Form 3621 PDF Details

The Form 3621, issued by the Department of the Treasury's Internal Revenue Service, plays a crucial role in the meticulous process of computing Net Operating Losses (NOL) for individuals, corporations, and estates and trusts. Unveiled in its revised format in February 1990, this document is instrumental in determining the NOL that can be reported on tax returns, providing a structured approach for entities to carry forward or carry back losses to other tax years. For individuals, it offers a pathway to adjust gross income by considering a variety of deductions and modifications, including but not limited to personal exemptions, capital loss deductions, and non-business deductions exceeding non-business income. Corporations have their section dedicated to adjustments including recomputed dividends received deductions, real estate investment trusts modifications, among others. Estates and trusts are not left behind, with modifications encompassing everything from net operating loss deductions to adjustments for income distribution deductions and estate tax deductions. Understanding and completing Form 3621 requires a deep dive into various income and deduction categories, signifying its complexity and the vital role it plays in tax planning and filing processes. It embodies the IRS's intricate system of allowing taxpayers to mitigate the impact of losses, thereby providing an essential tool in the management of tax liabilities.

QuestionAnswer
Form NameForm 3621
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other names1987, itemized, form 3621, Sch

Form Preview Example

 

Form 3621

 

 

Department of the Treasury — Internal Revenue Service

Statement schedule

 

 

 

 

 

Net Operating Loss Computation—

 

 

 

 

(Rev. February 1990)

 

 

 

 

 

 

 

Individuals, Corporations, and Estates and Trusts

 

 

 

 

 

 

 

 

 

 

 

Name

 

 

 

 

Tax year ended

 

 

 

 

 

 

 

 

 

 

 

 

 

Section I – Individuals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. Individuals—Adjusted Gross Income

Per return

As previously adjusted

1. (

)

 

 

 

 

 

 

 

 

 

 

 

 

 

2.

Individuals: Less

 

 

 

2(a).

 

 

 

 

 

(a) Total itemized deductions (including zero bracket amount), or if you did not

 

 

 

 

 

 

itemize, zero bracket amount plus your charitable contributions or standard

 

 

 

 

 

 

deduction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Allowance for personal exemptions

 

 

2(b).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Total (add line 2(a) and line 2(b))

 

 

 

2(c).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3. Net operating loss before modifications (line 2(c) less line 1.)

 

 

3.

 

 

 

 

 

 

 

 

 

 

Note: There is a net operating loss only if this line is negative

 

 

(

)

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

Individual modifications

 

 

 

4(a).

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Net operating loss deduction per return or as previously adjusted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Net capital loss deduction per return or as previously adjusted

 

4(b).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Capital gain deduction per return or as previously adjusted

 

4(c).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Personal and dependency exemptions per return or as adjusted

 

4(d).

 

 

 

 

 

 

 

 

 

 

(e)Non-business deductions in excess of non-business income:

(i)Non-business deductions (See Note 1. below.)

(ii)Less: Non-business income (See Note 2. below.)

 

(iii) Excess, if any (line (i) less line (ii)). If less than zero, enter 0.

4(e).

 

 

 

 

 

 

 

 

 

 

 

5.

Total individual modifications (Add lines 4(a) through 4(e))

5.

 

 

 

 

 

 

 

6.

Net operating loss (Add line 3 and line 5.)

6.

(

)

Note 1. Include certain itemized deductions from Sch. A, Form 1040, and non-business capital losses (long and short term) from Sch. D, Form 1040. If the taxpayer does not itemize, the Zero Bracket Amount, for tax years before 1987, or the Standard Deduction, for tax years after 1986, is considered a non-business deduction. The Charitable Contribution Deduction may also be considered a non-business deduction. Do not include Casualty or Theft losses, moving expenses or employee business expenses claimed on Sch. A, Form 1040.

Note 2. Include dividend, interest, pension, annuity and certain royalty payments as non-business income. Also include non-business capital gains (long and short term) from Sch. D, Form 1040.

Section II – Corporations

1.

Corporation—Taxable Income

Per return

As previously adjusted

1.

(

)

 

 

 

 

 

 

 

 

 

 

2.

Corporation modifications

 

 

2(a).

 

 

 

 

 

 

 

 

 

 

 

 

(a) Recomputed dividends received deduction (See Sch. C, Form 1120)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Recomputed dividends paid deduction (See Sch. C, Form 1120)

 

2(b).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Total corporation modifications (Add line 2(a) and 2(b))

 

 

2(c). (

)

 

 

 

 

 

 

 

3.

Real estate investment trust (Form 1120 REIT) modifications (Show computation on reverse side.)

3.

 

 

 

 

 

 

 

 

 

 

 

4.

Net operating loss deduction per return or as previously deducted

 

 

4.

