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I have stocks that have gained interest. At the end of filing, it is asking me to fill out my property that I have sold on form 561?? But I haven't sold property.

I have contacted a CPA and she is telling me that I need to find a box just to unmark all the stock sales as not Oklahoma property or "does not quality". I do not see any of these options in TurboTax
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5 Replies
DawnC
Employee Tax Expert

I have stocks that have gained interest. At the end of filing, it is asking me to fill out my property that I have sold on form 561?? But I haven't sold property.

If you have not sold any of the stock, it does not need to be reported.   Did you report sales on your federal return or do you have a Schedule D in your return?   If you do, Form 561 is asking for information about the property reported on Schedule D.   But Schedule D is only going to report sales of property, not appreciation.     

 

And you can delete forms that you do not need in your returns.  

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I have stocks that have gained interest. At the end of filing, it is asking me to fill out my property that I have sold on form 561?? But I haven't sold property.

I do not have a Schedule D in my return. I dont see the 561 form listed when trying to delete a forum in tools.

AmyC
Employee Tax Expert

I have stocks that have gained interest. At the end of filing, it is asking me to fill out my property that I have sold on form 561?? But I haven't sold property.

Let's fix your return. It wants you to complete form 561 for capital gains but the form is not in your list. Capital gains can be reported with 1099-DIV in box 2a.  Ok, let's get you to the error to see if you should exclude the gains:

  1. Please go back to your state return.
  2. Go through the review again
  3. See the error, Check this Entry Form 561
  4. A portion of the 561 will be on your screen for you to see a dollar amount
  5. A pink box may be highlighted on the right side saying gain or loss
  6. On the far left, in a tiny column, is a little box, check it to exclude the gain, if it should be excluded.
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I have stocks that have gained interest. At the end of filing, it is asking me to fill out my property that I have sold on form 561?? But I haven't sold property.

I don't see any error of Check this Entry Form 561

AmyC
Employee Tax Expert

I have stocks that have gained interest. At the end of filing, it is asking me to fill out my property that I have sold on form 561?? But I haven't sold property.

It sounds like your 561 is no longer a problem. Please reply here with the problem you are currently having so we can respond. 

You are welcome to use Turbo Tax chat, or you can fill this form out for someone to call you.

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