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IRS Form 1138: Fill it in the Right way

Home > PDF Forms Tips > How to Fill in IRS Form 1138

A corporation that is expecting a net operating loss in the current tax year will be expected to file IRS Form 1138- Extension of Time for payment of Taxes by a Corporation Expecting a Net Operating Loss carryback so as to extend the time for the payment of tax for the immediately preceding tax year. This will also include the extending the time for the payment of a tax deficiency. However, note that only payment of tax that are expected to be paid after filing IRS Form 1138 will be eligible for extension.

Part 1Your Best Solution to Fill out IRS Form 1138

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IRS Form 1138 is a PDF form and like all PDF forms, it will require a form filler to fill it out faster and easily. Although you could fill it out through other means but note that the best form filler application that fills it out completely and devoid of errors is Wondershare PDFelement .

It is the best all in one PDF tool that can solve all your PDF tasks. In addition to being the best form filler that can fill out any kind of PDF forms, it can help you create new PDF forms, split or merge PDF documents, edit PDF documents, apply digital signature to make your document authentic and a whole lot more. And this is not even all, it is supported by Mac and Windows operating systems with a very functional user friendly interface. It is indeed the best solution to fill out your IRS Form 1138 and a must have for anyone who uses and works with PDF files as it is affordable.

Part 2Instructions for How to Complete IRS Form 1138

Completing IRS Form 1138 is easy and simple especially when using Wondershare PDFelement platform. Below is a step by step guide that will help in the form filling process.

Step 1:Get your IRS Form 1138 from the official website of the internal revenue Service of the department of Treasury. Once this is done, open it using Wondershare PDFelement and start the form filling process.

import irs form pdf

Step 2:Write your name and the employer identification number on the spaces provided. Write your address. But note that your address should contain the number, street, room or suite, city or town, state and zip code. If you are using a P.O box, then see further instructions.

Step 3:On line 1, you are expected to enter the ending date of the tax year of the expected net operating loss.

Step 4:Go to line 2, enter the amount of the expected net operating loss. But note that the amount of the expected net operating loss must be based on all of the facts that is relating to the operation of the corporation. You should consider the number and dollar amounts of the corporation’s government contracts that have been cancelled, the profit and loss statement, and other factors that are peculiar to the corporations operations when estimating the amount of the expected net operating loss, NOL.

Step 5: Enter the reduction of the previously determined tax attributable to the expected net operating loss carryback on line 3. However, note that the previously determined tax is the amount shown on the return and any amount assessed as deficiencies before IRS Form 1138 is filled minus any credits, abatements, refunds made or allowed before Form 1138 is filled.

Step 6:On line 4, enter the ending date of the tax year immediately preceding the tax year of the expected net operating loss and give the reasons, facts and circumstances that cause the corporation to expect a net operating loss on line 5.

fill form 1138 lines 1 to 5

Step 7: For the year that is written on line 4, enter the total of the total tax shown on the return plus the amount that is accessed as deficiencies on line 6a while on line 6b, you are expected to enter the amount of tax paid or that will be required to be paid before the form is filled. Note that this will include any amount that is accessed as deficiency. Also enter the amount of credits, refund and abatement made before the form is filled. Subtract line 6b form 6a and enter the amount on line 6c. Note that this is the amount of tax for which the time for payment is extended.

fill form 1138 line 6

Step 8:Complete the form by signing, putting the date and title on the form and keep the copy of the form for your records.

Part 3 Tips and Warnings for IRS Form 1138

Wondershare Editor

Posted by to | Follow @margaretecottyg
Published: Mar 01,2016 14:18 pm / Updated: Mar 03,2016 9:16 am

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