Oklahoma NR return- 561-NR is asking for description of property sold from Schedule D line 8A which is stock sold not related in any way to Oklahoma

[BillM223 · Accepted solution]

This was the answer for 2020; I believe this will address the same issue on 2021.

You evidently have capital gains from sales outside of Oklahoma. The way to handle this in the Oklahoma return 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.

Alternatively, 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.

[69Datsun510]

answer from BillM223 works! Thanks

[ok731162724]

I am having the same problem for my 2022 return.  The 561NR form has all my other gains and losses checked as excluded, except one (the first one, if that matters).  TT will not let me check this box and is asking for type of transaction, fed ID  all of which is already listed there - and the OK amount is 0.  Any ideas?

[JamesG1]

Yes.

In the Oklahoma nonresident state income tax return, you will see the screen Summary of Oklahoma Capital Gains and Losses.

Click Edit to the right of the asset.

Then you will see the screen Oklahoma Capital Asset Location And Type.

Check the box This property does not qualify for exclusion to exclude the capital gain from the Oklahoma nonresident state income tax return.

@ok731162724 

[jazcom]

Have same issue currently doing 2022 taxes.  Have looked hard and can't locate the "Summary of Oklahoma Capital Gains & Losses";  can you help me get there?  CD desktop version on Windows computer.

[georgestn1]

This is a work around at best and works for most.  As a trader, I've had hundreds of trades in a single year and not likely fool with such a fix for a refund of $200; would you?  This should be fixed and intuitively too. 

[jazcom]

Property was for sale of 3 different stocks (none OK based);  as reported by broker to Quicken (and then imported into TurboTax), each reinvestment of dividend is treated as separate transaction for gain(loss) calculation, and all 3 held a long time, so BUNCH of these to deal with.  Hope you can help.

[ok731162724]

I had the same issue and could never find any summary of OK tax return.  The work around as pointed out by others was to randomly pick a property type.  As long as the OK amount of capital gain or loss is zero, the software will automatically see this as an irrelevant entry and won't include the 561 form in the return.  It worked for me and others........

[jazcom]

Thanks for response.  Tried this, but end up in seemly endless loop, going through same pages again and again (recognizing I have 58 individual transactions to list).  Have tried just entering a random Type in the Entry Header, have tried entering full sequence again entering a random Type (#1, OK stock) in the Entry Header then entering same Type  in each property listing, have tried entering full sequence again entering a random Type in the Entry Header then entering Type, checking exclude box and entering "Zero" for Oklahoma loss/gain in each property listing, and still just keeps looping (program sometimes auto-enters Tax EIN on 3rd line of description, sometimes not);  have also entered "Zero" in Entry Header when prompted for OK loss/gain, and Tax EIN when prompted.  Still at loss on how to resolve.

[jazcom]

Also, issue is trying to eFile;  takes me back to the "error filled" 561NR form when try to eFile, and won't let me send with "errors" remaining.  Have spent a lot more time than OK refund is worth, but now a challenge to get it resolved.  Thanks for input/effort ok731162724.