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Screens

Screen OKGenS - Oklahoma Corporate Income Tax Return (1120)

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Federal-to-state input screen and asset module data transfer

If information is transferred from federal input screens or from the asset module to a state input screen, the application displays the transferred data in blue, for example: .
If necessary, you can overrule the transferred amount by entering the appropriate amount in the field. The application then displays the new amount in black.
note
  • When you overrule a transferred amount, the application does not overwrite that amount with subsequent federal-to-state or asset module data transfers.
  • To delete the overruled amount and restore the original transferred amount, right-click the field and choose Delete overrule or simply enter the original amount in the field.
  • To confirm the accuracy of the overruled amount, right-click the field and choose Acknowledge overruled data. The application then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to enter it manually.
  • If desired, you can set a user preference to mark fields for which you overruled the transferred amounts and to list all overruled amounts in the Diagnostics window.

Statements

Many data entry fields provide predefined statements in which you can enter additional information.

Accessing frequently asked questions

To view answers to common questions about calculations and data entry issues, choose Help, Additional Resources, and then Frequently Asked Questions.

Apportionment

Apportionment information is entered in one place for all states attached to the return. To enter apportionment information for all states, choose View and then Apportionment.

General Information

Final return
If this is a final return for the State of Oklahoma, but not the final federal return, enter
X
to mark the box on Form 512-S. When this field or the related federal field is marked, no estimate vouchers are calculated.
note
Returns marked as final in the previous year do not proforma to the current year. If the federal return is marked as final, the client does not appear in the list of clients that are available to proforma. To make the client available, you must open the client in the proper year and clear the
Final
return
 and
Suppress next year’s proforma
 fields in the federal 1120 Screen.
Date of complete liquidation or dissolution of corporation
Enter the date the corporation completely liquidated or dissolved. This date is used to calculate the due date of the return.
Major oil company
If this is a major oil company, enter
X
 to limit depletion to 50 percent of the net income per well.

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