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

Form 1138 PDF Details

File Form 1138 after the start of the tax year of the expected NOL but before the tax of the preceding tax year is required to be paid.

Who files: a corporation that expects to incur an NOL in the current tax year that can be carried back to its preceding tax year can file Form 1138.

Postponed tax: the payment of tax that can be postponed cannot exceed the expected overpayment from the carryback of the NOL.

Where to file: generally, file Form 1138 with the Internal Revenue Service Center where the corporation files its income tax return.

When not to file: do not file this form if all the required payments have been paid or were required to have been paid.

Interest: interest is charged on postponed amounts from the dates that the payments would normally be due.