Carry back a net operating loss for a new client

Do the following to carry back a net operating loss for a new client:
note
Net Operating Losses (NOL) from farming operations need to be carried back using either Form 1045 or Form 1040X, unless you mark the
Elect to relinquish carryback of farm NOL incurred during the current tax year
checkbox on the
1045
screen, in the
1045 & NOL
folder. These instructions cover NOL carrybacks on Form 1045.
  1. Go to the
    1045
    screen in the
    1045 & NOL
    folder.
  2. Mark the
    Farm loss carryback on Form 1045
    checkbox. This is required to calculate Form 1045.
  3. Go to the
    1045-2
    screen.
  4. Enter the before and after carryback amounts.
    note
    The before amounts will come from prior-year returns as they were originally filed. The after carryback amounts will need to be manually calculated or you can create prior-year returns in UltraTax CS and follow the instructions for proforma'd clients.

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