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

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.

gwyn-lightfoot — Sun, 07 Mar 2021 21:36:56 GMT

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.

Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...

MaryK4 — Sun, 07 Mar 2021 22:43:28 GMT

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.

From the Individual Nonresident/Part-Year Income Tax Return Packet:

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.

Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...

gwyn-lightfoot — Sun, 07 Mar 2021 23:14:32 GMT

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.

Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...

BillM223 — Tue, 09 Mar 2021 01:04:41 GMT

Last year, this method worked to exclude capital gains on properties outside of Oklahoma. Please let me know if this works for you:

You evidently have capital gains from sales outside of Oklahoma. The way to handle this in the Oklahoma is a bit confusing.

First, when you see the summary of Oklahoma Capital Gains and Losses, press Edit for each gain.

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).

This is completely counter-intuitive, but it gets you the result that you want, because it reports your Oklahoma gain as zero.

Note form 561NR is for nonresidents - I don't know if you are filing as a nonresident or what.

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.

Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...

69Datsun510 — Sun, 27 Feb 2022 05:40:11 GMT

I am not a resident of Oklahoma. I have some mineral rights there. The capital gains are from a common stock sale. There is no federal ID number, but there is an OMB number and a CUSIP number. Would one of those numbers work?

Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...

LeonardS — Sun, 27 Feb 2022 16:11:47 GMT

No, you can not use the OMB number or the CUSIP number for the federal ID number (FIN).

The format for a FIN number is XX-XXXXXXX if this number is on your sales information then you should use it as the EIN. If there is no number matching the EIN format contact the company that provided you with the sales information and ask them for the EIN so you will be able to file your tax return.

@69Datsun510

Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...

gdougless — Sun, 03 Apr 2022 21:30:59 GMT

But it does matter! The only options for answers are for OK property, and it generates an error that can't be filed if it isn't answered. I am having the same problem and want to e-file my taxes. Will not e-file with an error.

Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...

carolivan — Wed, 12 Apr 2023 20:19:50 GMT

Agreed. The suggested work around using the "Form" view does not solve the problem of choosing a type of property where all choices are in Oklahoma. Nor providing an Oklahoma address. I made my capital gains on the sale of my home in Washington prior to becoming a citizen of Oklahoma and those gains should be deducted from possible Oklahoma taxation. This can't be done using TurboTax.

Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...

JamesG1 — Wed, 12 Apr 2023 21:34:45 GMT

Make sure that the capital gains are correctly reported at the screen Oklahoma Income. in your case, the Oklahoma amount would be $0.

The wording at the screen Summary of Oklahoma Capital Gains and Losses is awkward but capital gains can be removed from the Oklahoma state tax return.

Entering the Federal identification number and not click This property does not qualify for exclusion reports the income as Oklahoma income.

Click This property does not qualify for exclusion removes the income from Oklahoma income.

See Oklahoma form 561NR

You may want to delete the nonresident Oklahoma tax return and start over. Click the Delete trashcan to the right of the state tax return at the screen Status of your state returns.

@carolivan

Re: On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to a...

Darryl48 — Thu, 27 Apr 2023 17:11:17 GMT

I am having the same problem with 561NR. I have income on line 3 for Federal income and no Oklahoma income. It still demands that I make a selection in the pull down identifying the type of OK income even there is 0 entered in the Oklahoma column.

The income reported on 561NR line 3 under "Federal" comes from Schedule D. None of this income is OK income; hence, Line 3 under "Oklahoma" is 0. As I stated above I am still required to enter the type of OK income.

I fail to see why I am required to select anything in the pull down selection box as none of the sale involves OK property.