 

 

 

 

 

 

 

 

 

 

 

5.

Corporation net operating loss (Add lines 1, 2(c), 3, and 4.)

 

 

5.

 

 

 

 

 

 

 

 

 

 

 

 

 

See back side for Estates and Trust Net Operating Loss Computation

 

 

 

 

 

 

 

 

 

 

 

 

 

Form 3621 (Rev. 2-90)

Cat. No. 19785M

Department of the Treasury — Internal Revenue Service

Section III – Estates and Trust

1. Estate or Trust—Taxable Income

Per return

As previously adjusted

1. (

)

 

 

 

 

 

 

 

2. Estate or trust modifications

 

 

2(a).

 

 

 

 

 

 

 

(a)

Net operating loss deduction per return or as previously adjusted

 

 

 

 

 

 

 

 

 

 

 

(b)

Net capital loss deduction per return or as previously adjusted

 

2(b).

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

Capital gain deduction (For tax years before 1987) per return or as previously

2(c).

 

 

 

 

 

 

adjusted

 

 

 

 

 

 

 

 

 

 

 

 

(d)

For grant or Trust income and deductions modification (Show computation

2(d).

 

 

 

 

 

 

below. See instructions to Form 1041.)

 

 

 

 

 

 

 

 

 

 

 

(e)

Charitable contribution deduction

(Sch. A, Form 1041)

 

2(e).

 

 

 

 

 

 

 

 

 

 

 

 

 

(f)

Income distribution deduction (Sch. B, Form 1041)

 

2(f).

 

 

 

 

 

 

 

 

 

 

 

 

 

(g)

Estate tax deduction (Form 1041)

 

 

2(g).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(h)

Estate or trust exemptions ($600, $300, or $100)

 

2(h).

 

 

 

 

 

 

(j)Non-business deductions in excess of non-business income:

(i)

Non-business deductions (See Note 1 below.)

(i)

 

 

 

 

 

(ii)

Less non-business income (See Note 2 below.)

(ii)

 

 

 

 

 

(iii)

Excess, if any (line (i) less line (ii). If less than zero, enter 0

2(j).

 

(k) Total estate or trust modifications (Add 2(a) through 2(j))

2(k).

 

3. Estate or trust net operating loss (Add lines 1 and 2(k))

Note 1. Include certain deductions, per IRC 172(d)(4), from Form 1041, and non-business capital losses (long and short term) from Sch. D, Form 1041. Do not include Casualty or Theft losses.

Note 2. Include dividend, interest, pension, annuity and certain royalty payments as non-business income. Also include non-business capital gains (long and short term) from Sch. D, Form 1041.

Use space below for additional computation of modifications or for explanation.

Form 3621 (Rev. 2-90)

Cat. No. 19785M

Department of the Treasury — Internal Revenue Service

How to Edit Form 3621 Online for Free

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1. To begin with, while completing the 1986, beging with the part that contains the subsequent blanks:

Stage no. 1 in submitting 1987

2. Once this section is finished, it's time to insert the required details in b Net capital loss deduction per, c Capital gain deduction per, d Personal and dependency, e Nonbusiness deductions in excess, i Nonbusiness deductions See Note, ii Less Nonbusiness income See, iii Excess if any line i less line, Total individual modifications, Net operating loss Add line and, Note Include certain itemized, Note Include dividend interest, and Section II Corporations so that you can progress further.

Step number 2 for submitting 1987

3. The following segment is all about Section II Corporations, CorporationTaxable Income, Per return, As previously adjusted, Corporation modifications, a Recomputed dividends received, b Recomputed dividends paid, c Total corporation modifications, Real estate investment trust Form, Net operating loss deduction per, Corporation net operating loss, See back side for Estates and, Form Rev, Cat No M, and Department of the Treasury - complete every one of these blanks.

Step number 3 for filling out 1987

4. To go ahead, this next section requires completing a few blanks. These include Section III Estates and Trust, Estate or TrustTaxable Income, Per return, As previously adjusted, Estate or trust modifications, a Net operating loss deduction per, b Net capital loss deduction per, c Capital gain deduction For tax, adjusted, d For grant or Trust income and, below See instructions to Form, e Charitable contribution, Income distribution deduction SchB, g Estate tax deduction Form, and h Estate or trust exemptions or, which you'll find crucial to going forward with this PDF.

1987 conclusion process explained (step 4)

Many people generally make errors when filling in a Net operating loss deduction per in this section. Be sure to go over whatever you enter right here.

5. The form has to be finished within this section. Further there is an extensive list of fields that require correct information for your document usage to be faultless: k Total estate or trust, Estate or trust net operating, Note Include certain deductions, Note Include dividend interest, and Use space below for additional.

1987 conclusion process explained (part 5)

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