Oklahoma Form 561

[T_Marek]

After following the step-by-step process in entering long-term and short-term summary capital gains transactions, Turbo Tax has decided the long-term gains were from sale of assets located in Oklahoma.  No where have I indicated that they were. 

In the step-by-step process on the State Taxes tab, I come to a screen that is titled Summary of Oklahoma Capital Gains and Losses.  Only the long-term line item shows.  After clicking the Edit button, a new screen, Oklahoma Capital Asset Location and Type appears, asking for more information.  I've tried checking/not checking the This property does not qualify for exclusion box,  and it doesn't make a difference in the end result.  I click Continue, and a prompt comes up that says "It looks like you either inherited the property at From Schedule D line 8a or entered "various" as the date acquired.  Oklahoma requires that you enter a date."

1)  There is no date, because this is a summary transaction.

2)  This gain is not from Oklahoma assets.

3)  Why did TurboTax only choose the long-term summary transaction to label as Oklahoma-related?

4)  There is a long-term loss carry over from 2023.

Any thoughts on a work around?  The way I understand it, if the sold property was not in Oklahoma, I shouldn't even have to file Form 561.  It needs to go away.

Thanks!

[AmyC]

You are filing a nonresident or part year return and this income is not related to OK and not taxable. You need to:

1. Pick any date since it isn't taxable

2. Force the program to let you through - with the steps listed next.

3. Since none of the gains are taxable, you will need to enter that zero of the income is taxable to OK 

4. Select a dropdown option to appease the program. 

5. The 561NR then shows the appropriate zeroes and you can get through review.

[T_Marek]

Thanks, but I'm actually a full-year resident and filing a full-year return on Form 511.

I ended up deleting the Form 561 from Forms View, deleting and then reentering the same long-term capital gain summary transaction from the step-by-step process.  TurboTax still required an acquisition date in the Oklahoma process, so I entered 1/1/2000 (any date, as you suggested) and made sure the exclusion box was checked.  If I'm forced to file Form 561, at least it now shows what I need - 0 Oklahoma Net Capital Gain on line 8I.