Oklahoma 511 State Income Tax Return, getting error notice on Form 561 as to Federal Schedule cap gain Sched D wanting Federal ID number or state location. Don't understand how to complete that portion of the OK Form 561.
Form 561 allows you to report qualifying sales of Oklahoma assets to get a break on Oklahoma state tax on a resulting capital gain. All of your Schedule D transactions will appear automatically in form 561 in TT. If the transaction involves an Oklahoma company you need to list its address and/or federal i.d. number.
If the reported schedule D sale is not of an Oklahoma company, you need to eliminate it from the list.
At the far left side of the list of stock sales is a slender column of blank boxes. At the top of the column is an asterisk. Clicking the box next to each of your listed transactions that is not a qualifying Oklahoma company will eliminate it from Form 561. Then, obviously, you will no longer be asked for an address or federal i.d. for it, and should no longer get an error message.
I wish TT would turn this into an opt-in list with clearer instructions on its use, but at least you can deal with it by clicking the opt-out box.
I followed the answer given for the Oklahoma Form 561 error message requiring Name, Address and Tax ID for the transaction but when I delete the "x" in the box and then go on to the review process in TT; the line items return as if I had done nothing. Any other suggestions?
Try deleting the entry and then delete the Oklahoma 561 form. Add it back in with the Name, Address and Tax ID for the transaction. see if that will clear up the error.
What if the sale is of an Oklahoma real property? It was personal property used as a rental where no pass-thru entity was involved nor is an FEIN available.
I had to go to my Oklahoma return and go through each entry one by one and mark it as non-qualifying and enter an acquisition date. It was inherited so a date didn't pass from the federal return and OK requires a date. I entered the date of death as the acquisition date.
The box to check to exclude from OK return is greyed out. How do I update to exclude.
@mgrubbs1017 If you are unable to exclude Capital Gains transferred from your Federal return in Oklahoma, the gains may not be eligible for exclusion.
Click this link for more info on Excludable Capital Gains in Oklahoma.
Did you ever figure out how to remove the non-Oklahoma gains from OK state form 561 thus eliminating the need for Form 561? It's so annoying that it takes all gains (of which none of mine are Oklahoma) from federal, then non-oklahoma is not even a choice given by turbotax...
In the Oklahoma section of the there is a page after Adjustments to Federal Income to list "how much of the gain (or loss) was from the sale of qualifying Oklahoma property?" Then you list Oklahoma Income as 0, and I used Type of Property Sold 99 - More than one type of property. When you switch to the form display, there is zero deduction under the Oklahoma column on Form 561. Hope this helps.
If cx entered cryptocurrency gains/losses through upload option. cx allocated crypto to state of CA, cx fixed the state error however the snag is with this form. cx has chosen yes on and no on this portion of the data entry. What's the easiest fix to this error?
@AEJ_Rochester_Minnesota We need some additional clarification about the error you are seeing. If you are trying to change the answer on your federal return that relates to cryptocurrency (the question that asks "At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?") then, yes, you can change your answer to that question.
As a way of background, when you enter your crypto transactions in the Investment income section of TurboTax, it will change a NO answer to YES on the Form 1040 that relates to the question about cryptocurrency. Now, if you want to get back to the question to change the response, or if you want to double-check that the question has been answered correctly, go to the Wages & Income section (in desktop) or Income & Expenses (in Online) and scroll all the way to the bottom of the income type list. You will either click on Wrap up Income (Online version) or Done with Income (desktop). This action generates the income finalizing questions, including questions regarding natural disasters, foreign assets, and the virtual currency question.
Post additional information to clarify the issue you are confronting, and as a reminder, in any follow-up do not include personal identifiable information.
It's not letting me select the opt-out box. Any suggestions on how to get it off of there?
Is there an answer to the problem with Oklahoma Form 561 when the property sold is not pass-through with FEIN? Oklahoma rejected my e-file because form 561 page 2 was not fully filled in with FEIN.
In the state review, on the 561 - you can enter your SSN where the FEIN is desired. This should work since you are the entity and the length is the same.
The Fed ID set up does not accept the std. social security number because it is a two digit then dash followed by a much longer number...putting in your social security number doesn't seem like a viable way to go..
Is there a way to automatically or default indicate that all capital gain trades are not excluded (not an Oklahoma based company) for the Oklahoma return. Selecting that each trade is not excluded or is excluded is extremely burdensome if a return has more than a small few trades. Since very few companies that are publicly traded are Oklahoma based, there should be a way to avoid manual entries for each trade. Can anyone help with this issue?
Does any one have a solution for this issue?
TT asks Type of Property and EIN number for all my stock purchases in form 561 NR. It is annoying and not possible to resolve.
I took live support, but still, they were not able to solve the issue.
In the Oklahoma section of the return there is a page after Adjustments to Federal Income to list "how much of the gain (or loss) was from the sale of qualifying Oklahoma property?" Then you list Oklahoma Income as 0, and I used Type of Property Sold 99 - More than one type of property. When you switch to the form display, there is zero deduction under the Oklahoma column on Form 561. Hope this helps.
I didn't either, but back in 2019 I sold a rental property I had in Oklahoma. All this pass thru stuff didn't make any sense so I simply put my social security number in the field, although it wasn't the same format. When I printed out the OK forms, it printed as 99-9999999. That was 4 tax years ago and Oklahoma has not reached out...