Form 1139 (2024): Corporate Tentative Refund Application Checklist

Form 1139 (Rev. October 2018) – 2024 Tax Year Checklist

Purpose

Form 1139 requests a tentative refund for corporations arising from net operating loss carryback, net capital loss carryback, unused general business credits, or section 1341(b)(1) overpayment claims. The IRS issued the December 2025 revision as the current version for 2025 and subsequent years.

Corporations other than S corporations use this form to apply for quick refunds rather than filing amended returns. The IRS processes Form 1139 within 90 days of filing, providing faster refunds than the standard amended return process.

You must compute the minimum tax for base erosion on line 18 if your corporation meets the applicability requirements under section 59A. Attach Form 8991 when the base erosion minimum tax applies to your corporation for any carryback year.

Base erosion minimum tax applies to corporations with average annual gross receipts of $500 million or more for the three preceding tax years. The computation affects corporations with deductions paid or accrued to foreign related parties exceeding specified thresholds.

Filing Steps

1. Verify your corporation's EIN, legal name, date of incorporation, and current address match IRS records before applying.
2. Identify the reason for filing on line 1 by selecting NOL carryback, net capital loss carryback, unused general business credit, or section 1341(b)(1) overpayment, and answer "Yes" on line 10 with attached Form 8886 if the loss or credit arose from a reportable transaction as defined under section 6011.
3. Enter the tax year ended date and filing date for the return that generated the loss, unused credit, or overpayment on line 2, and record the service center location if you filed the return at a service center rather than by electronic filing.
4. Skip the computation section on lines 11 through 15 and proceed directly to line 20 in the computation table if line 1c for unused general business credit is your only carryback reason. The lines 11 through 15 calculation steps apply exclusively to net operating loss carrybacks and net capital loss carrybacks. Corporations filing solely for unused general business credit carrybacks can bypass these NOL and capital loss computation lines entirely.
5. Complete columns (a) through (f) on lines 11 through 26 for each preceding tax year receiving the carryback, ensuring line 14 for NOL deduction reflects the deduction allowed under section 172 as modified post-TCJA, noting that the 80 percent limitation rule does not apply to carryback periods before 2021.
6. Compute base erosion minimum tax under section 59A on line 18 if your corporation is subject to BEAT with adjusted taxable income exceeding the statutory threshold for the carryback year by attaching Form 8991 titled "Tax on Base Erosion Payments of Taxpayers With Substantial Gross Receipts" when applicable or leaving line 18 blank when base erosion minimum tax does not apply.
7. Complete line 20 for General Business Credit using the lesser of the credit limitation under section 38 or the actual credit claimed, ensuring credits subject to carryback are eligible under their respective IRC sections for 2024 filing purposes, including research credits under section 41, which can be carried back one year and forward twenty years under section 39.
8. Answer questions 4 through 10 accurately by addressing foreign tax credit release, consolidated return status, Form 1138 extension status, accounting period changes, dissolution date, Tax Court petitions, and reportable transaction disclosure, and attach all required supporting schedules and forms referenced in the instructions for each question you answer affirmatively.
9. Sign and date Form 1139 as the authorized corporate officer and include your title in the signature section, and have your paid tax preparer sign, date, and provide PTIN and firm information in the paid preparer section if a preparer prepared the application.
10. Retain a copy of the completed Form 1139 and all supporting schedules for your corporation's records before applying, mail the application as a separate document per instructions, and do not file it with your income tax return.

This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.

2024 Year-Specific Updates

• Base erosion minimum tax computation on line 18 with Form 8991 attachment continues under post-TCJA rules for 2024 filers. You must confirm your corporation's adjusted taxable income and base erosion payments for each carryback year to determine BEAT applicability. The computation must be completed correctly for that specific year when the base erosion minimum tax applies to your corporation. Form 8991 applies to corporations with annual gross receipts of at least $500 million in one or more of the three preceding tax years.
• NOL deduction limitation under section 172(a) applies as amended post-TCJA, with the 80 percent taxable income limitation remaining in effect. The 80 percent limitation does not apply to carryback years beginning before January 1, 2021. NOLs arising in taxable years beginning in 2018, 2019, and 2020 may be carried back five years under the CARES Act. NOLs arising in tax years beginning after 2020 generally cannot be carried back except for farming losses and losses of insurance companies other than life insurance companies.
• Reportable transaction disclosure on line 10 and Form 8886 remains required for 2024 if the loss or credit resulted from a transaction required to be disclosed under Treasury regulations section 1.6011-4. Instructions did not change for 2024, but compliance verification is necessary for each filing. Form 1139 (Rev. December 2025) is the current version for 2024 filing with 2024 carryback years and current-year instructions.

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This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.