You'll need to sign in or create an account to connect with an expert.
Unfortunately, TurboTax is programmed to bring over all capital gains and requires users to exclude any that do not qualify for the exclusion. Oklahoma has an exclusion from income for capital gains from Oklahoma sources, but it transferred all capital gains from the federal return.
This would be fine except there are only two options for Oklahoma:
1) Check the box that says "this item does NOT qualify for exclusion" (which it does)
or
2) Put in an Oklahoma address for it and which of the three exclusion categories it qualifies for:
"1) Real or tangible personal property located within Oklahoma must be owned for at least five years prior to the date of sale.
2) Stock or ownership in an Oklahoma company, or partnership, owned for at least two years prior to the date of sale.
3) Sale of real property or personal property as part of the sale of assets in an Oklahoma company owned for at least two years prior to the date of sale."
I do not see any way to exclude it from my return if TurboTax is incorrectly populating this form automatically.
Please clarify if the property you sold was in Oklahoma.
No, it was not sold. It is just rental income that I'm filing an Oklahoma return for but Turbo Tax is also listening all of my stock sales that have nothing to do with Oklahoma. I would be fine with checking an "exclude" option but the only two options I have are to either say "this item doesn't qualify for exclusion" (which presumably would tax me incorrectly) or to choose one of those categories in my previous message, none of which apply to stock sales purchased and sold while in another state.
Rental income is on the federal sch 1. When you select nonresident for OK, it asks how much of your sch 1 income is from OK. You need to enter the correct amount.
Beyond that, zero or blank should be your answer.
The program will ask about income allocation
Then it asks about capital gains and losses - which would be zeroes for you
OK continues on with business, government obligations, whatever comes over from your federal to determine your OK income.
I think there's some confusion or I'm not communicating well.
I put capital gains on my federal return. Some of those belong to Oklahoma (my rental property) and the rest do not (my stock sales). On the page you refer to, I indicated that ONLY the amount of my rental property belongs to Oklahoma. However, TurboTax is making me go through my federal return stock sales LINE BY LINE and indicating whether they are excluded or not. This is problematic because it only gives me two options: 1) say it's excluded by saying it's an Oklahoma property (it's not) or 2) say it's not excluded (it is). Either way I put this is wrong because TurboTax is forcing me to include non-Oklahoma capital gains from my federal return on my Oklahoma return.
You should not be worrying about exclusions. Exclusions are only for stocks or assets related to Oklahoma.
Rather, when you get to "Summary of Oklahoma Capital Gains and losses", you should edit each stock sale.
On each sale that is not taxed in OK, click on Edit
Each transaction will appear on the 561-NR.
My first question is what federal ID number? Of the brokerage that I used for the transactions?
But even if that is the case, Turbotax still isn't accepting your instructions as sufficient for these and is still demanding that i fill in the "exclusion" information.
Federal identification number - the Oklahoma instructions state: "the Federal Identification Number of the company, limited liability company or partnership whose stock or ownership interest was sold." You may not know the EIN of the company whose stock you are selling, but I think a transaction number or CUSIP may be sufficient - something that you can use to look up the stock sale in the future if anyone ever asks about it.
As for the "demanding to fill in exclusion information", what version of TurboTax are you using: Online or CD/download, and if the latter, Windows or Mac?
I ran tests on the Windows version of TurboTax, and what I laid out worked fine. Please clarify what the "demanding" is.
I am having the same problem, as a Non-resident trying to file the Oklahoma state return. I keep going through and have put "0" for the Oklahoma portion of my capital gains/losses but it still wants me to go through each of these transactions and none of the options fit the scenario. Did you find a resolution to this because what I have followed above, does not work for me either!
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.
B737 pilot
Returning Member
Priller
Level 3
taxuser77
Level 2
Farmgirl123
Level 4
kritter-k
Level 3