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Prepare Form 1139

Do the following to prepare Form 1139.
Before you begin
UltraTax CS can't recalculate the corporation's prior-year tax returns. Complete the following steps before completing the
1139
 screen.
  1. Obtain copies of the corporation's original returns for years you're carrying information back to.
  2. Recalculate the prior-year's tax returns that are affected by the carryback.
  3. Using the corporation's original returns and the recalculated returns, complete the information requested in the
    1139
     screen.
Follow these steps to complete the
1139
 screen:
  1. Mark the
    Calculate carryback of net operating loss
     checkbox.
  2. Enter the preceding years and the corresponding before carryback amounts in the
    Carryback Information
     table.
  3. Go to the
    NOL
     tab and enter information in the
    Income (Loss)
     fields for the relevant years.
  4. Close the current-year return.
  5. Open the earliest prior-year return affected by the carryback.
  6. Enter the NOL carryback information in the
    Net operating loss
     field on the
    Amend-2
     screen in
    Separate Filings
     folder.
  7. Use the recalculated return to enter the After Carryback information in the current-year return.
  8. Close the prior-year return.
  9. Open the current-year return.
  10. Go to the
    1139
     screen in the
    Carryovers
     folder.
  11. Complete the fields in the
    After Carryback
     column for the prior-year return.
  12. Use the Net Operating Loss Worksheet to determine the remaining NOL.
  13. Use the remaining NOL and repeat steps 4-12 for the remaining years.
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