1040-US: Filing an amended return for NOL carryback

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To use Form 1040X to carryback an NOL, follow the instructions below.

  1. Open the client.
  2. Verify the information on Form 1040 is the information that was originally reported.
  3. To view up-to-date calculations, choose File > Preview.
  4. Once the preview is complete, click Close.
  5. Access Screen Amend, located under the Separate Filings folder.
  6. Mark the Transfer original information checkbox and press the ENTER key. At this time, the originally filed information will populate Screen Amend.
    If the state return also needs amending, select the applicable state from the Transfer state(s)? dialog, which will mark the Transfer original information checkbox for each applicable state on the corresponding Screen Amend within the state's input screens. You must do this before proceeding to the next step.
  7. Return to Federal Screen Amend and mark the Related to: NOL or GBC carryback checkbox (located 2/3 down the input screen).
  8. Enter an explanation of changes in the Explanation of changes statement.

    Note: If the Default to federal amended return explanation of changes checkbox is marked in the Setup > 1040 Individual > Other Return Options > Other tab, you do not need to enter an explanation of changes on the state input screen.

  9. To enter the carryback information, click the appropriate year.
    1. Access Screen CO, located under the Other folder.
    2. Open the Net operating loss carryback statement.
    3. Select the year from which the NOL is carried back and enter the applicable amounts.
    1. Access Screen CO, located under the Carryovers & NOL folder.
    2. Open the Net operating loss carryback statement.
    3. Select the year from which the NOL is carried back and enter the applicable amounts.
    1. Access Screen NOLCO, located under the 1045 & NOL folder.
    2. In the NOL carryback section, enter the applicable information.
  10. After review, print Form 1040X by choosing File > Print Returns.

Per the Form 1040X and Form 1045 instructions, Form 1045, Schedule A and B should be attached to Form 1040X when carrying back an NOL. Show me

  1. Open the client in the version of the application in which the NOL was generated.
  2. In Forms View, access the 1045 folder.
  3. On the P2 tab, right-click in the screen and select Print one page.
  4. Repeat step 3 on the P3 and P4 tabs, if applicable.

Note: If you do not see the 1045 folder, right-click in the screen and select Display all forms.

Related Topics:

1040-US: Filing Form 1045 vs Form 1040X

Using UltraTax CS to carryback a net operating loss

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