Screen OKTPW - Oklahoma Tax Projection (1040)

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Overview

Use this screen to enter information you expect to be different for the coming tax year. UltraTax/1040-OK uses this data to calculate the Oklahoma Tax Projection Worksheet based on current tax law and next year’s tax law differences (when known). Enter only the items that you expect to be different for the coming tax year. If you don't expect any amounts to be different for the coming year, the current year amounts transfer to next year’s calculation automatically. Any items marked with an asterisk (
*
) in the
OKTPW
screen don't transfer automatically to next year’s column.
note
UltraTax CS lets you enter
0
(zero) in the
Amount
fields in this screen.

Income

Print Tax Projection Worksheet
The worksheet prints automatically if there's any information entered in this screen. Enter
X
to force printing of the Oklahoma Tax Projection Worksheet.
Number of personal and dependent exemptions
Enter the total number of personal / dependent exemptions, if different from the current year that you expect the taxpayer to use next year. Use this field in conjunction with
Deductions and exemptions
, option
3
.
Filing status
Enter the filing status, if different from the current year that you expect the taxpayer to use next year.
Federal adjusted gross income
If you used the federal Tax Projection Worksheet to calculate next year’s tax, the amount of federal adjusted gross income automatically transfers to this field. To use an amount other than the amount calculated on the federal Tax Projection Worksheet, make an entry in this field.

Adjustments

Deductions and exemptions
There are three ways UltraTax CS calculates the Oklahoma allowable deductions and exemptions for next year:
  • If you want the Oklahoma Tax Projection Worksheet to calculate the allowable Oklahoma deductions and exemptions based on the number of personal / dependent exemptions entered on the federal Tax Projection Worksheet, leave this field blank. (Don't enter
    0
    (zero).)
  • If you know the total amount of projected Oklahoma deductions and exemptions from Form 511, line 12 and don't want to use the itemized deductions and exemptions amount from the federal Tax Projection Worksheet, then enter the total Oklahoma deductions and exemptions at 100 percent in this field, and UltraTax CS automatically calculates the relevant portion.
  • If the total number of personal / dependent exemptions entered on the federal Tax Projection Worksheet is different for Oklahoma, then enter the total number of personal / dependent exemptions in the Oklahoma Tax Projection Worksheet - Income section in this screen and leave this field blank. UltraTax CS automatically calculates the relevant deduction.

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