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Search Income Tax (ONESOURCE) Help and Support.

This article applies to:

  • Product: ONESOURCE Income Tax
  • Return type: 1120 Corporation
  • Subject: Print requirements

5-year Contribution Carryover Statement print requirements

The 5-year Contribution Carryover Statement prints when the return has contribution carryover values from prior years.
To print the 5-year Contribution Carryover Statement:
  1. Go to
    Organizer
    Income and Deductions
    Deductions
    Contributions
    Contributions Carryovers-5 Yrs
    .
  2. Enter any unused contributions in the
    Amount Available
     column. Don't enter amounts in the
    Carryover to Next Year (Override)
     column; any entry in this column suppresses the statement detail.
  3. Do a full recompute, then print.
The statement requires contribution carryover values to print, so it doesn't print if the return only has current-year contributions. To force the schedule to print anyway, enter
NONE
 in the Amount Available column.

Consolidated returns

To print this schedule for member returns:
  1. Go to
    Organizer
    Income and Deductions
    Deductions
    Contributions
    Contributions Carryovers-5 Yrs
    . Enter the amount available for each entity in the
    Amount Available
     column.
  2. After you consolidate the return and determine the contribution for the consolidated return (after applying any limitations), you can assign the deduction back to members on this screen under
    Additional Entries for Members of Consolidations
    . Assigning the deduction back to members provides 2 benefits:
    • The member detail for this schedule shows the amount utilized for each subsidiary return.
    • When you roll over the return to the next year, the application subtracts any utilization from the amount available and automatically transfers the correct available amount to the next year.
  3. Do a full recompute, then print.

Compute the contribution limitation without NOLs

By default, the application applies net operating losses (NOLs) when it computes the charitable contributions limitation, which affects the carryover amounts on this statement. To disregard NOLs and instead compute the contributions limitation based on line 28 taxable income:
  1. Go to
    Organizer
    Income and Deductions
    Deductions
    Detail
    .
  2. Mark the option
    Compute the contributions limitation based on line 28 taxable income
    .
  3. Do a full recompute, then print.
If the schedule doesn't print, check if it's suppressed:
  1. Go to
    Organizer
    General Information
    Return and Print Options
    Pg 1-5 Options
     tab.
  2. In the
    Page 1 Schedules
     section, check whether you selected the
    Contribution Carryover schedule
     suppression option. If selected, this option suppresses the contribution carryover detail.
  3. Do a full recompute, then print.

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