UltraTax CS
Before you complete Screen NOL-2 in the Carryovers & NOL folder, prior-year tax returns must be recalculated using prior-year forms.
- Obtain copies of the original tax returns for the years that you are carrying information back.
- If there is a current-year NOL and you are carrying the NOL back to preceding tax years, recalculate the prior-year returns with the carryback information.
- Use the original returns and the recalculated returns to complete Screen NOL-2.
If you need to carry back more than 3 years, you'll need to prepare additional pages of Form 1045 by hand and paper file the return.
Note
- If you use an amended Form 1041 instead of a Form 1045 to request a refund, you can use Form 1045, Schedules A and B as attachments to Form 1041.
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