1120-US: Recalculating prior-year returns to generate after carryback amounts (FAQ)

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Question

How do I recalculate the prior-year's tax returns to generate the after carryback amounts for Form 1139?

Answer

If the prior-year tax returns were prepared using UltraTax CS, enter the carryback information in Screen Amend-2, located in the Separate Filings folder, in the prior-year UltraTax/1120 client. Note that you may want to save a copy of the original prior-year client before entering the carryback amount. Then review the corporation's prior-year recalculated tax return to complete Form 1139 in the current-year UltraTax/1120 client. The recalculated amounts from the prior-year return should be entered in Screen 1139, located in the Carryovers folder, in the After Carryback column for the preceding tax year.

Note: If the prior-year tax return wasn't prepared using UltraTax CS, the after carryback amount may need to be manually calculated.

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

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