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Prepare a final short-year return

Do the following to prepare a final, short-year 2023 return for a fiduciary using the 2022 version of UltraTax CS. The IRS accepts such returns on 2022 forms.
note
If the short year begins after December 31, 2022, you'll need to incorporate any tax law changes that are effective for the next tax year.
  1. If the return was prepared in the prior year, do the following in the return.
    1. Select
      File
       then
      Save As
       to create a copy of the return for the short year.
    2. Update any carryovers, as appropriate, in the
      Carryovers & NOL
       folder.
    3. Remove any data that shouldn't exist for the short-year return.
  2. If the return is a 1st and final short-year return, create a new client.
  3. In your client's return, select the
    General
     folder to open the
    1041
     screen.
  4. Enter or update the tax period dates for the
    Tax year: Beginning, if short year
     and
    Ending, if other than 12/31
     fields.
  5. If the return is calculating depreciation, enter dates in the
    Prior year ends, if different
     fields. In the detail of each asset, add the current depreciation (from 2022) and the prior depreciation shown in the
    Prior Depreciation
     field, and enter the total in the
    Prior Depreciation
     field.
  6. Enter income, deductions, and beneficiary information for the current return.
    note
    You can electronically file the final 2023 short-year return using 2022 UltraTax CS.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1041 Fiduciary

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