Get R 6701 Cit 624 Form

The R 6701 Cit 624 Form is a request for a tentative refund of corporation income tax resulting from the carryback of a net operating loss. This guide provides clear, step-by-step instructions to assist users in completing this form online with ease.

Follow the steps to fill out the R 6701 Cit 624 Form online

1. Click the ‘Get Form’ button to obtain the R 6701 Cit 624 Form and open it in the editing interface.
2. Enter your Louisiana Revenue Account Number in the designated field to properly identify your account.
3. Fill in the name of the corporation as it appears on the registration documents.
4. Provide your street address, city, state, and ZIP code to ensure accurate correspondence.
5. In Schedule A, report the net operating loss incurred for the tax year ended in the first line and indicate its value.
6. In the second line of Schedule A, include the federal tax refund or credit applicable to the loss. Remember to attach a copy of Federal Form 1139 or an explanation if no credit is applicable.
7. Calculate the net operating loss available for carryback by subtracting the second line from the first line.
8. Indicate the amount of loss that was utilized in Schedule B in the fourth line of Schedule A.
9. Calculate the net operating loss available for carryforward by subtracting the fourth line from the third line in Schedule A.
10. Proceed to Schedule B and input the net taxable income previously reported for each applicable preceding tax year.
11. Report any net operating loss previously applied in the second line of Schedule B.
12. In the third line of Schedule B, enter the current loss carryback as specified in Schedule A, Line 4.
13. Subtract lines 2 and 3 from Line 1 to determine the net taxable income for the current period.
14. Calculate the income tax liability based on the net taxable income reported in Line 4.
15. Report any new job credits which are limited to 50% in the designated section.
16. Include any other credits that apply.
17. Calculate the net tax due by subtracting lines 6 and 7 from line 5.
18. If applicable, document the net tax previously paid in the designated space.
19. Calculate the tentative refund by subtracting the net tax previously paid from the net tax due.
20. In the signature section, ensure that the appropriate representatives sign, and provide their contact information, title, and date.
21. Once all fields are completed, save your changes, and choose the option to download, print, or share your R 6701 Cit 624 Form.

Complete and submit your R 6701 Cit 624 Form online today.