UltimateTax will automatically assume that the Net Operating Loss (NOL) is being carried forward unless you complete the carryback information on Form 1045.
Click Add Form/Display List, and select the Election Explanation form. Go to this form and press F1 for a cut-and-paste election statement, or type in your own.
This form is included in e-files, but if you are mailing your client's return, attach the statement to the paper return.
This information applies to all years of the UltimateTax software.
