New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Where do I enter data for Form 6251, line 2f: Alternative tax net operating loss deduction?

Answer

The prior year NOL deduction on Form 1040, Schedule 1, Line 21 for regular tax purposes transfers to Line 2e of Form 6251. The NOL deduction for AMT purposes transfers to Form 6251, Line 2f. The tax application enters this amount on Screen NOLCO in the 1045 & NOL folder in the AMT NOL column for any year.

In certain scenarios, the AMT NOL deduction may be limited. The Line 2f—Alternative Tax Net Operating Loss Deduction (ATNOLD) section of the Form 6251 instructions explains how to calculate the alternative minimum taxable income (AMTI) without regard to the AMT NOL deduction and domestic production activities deduction. This section also explains how to calculate the AMT NOL deduction limit. UltraTax CS prints this calculation in a not required statement with Form 6251.

Related Topic:  Form 6251 - Alternative minimum tax FAQs (1040)

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