My client sold 100% of the business assets of a partnership in 2022. The sale information is entered on screen 14, depreciation. The Oklahoma Location and Type of Property have been entered, but nothing carries to form 561. We have tried checking the "not taxable to state" box and that changed nothing. I am guessing this is a programming error that needs to be corrected. Is anyone else having this issue?
Best Answer Click here
The 561 gets filled out at the 1040 level, unless the 1065 has an Oklahoma PTE election in place. Look at the OK Partner Summary and you'll see the excludable amount as a memo.
The 561 gets filled out at the 1040 level, unless the 1065 has an Oklahoma PTE election in place. Look at the OK Partner Summary and you'll see the excludable amount as a memo.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.