1120-US: Tentative refund on Form 1139 (FAQ)

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Question

Why doesn't Form 1139 show a tentative refund?

Answer

Each year, the Internal Revenue Code undergoes numerous changes and UltraTax CS does not recalculate a tax return based on laws in effect for each of the previous tax years. Therefore, complete the following steps to request a tentative refund for Form 1139.

  1. Obtain copies of the corporation's original returns for years to which you are carrying information back.
  2. Recalculate the prior-year tax returns to generate the after carryback amounts you want to include on Form 1139 of the current-year return. For more information, see Recalculating prior-year returns affected by the carryback.
  3. Complete the information requested in Screen 1139, located in the Carryovers folder, using the original and the recalculated prior-year tax returns.

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

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