Oklahoma version is putting my long term capital gain on OK form 561 is this a bug I can't answer these questions. Wants an OK location?

[gsharp3404]

Yes, I found a workaround as well by manually entering items.  

[ok731162724]

This method worked for me as well....... 

[carolsdoug]

I had this glitch last year and it is still there this year.  I have NO capital gains from Oklahoma.  I am a non-resident.  My capital gains is from KS.  All I know to do is to delete the form.  I can't figure out any other way.  Turbo tax really needs to fix this.  It is very frustrating.  As I said it was a problem last year too.

[gsharp3404]

FIX The program....this is the second year this error has existed!

[JulieS]

Yes, if you have any capital gains or losses and you file an Oklahoma return, you have to provide details of the transaction, or indicate that is does not qualify for the exclusion. This is how to clear this message:

1. Open your return and click on State, then Prepare State.
2. Click Edit to the right of Oklahoma.
3. Continue through the screens until you get to Summary of Oklahoma Capital Gains and Losses. 
4. Click Edit to the right of the first asset.
5. Leave the screen Oklahoma Capital Asset Location And Type blank and check the box next to This property does not qualify for the exclusion. 
6. Click Back in the lower left corner.
7. Repeat with all of the assets on the list. 
8. Click State Review to verify this error is cleared. 

[georgestn1]

I am a non-resident of OK using turbotax download, filing for small amount of OK gas well royalities.  While having already shown on federal many stock trade gains and a few losses, I'm aware that OK would want to know of nonstate capital gains, but there should be a clear method of showing where these gains were from and where not.  For me to have to explain each trade in non-intuitive manner is very lame.  Did I mention non-INTUITive?  I was already annoyed that `one state free' doesn't really mean you get all of the features for that one state that you got for the federal free.  With over 70% of the tax software mkt, it amazes me that they don't have a better state income tax process than this. 

[jazcom]

Am having same problem with OK for 561NR.  Have Federal capital gains, but none are from OK sources (only CA, MN and UT).  TurboTax imported from Quicken into the OK form;  told TT to delete form, but when went to eFile (which I paid for), took me back to 561NR.  When I "X" the exclude box, still wants Federal ID number, Type of Property (does NOT offer non-OK stock option) and manual entry of OK capital gains.  Have run through this form dozens of times, trying different entry options, including calling all sales as OK-based companies, and nothing works.  Told TT to delete form, which it did, but when tried to eFile, it resurrected this form and refused to submit until completed.  Wits end--hope you can help.

[JamesG1]

Make sure that the capital gains are correctly reported at the screen Oklahoma Income.

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

@jazcom 

[jazcom]

How do I get to the "Summary of Oklahoma Capital Gains and Losses" and "Oklahoma Capital Asset Location and Type" forms??

[Michael-McGarrett]

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!

[BillM223]

Michael-McGarrett

This is puzzling. I modified a simple Online test. I added two stock sales: one within OK (an OK company) and the other without OK.

This is what I saw:

Near the beginning of the OK state interview, I saw a screen that asked me to tell TurboTax how much of the capital gains were for Oklahoma. You might enter zero here if none of the capital gains were OK source income.
 

Then after a few screens, I see "Summary of Oklahoma Capital Gains and Losses".

All of your stock sales should be shown here, but with a blank in the column for OK gain or loss.

You need to edit each stock sale.

Then TurboTax will ask you for the asset location or the Federal ID number, as well as the type of property sold. I was able to enter just the Fed ID number of any non-OK assets, and leave the type <blank>.

The next screen asks how much of the amount was earned in OK. For non OK assets, you would enter zero, of course.

You are brought back to the Summary screen and given the chance to edit another stock sale.

When you are finished with these asset sales, you click Done.

Now, please tell me what you saw screen by screen so we can figure out what you are doing differently.

[Michael-McGarrett]

Just circling back to the threads I replied on to provide the solution that worked for me thanks to @BillM223 -- 

On that screen that says, "You May Not Need to File an Oklahoma Return" select 'Yes, I am required to file.' as opposed to 'No, I am not required to file... but I still want to'.