1120-US: Form 1139 carryback is not calculating after completing data entry (FAQ)

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I completed all data entry in the Before Carryback and After Carryback columns on Screen 1139 for all years that the loss is being carried back, but Form 1139 is not calculating. Why?


UltraTax CS uses the income (loss) amounts from Screen NOL to determine if there is income from a previous year that can be reduced by carrying back the current year net operating loss. The application populates the Net Operating Loss Carryover - Regular Tax data section on Screen NOL in the Carryovers folder for any return that was completed in UltraTax CS in the prior year and successfully proforma'd to the current-year application. If the return was not completed in the prior-year UltraTax CS and proforma'd to the current-year application, you must manually complete these fields for the appropriate years. If UltraTax CS does not find prior-year income available to offset within the selected carryback period, the application does not calculate Form 1139.

Note: The data entry includes consolidated clients when the carryback is performed within the consolidated return. The consolidated return can be used if the Use these fields to calculate the consolidated net operating loss deduction checkbox is marked on Screen NOL. You should complete the Income (Loss) column after marking the checkbox if the prior-year income was not entered on Screen NOL in the member clients' returns.

Related topic: 1120-US: Form 1139 - Application for refund FAQs

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