments would normally be due. The interest is figured at the
If you have comments concerning the accuracy of these time
underpayment rate specified in section 6621.
estimates or suggestions for making this form simpler, we would be
Specific Instructions
happy to hear from you. You can send us comments from www.irs.gov/
FormComments. Or you can write to: Internal Revenue Service, Tax
Forms and Publications Division, 1111 Constitution Ave. NW, IR-6526,
Address. Include the suite, room, or other unit number after the street
Washington, DC 20224. Do not send Form 1138 to this office. Instead,
address. If the post office does not deliver mail to the street address
see When and Where To File, earlier.
and the corporation has a P.O. box, show the box number instead.
If the corporation receives its mail in care of a third party, such as an
accountant or attorney, enter on the street address line “C/O” followed
by the third party’s name and street address or P.O. box.
If the corporation’s address is outside the United States or its
possessions or territories, fill in the line for “City or town, state, and ZIP
code” in the following order: city, province or state, and country. Follow
the foreign country’s practice for entering the postal code, if any. Do not
abbreviate the country name.
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