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

How do I recalculate the prior-year's tax returns to generate the after carryback amounts for Form 1139?

Answer

If the prior-year tax returns were prepared using UltraTax CS, enter the carryback information in Screen Amend-2, located in the Separate Filings folder, in the prior-year UltraTax CS/1120 client. Note that you may want to save a copy of the original prior-year client before entering the carryback amount. Then review the corporation's prior-year recalculated tax return to complete Form 1139 in the current-year return. The recalculated amounts from the prior-year return should be entered in Screen 1139, located in the Carryovers folder, in the After Carryback column for the preceding tax year.

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