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Filing

Prepare a final short-year return

Follow these steps to prepare a final, short-year
2024
 Partnership return using UltraTax CS
2023
 when starting with a previously prepared client. Note that the IRS will accept the return on
2023
 forms.
  1. Create a copy of the client:
    • If the client is open, select
      File
      , then
      Save As
      .
    • If you previously e-filed the client, you may get a
      Warning - Status System
       window when opening the client.
    note
    If you choose to open for editing, UltraTax CS will recalculate the return information. To avoid recalculating the return, select
    Replicate with cleared status events
    . Don't mark the
    Treat replicated client as temporary; delete it upon closing
    checkbox.
  2. Change the year end on the 1065 screen in the General folder.
  3. On the 1065 screen, enter or update the tax period dates for the
    Tax year beginning - short year
     and
    Tax year ending
     fields. If the return is calculating depreciation, enter the dates in the
    Prior year ends, if different
     fields.
  4. In the detail of each asset, add the current depreciation and the prior depreciation displayed in the
    Prior Depreciation
     field, and enter the total in the
    Prior Depreciation
     field.
  5. Move the Balance Sheet End of Year amounts to the
    Beginning of Year
     fields.
  6. Enter the ending capital into the
    Capital account - beginning of year
     field on the M1M2 screen in the Balance Sheet folder, and allocate the capital to the partners.
  7. Complete the return, removing any
    2023
     data that shouldn't exist.
  8. Since this is a final return, you may also want to zero all capital accounts. To zero all partners' ending capital, select
    View
    , then
    Partner Information
    . Then select
    View
    ,
    Transfers of Capital
    , and select the wand icon on the toolbar. Turn on
    Zero all capital accounts
     and follow the steps in the
    Transfers of Capital Wizard
    .
    note
    You can electronically file the
    2024
     short-year return using UltraTax CS
    2023
    .

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