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Oklahoma Form 561 pass through entity

I completed the federal return and then move to Oklahoma but the Cap Gain Wks under Form 561 continues to ask for "Name of pass-through entity and FEIN.  This was a sale of a rental property owned since 1983 and I do not have a pass through entity.  I went back through the easy step wizard multiple times. at one step it says "Sale of Business Property" and says on your federal return you reported $##,### in capital gains (or losses) from the sale of business property. How much of this gain or loss was from the sale of qualifying Oklahoma property? Then it asks you to select the type of property sold and I select 3 - Real property within OK and click continue. The next screen "Oklahoma Property Descriptions" says that Oklahoma needs a little more information about the source of this Oklahoma income. For each source, select Add to add a description for Oklahoma. I entered the description of property and location of property but it will not let me go forward. It keeps flagging the capital gains worksheet saying it needs the pass through entity info: Name of passthrough entity or business, federal identification number or passthrough entity or business, if you sold your ownership in the passthrough entity or business, enter the date sold. After I finish the return it says "we found some errors" and takes me to the Check this Entry which are the Capital Gain Deduction Worksheet: Pass-Through Entity Name must be entered, then Capital Gain Deduction Worksheet: Federal ID Number must be entered, then Capital Gain Deduction Worksheet: Date Ownership Acquired must be entered. Please help!2D91D0DD-EA68-4B71-94D5-A69D19815FC8.jpegC95FEF45-3BC5-4B0B-813C-48420F50BCEB.jpeg1F10E7DB-C2C7-4FE4-B8D3-29C5850A58C1.jpegE675C5E1-0752-4F4E-B3B6-45AE2DE75C94.jpeg

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3 Replies

Oklahoma Form 561 pass through entity

I believe this is the issue, when going through your Oklahoma state input, you will come across this screen. See here

 

Make sure you click no. You may have inadvertently clicked yes by mistake and this most likely is giving you the issue.

then as you keep going through the input , they want some more info about the Ok. property

When you reach this screen

Capture.PNG

 

you'll get to this screen, they want some form of ID being the fact that it's considered business property

Capture.PNG

Make sure that all the information is properly entered here. Apparently, they are recognizing this as a business property and require some form of ID number. Fill out all the rest of the information as well like date acquired, date sold and so on. After everything is said and done, when you review the Oklahoma return again and it still prompts you for edit issues like asking you for the Pass through Entity name, simply type in "n/a" in the box they provide you like you did in the original input as shown  above. The same thing with the EIN#, date acquired and so on.

 

 

It worked well for me so I trust it will work for you just as well. Comment back and let us know how it goes.

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Oklahoma Form 561 pass through entity

I made sure to select "no" but it continues to ask for the passthrough entity. I can either put the ss number or type n/a I'm not sure which? the format box 

 

 

gains or losses from an electing passthrough entity - no.png

FIN for passthorugh entity or business format.png

Oklahoma Form 561 pass through entity

it will not let me put n/a in the box that says FIN for passthrough entity or business only numbers 

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