Using UltraTax CS to carry back a used general business credit (1040)

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UltraTax/1040 calculates the current year unused general business credits on the Business Carryover Report. See IRC section 39 and the instructions for Form 3800 for more details on general business credit carrybacks. Enter the total of the general business credit carryovers generated in the current year in one of the Unused general business credit carryover fields.

Follow these steps to complete the Computation of Decrease in Tax section on this screen.

  1. Obtain copies of the original tax returns or, if applicable, the amended tax returns, for the tax years involved in the carryback period you determined on Screen 1045. Enter the information from these returns in the Before carryback fields of the respective years being carried back. Clients that have been proforma’d will already have this information completed. Verify the information with the original returns.
  2. Open UltraTax CS for the appropriate year of carryback. Enter on screen COGBCr the amount of the credit carryback in one or more of the business carryback fields.
  3. For eligible small business carrybacks, refer to Form 1045 instructions for any change that would need to be made in the carryback years for calculation of prior year credit limitations.
  4. If eligible small business credit carryback, continue to carryforward any unused carryback to the next preceding year.

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