Preparing a final short-year return (1041)

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To prepare a final, short-year 2022 return for a fiduciary using the 2021 version of UltraTax CS, complete the following steps. The IRS accepts such returns on 2021 forms.

If the short year begins after December 31, 2021, you must incorporate any tax law changes that are effective for the next tax year. 

  1. If the return was prepared in the prior year, do the following in the return.
    1. Choose File > Save As to create a copy of the return for the short year. 
    2. Update any carryovers, as appropriate, in the Carryovers & NOL folder.
    3. Remove any data that should not exist for the short-year return.
  2. If the return is a first and final short-year return, create a new client. 
  3. In your client's return, click the General folder to open Screen 1041.
  4. Enter or update the tax period dates for the Tax year: Beginning, if short year and Ending, if other than 12/31 fields.
  5. If the return is calculating depreciation, enter dates in the Prior year ends, if different fields. For details on what dates you should enter, see Entering prior year ends if different from current year end (1041). In the detail of each asset, add the current depreciation (from 2021) and the prior depreciation shown in the Prior Depreciation field, and enter the total in the Prior Depreciation field.
  6. Enter income, deductions, and beneficiary information for the current return. 

Note: You can electronically file the final 2022 short year return using 2021 UltraTax CS.

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