1139 missing paperwork

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated) 

Yahoo!   Google   Windows Live   del.icio.us   digg   Netscape

Subject Author Date 1139 missing paperwork Grip 05-19-2009  Re: 1139 missing paperwork Paul Thomas, CPA 05-20-2009
Posted by Grip on May 19, 2009, 4:22 pm Please log in for more thread options Tax year ended July 2008 and I requested an extension. I knew the corp had suffered a loss, and had a tax credit, so I did not make any payment. I filed my 1120 within the timeframe of the extension. I also filed an 1139 carryback adjustment hoping to recoup taxes paid in the previous two years. The loss wasn't great and amount of the refund wouldn't be large ($3,500). The 1139 is filed separately from the 1120. I forgot to attach any of the supporting documents, namely the first two pages from my 2008 1120 showing the loss and so my application was denied. Completely my error. I have two questions: Can I still "re-file" the 1139 and get my carryback adjustment or is it lost for good? If I expect another loss in 2009, should I hold off and wait for the next year instead? My profit in 2006 does not cover all of my loss in 2008, not even half. Can I claim the balance of my 2006 gain in my 2009 return? Thanks, G -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Paul Thomas, CPA on May 20, 2009, 8:47 am Please log in for more thread options > Tax year ended July 2008 and I requested an extension. I knew the > corp had suffered a loss, and had a tax credit, so I did not make any > payment. > > I filed my 1120 within the timeframe of the extension. I also filed > an 1139 carryback adjustment hoping to recoup taxes paid in the > previous two years. The loss wasn't great and amount of the refund > wouldn't be large ($3,500). The 1139 is filed separately from the > 1120. > > I forgot to attach any of the supporting documents, namely the first > two pages from my 2008 1120 showing the loss and so my application was > denied. Completely my error. > > I have two questions: > > Can I still "re-file" the 1139 and get my carryback adjustment or is > it lost for good? > > If I expect another loss in 2009, should I hold off and wait for the > next year instead? My profit in 2006 does not cover all of my loss in > 2008, not even half. Can I claim the balance of my 2006 gain in my > 2009 return? Refile the NOL carryback with the proper attachments. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted What am I missing here? May 12, 2009, 10:29 am Missing some receipts? September 15, 2008, 3:24 pm What do I do about missing delivery confirmations? April 14, 2006, 3:26 am Missing mileage ledger February 22, 2009, 8:26 pm Amended Tax Return, Missing Forms February 18, 2008, 8:37 pm Are we missing form for rollover deposit? April 8, 2008, 12:52 am Missing 1099R with tax withheld and 2004 return April 4, 2008, 8:26 pm