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.

If an election is made to forego the current year federal net operating loss carryback, the same federal election is considered made for Utah tax purposes per the Utah tax code. Therefore, in this situation, the application automatically makes the same election for Utah on Form TC-20, Schedule A, line 15 or Form TC-20MC, Schedule A, Part 2, line 6, unless the field Carryback Utah loss if election made to forego federal net operating loss carryback is marked in Screen UTCB to elect a carryback for Utah purposes. If the federal election to forego the carryback of the net operating loss is not made, Utah tax code states that Utah net operating losses must be carried back to the earliest of the three preceding tax years. To carryback a Utah net operating loss, Screen UTCB must be completed. Only those preceding years with income should be entered.

Related topic: 1120 Utah frequently asked questions

Was this article helpful?

Yes No

Submit