Carry back an unused general business credit (1040)

Alerts and notices

The current-year unused general business credits calculate on the Business Carryover Report. See the instructions for Form 3800 for more details on general business credit carrybacks.

  1. In the Unused general business credit field in Screen 1045, enter the total of the general business credit carryovers generated in the current year.
  2. 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. In Screen 1045-2, enter the information from these returns in the Before carryback fields of the respective years being carried back. This information is already completed for clients that have been proforma’d; however, you should verify the information with the original returns.
  3. Open the version of UltraTax CS for the year of carryback. On Screen COGBCr, enter the amount of the credit carryback in one or more of the business carryback fields.
  4. For eligible small business carrybacks, refer to Form 1045 instructions for any change to be made in the carryback years for calculation of prior year credit limitations.
  5. For eligible small business credit carryback, continue to carryforward any unused carryback to the next preceding year.