2511655
I received some oil royalty checks over $1000 from OK and I live in Oregon, so I need to file in OK. I downloaded the OK forms. It brought in my brokers 1099-B information and I am going through each entry and saying there is zero Oklahoma gain or lose because I am a non-resident. This is showing up on the Summary of Oklahoma Gains out Losses screen. It is making me select one of the following choices.
1-Stock in a OK corporation.
2- Interest in an LLC or partnership.
3- Real property within OK.
4- Tangible personal property within OK.
5- Intangibles personal property as part of an OK sale
Non of these apply. Not related to Oklahoma at all. How do I fix this?
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Is this for mineral rights or leasing of land?
For Mineral Rights it would be coded 4.
For leasing of land, it would be 3.
This income is subject to Oklahoma Income tax, even if you're a non-resident. You will get a credit for the taxes paid in Oklahoma on your Oregon tax return.
It's for royalties and the income was reported on a 1099-MISC and that is being handled correctly. The question I have is for stocks bought and sold by my broker that are not in Oklahoma. It is asking for each sale this question an they aren't related to OK at all. I am a non resident of OK.
I see on the 561-NR I can select to exclude these from the Oklahoma reporting and it should fix the problem. Is this what I should do?
Since I am not getting an answer, I have decided to enter 4 and the Oklahoma amount of $0 for each one. Doesn’t make sense since they are not Oklahoma royalties or properties. Since I paid $40 more for Oklahoma it would have been nice to get a definitive answer from Turbo Tax.
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