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mafindley
New Member

I'm trying to finish my Oklahoma Tax Return, but I'm stuck on form 561 where I'm trying to exclude some capital gains. Checking the box to exclude does not work.

This is happening during the review of my Oklahoma return.
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4 Replies
PaulaM
Employee Tax Expert

I'm trying to finish my Oklahoma Tax Return, but I'm stuck on form 561 where I'm trying to exclude some capital gains. Checking the box to exclude does not work.

First, try logging out and then clearing your cache and cookies. Log back in and try the state section again. Let us know, if that doesn't work so we can troubleshoot further. 

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CatheriWells
Returning Member

I'm trying to finish my Oklahoma Tax Return, but I'm stuck on form 561 where I'm trying to exclude some capital gains. Checking the box to exclude does not work.

I've been working to clear this issue for about two days. From other posts in the community, I see many other users have had the same issue, going back as far as 2019. 

 

Here are some of the attempts I've made at rectifying the issue: Cleared cache and cookies, Deleted state and started over; tried using Various for purchase dates of states (did not fix), switched to using actual dates (did not fix), deleted Form 561  from the return but it comes back, went individually through each transaction and market them as not qualifying for the exclusion (it will randomly put some of the transactions back as qualifying.) Attempted in TTD and had same issues. 

 

I'm still looking for a resolution. TIA! 

BillM223
Employee Tax Expert

I'm trying to finish my Oklahoma Tax Return, but I'm stuck on form 561 where I'm trying to exclude some capital gains. Checking the box to exclude does not work.

"it will randomly put some of the transactions back as qualifying." - This is perplexing. Did you try the alternative of not checking the box but entering 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.

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CatheriWells
Returning Member

I'm trying to finish my Oklahoma Tax Return, but I'm stuck on form 561 where I'm trying to exclude some capital gains. Checking the box to exclude does not work.

I entered the Federal ID #, left the location blank, left the type of property blank, and checked the box 'Does not qualify'. This resolved the error. The key was entering the Federal ID #. Thank you very much! 

 

Also, stock sales need to be tied  to a specific date - entering 'Various' will not work. 

 

 

 

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