Prepare a final short-year return

Do the following to prepare a final, short-year
2025
return for a fiduciary using the
2024
version of UltraTax CS. The IRS accepts such returns on
2024
forms.
  1. If the return was prepared in the prior year, do the following in the return.
    1. Select
      File
      then
      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 shouldn't exist for the short-year return.
  2. If the return is a 1st and final short-year return, create a new client.
  3. In your client's return, select the
    General
    folder to open the
    1041
    screen.
  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. In the detail of each asset, add the current depreciation (from
    2024
    ) 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.
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