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Multi-Entity

Short-year data entry

You can use this information for the following entities: 1041, 1065, 1120, 5500, and 990.
note
There's not short-year data entry for the 1040 application.
On the (entity type) input screen in the
General
 folder, go to the Year End Information section and enter information in the following fields to complete the short-year data entry:
  • Tax year beginning
  • Tax year ending
  • Most recent
note
  • Typically, the tax year beginning year and the application year should match. If your client's tax year beginning is , you'll use the version of the application to process the return. However, the IRS will accept prior-year forms in the event the current-year forms aren't available yet. For example, a short-year return beginning 01/01/ and ending 06/30/ could be due on 09/15/ or 10/15/. This is well before the IRS releases the version of the forms. In that instance, you can use the forms and the version of the application to complete the short-year return. You can also electronically file the short-year return from the application.
  • Even if this is the client's initial year, a
    Most recent
     date needs to be entered to understand this is a short-year return. In the
    Most recent
     field, enter the ending date of the month preceding the month the short year began. For example, if the client's short tax year began on 05/15/ and ended on 12/31/, enter 04/30/ in the
    Most recent
     field.

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