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Federal input screens

Screen CO - Carryovers, Nonbusiness (1040)

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Overview

Use this screen to enter carryover information that does not need to be maintained on an activity-specific level.
note
  • You can use amounts entered in this screen to indicate taxpayer / spouse allocation when using the Filing Status Optimization utility.
  • Use the 1116CO screen to enter foreign tax credit carryover and carryback amounts. A foreign tax credit carryover report is automatically produced.
Carryover Information
Enter only the net amount of losses generated and the utilizations of losses for the years shown. This information proformas each year with the last year dropping off and taking any subsequent utilizations with it. For this reason, it is extremely important that you do not enter any utilizations for losses prior to 2010 (2006 for qualified conservation charitable contributions). Enter carryovers as positive amounts and utilizations as negative amounts.
note
  • Blank
    AMT carryover
     fields are treated as having no AMT carryover. Regular carryovers are not used as a default AMT amount. If there is no difference between the regular and AMT carryover, enter the same amount in both the regular and
    AMT carryover
     fields. This information is also used to complete Forms 6251 and 8582, if applicable.
  • A carryover report is automatically produced.

Indefinite Carryovers

Enter the 2022 to 2023 indefinite carryover amounts using the fields that apply.
A custom paragraph may be included to report the amount of any investment interest expense carryover in the transmittal letter. To select this custom paragraph on a client basis, select custom paragraph
Investment int exp C/O (TL)
 from one of the
Paragraph Description
 fieldviews in the Letter screen. To select this custom paragraph to print for all clients when applicable, choose Setup > 1040 Individual, select the Letters & Emails button in the Federal tab, select the Custom Paragraphs tab, and mark the
Investment int exp C/O (TL)
 box.

Section 1231 Carryovers

Section 1231 Nonrecaptured Losses
UltraTax CS automatically calculates nonrecaptured section 1231 losses using information from these fields. When there is a current-year section 1231 gain, the gain is treated as ordinary income to the extent of the nonrecaptured section 1231 losses, per section 1231(c)(1), reported as amounts used on the Carryover Worksheet. If there is a current-year section 1231 loss, the loss is treated as an ordinary loss and reported as generated on the Carryover Worksheet.
AMT Section 1231 Nonrecaptured Losses
UltraTax CS automatically calculates AMT nonrecaptured section 1231 losses using information from these fields. When there is a current-year AMT section 1231 gain, the gain is treated as ordinary income to the extent of the AMT nonrecaptured section 1231 losses, per section 1231(c)(1), reported as amounts used on the Carryover Worksheet. If there is a current-year AMT section 1231 loss, the loss is treated as an ordinary loss and reported as generated on the Carryover Worksheet.

5-Year Charitable Contribution Carryovers

Use these fields to provide information for charitable contribution carryovers. UltraTax CS uses the amounts entered to calculate the Charitable Contribution Carryover Worksheet. This worksheet details the current year allowable charitable contribution deduction and any remaining carryover amounts to be carried forward to the next year for each of the limitation categories.
A custom paragraph may be included to report the amount of any contribution carryover in the transmittal letter. To select this custom paragraph on a client basis, select custom paragraph
Contribution C/O (TL)
 from one of the
Paragraph Description
 fieldviews in the Letter screen. To select this custom paragraph to print for all clients when applicable, choose Setup > 1040 Individual, select the Letters & Emails button in the Federal tab, select the Custom Paragraphs tab, and mark the
Contribution C/O (TL)
 box.
note
Prior year 100% contribution carryovers are limited to 60% of AGI and are combined with the 60% contribution carryovers on the Charitable Contribution Carryover Worksheets.

5-Year AMT Charitable Contribution Carryovers

Use these fields to provide information for AMT charitable contribution carryovers that differ from regular charitable contribution carryovers. UltraTax CS uses the amounts entered to calculate the Charitable Contribution Carryover Worksheet AMT. This worksheet details the current year allowable AMT charitable contribution deduction and any remaining AMT carryover amounts to be carried forward to the next year for each of the applicable limitation categories.
Charitable contributions calculated for AMT are generally the same as those calculated for regular tax, with the exception of certain contributions of property to which section 170(e) applies. For more information, refer to the Form 6251 instructions.
note
A diagnostic is issued when regular charitable contribution carryover amounts are present and AMT equivalent amounts are blank.

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