topic On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to answer it. I sold the property in Colorado not while I was in Oklahoma. in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-answer/01/2042581#M192338 None of the answers in the drop down are that I didn't sell the property in Oklahoma. This is a software flaw. Not good Turbo Tax. Sun, 07 Mar 2021 21:36:56 GMT gwyn-lightfoot 2021-03-07T21:36:56Z On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to answer it. I sold the property in Colorado not while I was in Oklahoma. https://ttlc.intuit.com/community/tax-credits-deductions/discussion/on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-answer/01/2042581#M192338 None of the answers in the drop down are that I didn't sell the property in Oklahoma. This is a software flaw. Not good Turbo Tax. Sun, 07 Mar 2021 21:36:56 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-answer/01/2042581#M192338 gwyn-lightfoot 2021-03-07T21:36:56Z Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-a/01/2042981#M192382 <P>It does not matter that you did not sell the property in Oklahoma. Oklahoma uses your total income to determine the tax rate and then applies that rate to your Oklahoma income only.</P> <P>&nbsp;</P> <P>From the&nbsp;<STRONG><A href="http://www.ok.gov/tax/documents/511NRPkt-20.pdf" target="_blank">Individual Nonresident/Part-Year Income Tax Return Packet</A>:</STRONG></P> <P>The Oklahoma taxable income of a part-year individual or nonresident individual shall be calculated as if all income were earned in Oklahoma, using Form 511NR. The Federal Adjusted Gross Income (AGI) will be adjusted using the Oklahoma adjustments, allowed in 68 Oklahoma Statutes (OS) Section 2358, 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.</P> Sun, 07 Mar 2021 22:43:28 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-a/01/2042981#M192382 MaryK1101 2021-03-07T22:43:28Z Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-a/01/2043171#M192414 <P>Yes, totally agree, but the options I have to choose from for the property type sold all say ... sold in Oklahoma or “Oklahoma” ... I can’t choose that’s it a property I sold while not living in Oklahoma. It was sold when we lived in Colorado the first of the year.&nbsp;</P> Sun, 07 Mar 2021 23:14:32 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-a/01/2043171#M192414 gwyn-lightfoot 2021-03-07T23:14:32Z Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-a/01/2049454#M192932 <P>Last year, this method worked to exclude capital gains on properties outside of Oklahoma. Please let me know if this works for you:</P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">You evidently have capital gains from sales outside of Oklahoma. The way to handle this in the Oklahoma is a bit confusing.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">First, when you see the summary of Oklahoma Capital Gains and Losses, press Edit for each gain.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">The next screen will read Oklahoma Capital Asset Location and Type for each sale. Check the box "This property does not qualify for exclusion". If you go to Form mode (if you are using the desktop software or have already paid for the Online product), you will see that the box in the far left column of form 561NR has been checked for that sale, indicating that you want to exclude a gain or loss (see form).&nbsp;</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">This is completely counter-intuitive, but it gets you the result that you want, because it reports your Oklahoma gain as zero.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">Note form 561NR is for nonresidents - I don't know if you are filing as a nonresident or what.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">Alternative, you can not check the box, but enter the federal ID number for the sale. Then, on the next screen, enter the Oklahoma gain as zero. This will achieve the same result - no gain reported in Oklahoma.</SPAN></SPAN></P> Tue, 09 Mar 2021 01:04:41 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-a/01/2049454#M192932 BillM223 2021-03-09T01:04:41Z
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topic On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to answer it. I sold the property in Colorado not while I was in Oklahoma. in Deductions & credits
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-answer/01/2042581#M192338
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None of the answers in the drop down are that I didn't sell the property in Oklahoma. This is a software flaw. Not good Turbo Tax.
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On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to answer it. I sold the property in Colorado not while I was in Oklahoma.
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-answer/01/2042581#M192338
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None of the answers in the drop down are that I didn't sell the property in Oklahoma. This is a software flaw. Not good Turbo Tax.
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Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-a/01/2042981#M192382
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<P>It does not matter that you did not sell the property in Oklahoma. Oklahoma uses your total income to determine the tax rate and then applies that rate to your Oklahoma income only.</P> <P>&nbsp;</P> <P>From the&nbsp;<STRONG><A href="http://www.ok.gov/tax/documents/511NRPkt-20.pdf" target="_blank">Individual Nonresident/Part-Year Income Tax Return Packet</A>:</STRONG></P> <P>The Oklahoma taxable income of a part-year individual or nonresident individual shall be calculated as if all income were earned in Oklahoma, using Form 511NR. The Federal Adjusted Gross Income (AGI) will be adjusted using the Oklahoma adjustments, allowed in 68 Oklahoma Statutes (OS) Section 2358, 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.</P>
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<pubDate>Sun, 07 Mar 2021 22:43:28 GMT</pubDate>
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Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...
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<P>Yes, totally agree, but the options I have to choose from for the property type sold all say ... sold in Oklahoma or “Oklahoma” ... I can’t choose that’s it a property I sold while not living in Oklahoma. It was sold when we lived in Colorado the first of the year.&nbsp;</P>
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<pubDate>Sun, 07 Mar 2021 23:14:32 GMT</pubDate>
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Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-on-the-oklahoma-state-form-561nr-it-is-asking-me-what-type-of-property-i-sold-and-i-have-to-a/01/2049454#M192932
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<P>Last year, this method worked to exclude capital gains on properties outside of Oklahoma. Please let me know if this works for you:</P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">You evidently have capital gains from sales outside of Oklahoma. The way to handle this in the Oklahoma is a bit confusing.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">First, when you see the summary of Oklahoma Capital Gains and Losses, press Edit for each gain.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">The next screen will read Oklahoma Capital Asset Location and Type for each sale. Check the box "This property does not qualify for exclusion". If you go to Form mode (if you are using the desktop software or have already paid for the Online product), you will see that the box in the far left column of form 561NR has been checked for that sale, indicating that you want to exclude a gain or loss (see form).&nbsp;</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">This is completely counter-intuitive, but it gets you the result that you want, because it reports your Oklahoma gain as zero.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">Note form 561NR is for nonresidents - I don't know if you are filing as a nonresident or what.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:12pt"><SPAN style="font-family:&quot;Times New Roman&quot;">Alternative, you can not check the box, but enter the federal ID number for the sale. Then, on the next screen, enter the Oklahoma gain as zero. This will achieve the same result - no gain reported in Oklahoma.</SPAN></SPAN></P>
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