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Screen OKTax - Oklahoma Farm Income Averaging (1040)
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Overview
Use this screen to complete Form 573, Farm Income Averaging.
Farm Income
Income averaging (Force)
Use this field to force UltraTax CS to use the farm averaging method to calculate the Oklahoma income tax. If this field isn't marked and amounts are entered for the taxable income and tax for [[ut_3py_yyyy]],
2023
, and 2024
, UltraTax CS optimizes the tax calculation between the farm average and regular tax calculation method.Elected farm income (Force)
Use this field to force the amount of the farm income the taxpayer is electing to use in the farm income averaging method of tax calculation. UltraTax CS defaults to the sum of the amounts entered for ordinary income, net long-term capital gain, and short-term capital gain in the federal
J
screen.Form 573 Information - Prior Years
Form 573 used to compute tax
Use these fields to indicate that a Form 573 was filed for a particular year. This lets you enter required amounts from the Form 573 for that year.
Form 573, line 3 / ... / line 16
Enter respective line amounts from Form 573. The State of Oklahoma requires amounts from the previous three years' Form 573, if filed.
Form 511/511NR Information - Prior Years
Taxable income: [[ut_3py_yyyy]],
2023
, 2024
Enter the amount of taxable income from Form 511 or Form 511-NR for the previous three years. Don't include the amount of any NOL carryover or carryback that wasn't used (absorbed) in that year. See form instructions for additional information.
Tax: [[ut_3py_yyyy]],
2023
, 2024
Enter the amount of tax for the three previous tax years.