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Enter different year ends if different from current year end

Do the following to enter the different year ends:
  1. In the folders block, select the
    General
     folder then open the
    1041
     screen.
  2. In the General Information tab section, review the client's year ends starting with the most immediate prior year end until you find a fiscal year end that differs from the year entered in the
    Tax year: Ending, if other than 12/31
     field.
  3. Enter the different fiscal year end in the
    Most recent
     field.
  4. Continue to review the client's year ends. If you find another year end that differs from the year end entered in the
    Most recent
     field, enter this year end in the
    Interim
     field. Otherwise, skip to step 6.
  5. Continue to review the client's year ends. If you find another year end that differs from the year end entered in the
    Interim
     field, enter this year end in the
    Oldest
     field. Otherwise, skip to step 6.
  6. In the folders block, select a folder that contains the
    Asset
     tab, select the
    Asset
     tab, then select
    Tasks
     then
    Calculate All
     Assets.
    note
    UltraTax/1041 doesn't consider the
    1041
     screen complete until you enter these dates correctly and doesn't allow you to leave the screen. Be sure to complete the following tasks.
    • Enter dates in ascending order from the
      Oldest
       field to the
      Most recent
       field.
    • Enter only year ends that differ from the preceding and following year ends.
    • Enter only year ends that precede the year end entered in the
      Tax year: Ending, if other than 12/31
       field.
    • Enter the last day of the month when you enter the year end in MMDDYY format. (UltraTax CS only calculates depreciation based on whole months.)
    If you change information in these fields after depreciation has been calculated, it's necessary to recalculate depreciation by returning to the
    Asset
     tab and selecting
    Tasks
     then
    Calculate All Assets
    .

This article applies to:

  • Product: UltraTax CS
  • Return type: 1041 Fiduciary

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