Thank you for your feedback.

Was this useful?

How to carry back a loss so an amended return can be submitted

Article ID
ias-10099
Article Name
How to carry back a loss so an amended return can be submitted
Created Date
13th September 2011
Product
IRIS Personal Tax
Problem
The client has a loss in 2017 year how is this carried back into 2016 so that an amended return can be submitted
Resolution
This Knowledge base item is purely for entries that need to be entered on the 2014 return. For entries on the 2014/15 return please see KB12100. Users are required to: 1. Log on to IRIS Personal Tax and select the client, set the tax year to show 2014 2. Click Other income then select Any Other Losses. 3. Complete the Future trading or certain capital losses box with the amount being carried back into the 2016 year, then click OK. 4. Click the Relief’s Tab, select Miscellaneous, Tax Calculation then Tax Code and Underpaid, Overpaid, Repaid Tax. 5. Calculate the tax saving the client would make by carrying back the loss and enter this amount into 2014/2015 tax reclaiming now then click OK. 6. Click Additional Information then select Tax Calculation (SA110) enter a note stating that the client has a loss of X amount which occurred in 2017 and it is being carried back to the 2016 tax year, and then click OK.

Thank you for your feedback.

Was this useful?