Error Message on Oklahoma Form 561. don't understand how to complete it

Forum|Forum|6 years ago
June 6, 2019
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Oklahoma 511 State Income Tax Return, getting error notice on Form 561 as to Federal Schedule cap gain Sched D wanting Federal ID number or state location. Don't understand how to complete that portion of the OK Form 561.

TurboTax Premier Windows

vhcline

Form 561 allows you to report qualifying sales of Oklahoma assets to get a break on Oklahoma state tax on a resulting capital gain. All of your Schedule D transactions will appear automatically in form 561 in TT. If the transaction involves an Oklahoma company you need to list its address and/or federal i.d. number.

If the reported schedule D sale is not of an Oklahoma company, you need to eliminate it from the list.

At the far left side of the list of stock sales is a slender column of blank boxes. At the top of the column is an asterisk. Clicking the box next to each of your listed transactions that is not a qualifying Oklahoma company will eliminate it from Form 561. Then, obviously, you will no longer be asked for an address or federal i.d. for it, and should no longer get an error message.

I wish TT would turn this into an opt-in list with clearer instructions on its use, but at least you can deal with it by clicking the opt-out box.

clmeado

I followed the answer given for the Oklahoma Form 561 error message requiring Name, Address and Tax ID for the transaction but when I delete the "x" in the box and then go on to the review process in TT; the line items return as if I had done nothing. Any other suggestions?

DaveF1006

Try deleting the entry and then delete the Oklahoma 561 form. Add it back in with the Name, Address and Tax ID for the transaction. see if that will clear up the error.

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Curt10

Is there a way to automatically or default indicate that all capital gain trades are not excluded (not an Oklahoma based company) for the Oklahoma return. Selecting that each trade is not excluded or is excluded is extremely burdensome if a return has more than a small few trades. Since very few companies that are publicly traded are Oklahoma based, there should be a way to avoid manual entries for each trade. Can anyone help with this issue?

ursramamohan

Does any one have a solution for this issue?

TT asks Type of Property and EIN number for all my stock purchases in form 561 NR. It is annoying and not possible to resolve.

I took live support, but still, they were not able to solve the issue.

smabrey

In the Oklahoma section of the return there is a page after Adjustments to Federal Income to list "how much of the gain (or loss) was from the sale of qualifying Oklahoma property?" Then you list Oklahoma Income as 0, and I used Type of Property Sold 99 - More than one type of property. When you switch to the form display, there is zero deduction under the Oklahoma column on Form 561. Hope this helps.