You'll need to sign in or create an account to connect with an expert.
You do not get to exclude capital gains on a nonresident Oklahoma return:
The Oklahoma taxable income of a nonresident individual is calculated as if all income were earned in Oklahoma, using Form 511-NR. The Federal Adjusted Gross Income (AGI) will be adjusted using the Oklahoma adjustments to arrive at AGI from all sources. The AGI from all sources is used to determine the taxable income. After the taxable income is calculated, it is prorated using a percentage of the AGI from Oklahoma sources divided by the AGI from all sources. This prorated tax is the Oklahoma tax.
If you have capital gains on your federal return, TurboTax will automatically transfer them to the Oklahoma state section and ask you to identify the one that qualify for the exclusions.
For the exclusion, the capital gains must be from:
These are capital gains from the sell of stock not-related to Oklahoma. The return is for a non-resident.
You do not get to exclude capital gains on a nonresident Oklahoma return:
The Oklahoma taxable income of a nonresident individual is calculated as if all income were earned in Oklahoma, using Form 511-NR. The Federal Adjusted Gross Income (AGI) will be adjusted using the Oklahoma adjustments to arrive at AGI from all sources. The AGI from all sources is used to determine the taxable income. After the taxable income is calculated, it is prorated using a percentage of the AGI from Oklahoma sources divided by the AGI from all sources. This prorated tax is the Oklahoma tax.
How do you identify the one that qualify for the exclusions? 50 stocks have been sold and only one qualifies for the exclusion of Oklahoma taxes.
Almost immediately, the program asks about sale of government obligations, federal or municipal. Select the appropriate yes and the next screen has you enter the exempt amount.
If I resident of Texas, I bought and sell stock at Texas, Why Turbotax count that I need to pay Oklahoma gain tax? Im just working at Oklahoma and must file as nonresident with Form 511-NR. I earned money not at Oklahoma, im not resident of Oklahoma, but Turbotax count that gain as Oklahoma income
On your Oklahoma non-resident return enter 0 for Oklahoma amount of capital gain or any other income. Only income earned from working in Oklahoma is taxable on OK return.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
kburdo
New Member
defender-mac-com
New Member
william-a-bunyard
New Member
AvaChiu
New Member
jmcknight2
New Member