Recalculating prior-year returns to generate after carryback amounts
You can recalculate the prior-year tax returns to generate the after carryback amounts for Form 1139. You can do this automatically if the returns were prepared in UltraTax CS. If the prior-year tax return wasn't prepared using UltraTax CS, you may need to calculate the amount manually.
- Open the prior year client.noteIt's a good idea to save a copy of the original prior-year client before you make updates.
- Go to theAmend-2screen, then theSeparate Filingsfolder.
- Enter the carryback information.
- Review the corporation's prior-year recalculated tax return, then complete Form 1139 for the current year.
- Go to the1139screen, then theCarryoversfolder.
- Enter the recalculated amounts from the prior-year return in theAfter Carrybackcolumn.
