1065/1120 Short Year Definition and Limitations

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Short Year Rollover is available for both Form 1065 and 1120 federal returns. The program allows a short-year return to be rolled over within the same tax application year. A new return is automatically created with the same name but a new locator number, so that there is no identification confusion within the browser. This process should be used on only one return at a time because each new locator will be included in the client locator count.

The following information is rolled over:

• most federal forms
• short year depreciation computations
• updated accumulated depreciation
• balance sheet ending to beginning balances
• allocation and apportionment
• detailed descriptions (such as other income, other expenses, and so forth).

The following information is NOT rolled over:

• NOL and capital loss carryovers
• credit carryovers
• Form 8909
• estimated taxes and payments

Short-Year Rollover Process

• Short-Year Rollover: Preparing the Original Return
• Short-Year Rollover: Rolling Over the Return in RS Browser
• Short-Year Rollover: Finding the New Return Locator Number

 

 

 

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Last Modified: 02/03/2022

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