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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.
See also: 1120 Utah frequently asked questions
Net Operating Loss Carryover
The Income (Loss) fields reflect the taxable income or net operating loss for each of the preceding periods. Enter the taxable income or net operating loss from Form TC-20, Schedule A, line 15; or Form TC-20MC, Schedule A, Part 2, line 6. for each of the fifteen prior taxable years. Enter profit amounts as positive numbers and loss amounts as negative numbers.
Note: It is not necessary to enter income or show the respective income offset amounts in the Prior Year (Income Offset) NOL Utilized column in order to have Form TC-20, Schedule A or TC-20MC calculate correctly. However, if amounts are not entered, the UT Net Operating Loss Carryover Worksheet does not show the history of how net operating losses were generated and utilized.
The application adds the amount in this field to the income or loss reflected in the Income (Loss) fields to determine if there is a net operating loss amount available for carryover. If the Income (Loss) column is positive, enter a negative number for the amount of net operating loss deductions reflected on Form TC-20, Schedule A, line 16 or TC-20MC, Schedule A, Part 2, line 7. If the Income (Loss) column is negative, enter a positive number for the amount of net operating loss utilized in prior years. For example, a $10,000 net operating loss was generated in the 5th preceding taxable year; $2,000 of the net operating loss was utilized in the 4th preceding taxable year; $3,000 was utilized in the 3rd preceding taxable year; there was a $5,000 loss in the 2nd preceding taxable year; and $4,000 of the net operating loss was utilized in the 1st preceding taxable year. The amounts in the input screen fields should be as shown in the following table.
| Preceding Tax Year |
Income (Loss) |
Prior Year (Income Offset) NOL Utilized |
| 5th |
(10,000) |
9,000 |
| 4th |
2,000 |
(2,000) |
| 3rd |
3,000 |
(3,000) |
| 2nd |
(5,000) |
|
| 1st |
4,000 |
(4,000) |
If this checkbox is marked, the application calculates the NOL deduction and carryover based on the information entered in the Income (Loss) and Prior Year (Income Offset) NOL Utilized fields in the combined client. If this field is blank, the application uses the information entered in each member’s return.
Contribution Carryover
Enter the amount of any prior-year excess charitable contributions. Since the Utah limitation is calculated separately from the federal contribution limitation, the Utah excess contributions must be entered separately.
Enter the amount of excess contributions from the first column that has already been used. The application subtracts the amounts entered here from the Excess Contributions column to determine if there is an excess charitable contribution carryover.
2018 UltraTax CS
