Creating a New Tax Return Version

A client can have up to nine tax return versions for each specified return type and tax year. Creating another version of a return is creating a copy of that return. Before creating the new version of the return, we recommend you click Version Description in the Activity group on the Manage ribbon, give the current version an appropriate description, such as Planning, and then save the return.

To create a new version of a tax return, do the following:

  1. From an open return, select Save As > New Version from the Application menu.
  2. Enter a description for the new version, if needed and click OK.
  3. Enter the required and any optional information.
  4. Calculate and save the return.

Consider the following reasons for creating a second version of a return:

  • Amended return. Create a second version and that will be the original filed return. Amend the first version so that it is now the active return and that will rollover to next year.
  • State combined return. If the membership at the state level is different from the Federal consolidation, create a second version and change the included companies (see the 1120 Best Practice document).
  • Planning. If it would be beneficial to your tax client to view different scenarios of a completed tax return, create a second version and change the data to reflect the scenario your client would like to consider.