1120-US: Amending a C Corporation return (FAQ)

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Question

How do I amend a C Corporation return?

Answer

To amend a C Corporation return, open Screen Amend in the Separate Filings folder and enter X in the Transfer original information field if the original return was prepared in UltraTax CS. UltraTax/1120 automatically fills in the amounts from the return as originally filed. If the original return was not prepared in UltraTax CS, enter amounts from the return as originally filed. UltraTax CS uses these amounts to complete Form 1120X, Column A, As originally reported or previously adjusted. UltraTax CS automatically calculates Column C, Correct amount, based on the current and active client data. If a field in this section is blank, the amount in Column A automatically defaults to the amount in Column C.

Notes

  • Select the applicable state(s) from the Transfer state(s)? dialog if you are also amending the state return(s).
  • If the fields in the Amounts As Previously Reported section are not completed after you enter X in the Transfer original information field, you need to preview the return before proceeding. Clear the Transfer original information field and choose File > Preview. Once you finish previewing the return, close the print preview and enter X in the Transfer original information field to transfer the information.

Related topic: 1120-US: Amending returns FAQs

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