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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 only sold stocks and non-resident of OK, only have rental property there.

 I am non-resident of Oklahoma state, and need to report tax return for the rental property income in Oklahoma. 

 

Turbotax direct ports my Federal return into Oklahoma state return.  But  it ask  me to fill Oklahoma Capital Asset Location and Type for the stocks which  I sold in 2023.    I cannot fill in the Oklahoma location or Federal ID for these stocks.  But it keeps asking me to fill these information, otherwise, it won't file the state return for me. It’s not giving me any way around it without Oklahoma location, federal ID#, and type of Oklahoma asset sold being accounted for.  Anyone find a solution?

 

Is it a bug of Turbotax?   How can I skip these requirements?

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9 Replies
PaulaM
Employee Tax Expert

On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to answer it. I only sold stocks and non-resident of OK, only have rental property there.

Sounds like you are in the OK Review section and may have missed a box selection in a prior screen. Go back to the Summary of Oklahoma Capital Gains/Losses page, right after the Adjustments to Federal Income section. Or just click through from the beginning of the State return.

 

Then select edit on the Summary of OK gains/losses and mark the tiny box 'This property does not qualify for exclusion'. Continue and run the review again.

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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 only sold stocks and non-resident of OK, only have rental property there.

屏幕截图 2024-04-08 002207.png

 

The problem is there's nothing on Oklahoma tax summary 

PaulaM
Employee Tax Expert

On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to answer it. I only sold stocks and non-resident of OK, only have rental property there.

You are on the Oklahoma Tax Summary page, near the end of the OK prep section.

 

You need to go to the Summary of Oklahoma Gains/Losses page. It's near the beginning of your OK state prep just after the Adjustment to Federal Income section. Select 'edit' next to the gain/loss you wish to exclude. Then mark the tiny box. @Jason612 

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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 only sold stocks and non-resident of OK, only have rental property there.

I'm having the same issue -- using TurboTax Online as a non-OK resident. I have a rental property in OK, but TurboTax is asking for information on my stock sales for 561-NR | Capital Gain Deduction.

 

I am NOT presented with the "Summary of Oklahoma Capital Gains and Losses" screen and I have even deleted the state return and tried again. I am able to manually check the box to exclude a handful of my stock sales directly on the form, but the majority of the rows are not editable.

 

Any insight would be appreciated!

PaulaM
Employee Tax Expert

On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to answer it. I only sold stocks and non-resident of OK, only have rental property there.

You should see it after the 'Adjustments to Federal Income' section. Click 'done', then maybe a few more clicks to summary page depending on what's in your federal return. Try that @Michael-McGarrett and select 'edit' even if there is no amount on the summary screen. Then check the box. Hope that helps. 

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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 only sold stocks and non-resident of OK, only have rental property there.

Thank you for the quick reply! I'm not seeing that section at all -- here's the full flow I get:

 

  1. "Your 2024 Oklahoma Return" (Title slide, Select 'Continue')
  2. "Change Residency Status?" (Select 'No' to use Nonresident Form 511NR)
  3. "State of Residence" (Select 'Continue')
  4. "Change in Information?" (Select 'No')
  5. "Oklahoma Wages" (Put '0' for Wages, Select 'Continue')
  6. "Oklahoma Income Allocation" (Put '0' for Interest and '0' for Dividends, Select 'Continue')
  7. "Oklahoma Income" (Put '0' for Capital Gains, Select 'Continue')
  8. "Oklahoma Income" (Put '0' for Rental - my Federal amount here is zero since it was a loss, Select 'Continue')
  9. "You May Not Need to File an Oklahoma Return" (Select 'No, I am not required to file... but I still want to', Select 'Continue')
  10. "Taxes and Credits" (Title slide, Select 'Continue')
  11. "Tax Credits" (None, Select 'Done with Credits')
  12. "Voluntary Contributions" (None, Select 'Continue')
  13. "Your Oklahoma Tax Summary" (Title slide, Select 'Continue')
  14. "Do You Want to Pay Oklahoma Estimated Taxes for 2025?" (Select 'No')
  15. "File an Extension for Oklahoma?" (Select 'Skip Extension')
  16. "Amending Your Oklahoma Return" (Select 'I don't want to amend..', Select 'Continue')
  17. "Ready to Review Your State Return" (Select 'Continue')
  18. "Let's make sure everything is accurate" (List # of errors from the stock sales and presents the option to 'Fix Return')
BillM223
Expert Alumni

On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to answer it. I only sold stocks and non-resident of OK, only have rental property there.

On that screen that says, "You May Not Need to File an Oklahoma Return", click on "Yes, I am required to file."

 

The next screen will be "Sales of Government Obligations".

 

The screen after that will be "Adjustments to Federal Income".

 

The screen after that will be "Summary of Oklahoma Capital Gains and Losses".

 

I do not know what the thought process is in changing the order of the screens, but I hope that this will get you to where you need to be.

 

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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 only sold stocks and non-resident of OK, only have rental property there.

Thank you @BillM223 !!!

 

This solved my issue. Selecting 'Yes, I am required to file.' will take you the appropriate pages whilst, 'No, I am not required to file... but I still want to' will not despite being a seemingly similar answer!

On the Oklahoma State Form 561NR it is asking me what type of property I sold and I have to answer it. I only sold stocks and non-resident of OK, only have rental property there.

This works, but literally no one would figure it out. I almost filed manually (and saved myself $50) until I read this thread. The code needs to be changed so regular stock sales are not imported automatically.

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