47.4 Quick Refund Claims

Form 1045 may be used for filing refunds due to carrybacks from net operating losses, and the general business credit. Form 1045 also may be used for a quick refund based on a repayment exceeding $3,000 of income reported in an earlier year. Form 1045 generally must be filed within 12 months after the end of the year in which the loss, credit, or repayment claim arose; see the Form 1045 instructions. The IRS will generally process your claim within 90 days, or if later, 90 days after the end of the month in which your return is due. Payment of quick refund claims is not a final settlement of your return; the IRS may still audit and then disallow the refund claim. Note that the filing of a quick refund, if rejected, may not be the basis of a suit for refund; a regular refund claim must be filed.