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Federal input screens

Screen CO - Form 5227 and NOL Carryovers (1041)

Overview

Use this screen to enter carryover information relating to Form 5227 and the Net Operating Loss Worksheets.

Form 5227 Undistributed Income or (Loss) from Prior Year

Use this section to enter the income of a section 664 trust that is undistributed from prior years. If you prepared the return in UltraTax/1041 last year, this information proformas automatically. Otherwise, enter the income of a section 664 trust that remains undistributed from prior tax years. Enter an undistributed loss as a negative amount.

Form 5227 Undistributed Schedule K-1 Amount

Use this section to enter carryovers relating to Schedule K-1.
If you prepared the return in UltraTax/1041 last year, this information proformas automatically. Otherwise, enter the alternative minimum tax adjustment related to income that is undistributed from prior tax years. What you enter here affects the Schedule K-1, box 12, code A calculation.

NOL Carryovers

Use this section to enter net operating loss carryovers from prior years.
If the net operating loss amount from any prior year was carried back to an earlier year, enter only the amount available for carryforward. Enter carryforwards already used as negative amounts for the year in which the loss was used. For example, if a net operating loss of $10,000 was generated in 2020, $3,000 of the loss was carried back to prior years, and $4,500 of the remaining amount was used in 2021, enter 7,000 ($10,000 minus $3,000) in the 2020 field and enter -4,500 in the 2021 field.
If you are amending a return for a carryback from a future year, enter the carryback amounts in the
Net operating loss carryback for amended return:
 field on the
Deduct
 screen (in the Deductions folder) and the
Alternative minimum tax net operating loss carryback (Force)
 field on the
AMT
 screen (in the Taxes folder).
The AMT amounts for carryovers in this section do not default to the regular tax amounts. The AMT amounts must be entered separately, even if they are the same as the regular tax amounts.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
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