Carry back an unused general business credit
The current-year unused general business credits calculate on the Business Carryover Report. See the instructions for Form 3800 for more details on general business credit carrybacks.
- Go to theUnused general business creditfield in1045screen and enter the total of the general business credit carryovers generated in the current year.
- Get copies of the original tax returns or, if applicable, the amended tax returns, for the tax years involved in the carryback period you determined on the1045screen.
- In the1045-2screen, enter the information from these returns in theBefore carrybackfields of the respective years being carried back.noteThis information is already completed for clients that have been proforma'd. However, you should verify the information with the original returns.
- Open the version of UltraTax CS for the year of carryback. On theCOGBCrscreen, enter the amount of the credit carryback in 1 or more of the business carryback fields.
- For eligible small business carrybacks, refer to Form 1045 instructions for any change to be made in the carryback years for calculation of prior-year credit limitations.
- For eligible small business credit carryback, continue to carryforward any unused carryback to the next preceding year.
