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Shareholder Information > Oklahoma tab
Show all hidden content
Use the state tabs in the
Shareholder Information
window to enter state-specific information for shareholders. State tabs appear only if you've added states to the return.To update a shareholder's state-specific information, select that shareholder in the
Shareholder Information
window, then the state tab.Fields and buttons — Oklahoma information
Nonresident filer
If the shareholder is a nonresident, enter a code from the following table or select the code from the dropdown list to indicate the type of nonresident filing to be made by the shareholder. If the shareholder is a nonresident, UltraTax CS defaults to calculating withholding on Form 500-B for the shareholder.
Code | Description |
|---|---|
1 | Withholding (default) This is the default filing for nonresident shareholder when you do not select a code from the dropdown list. Select 1 to indicate the shareholder is subject to withholding on Form 500-B. |
2 | Exempt from withholding and affidavit on file Select 2 to indicate the shareholder is exempt from withholding and an affidavit is already on file. UltraTax CS doesn't complete Form 500-B for this shareholder. |
3 | Exempt from withholding and affidavit required Select 3 to indicate the shareholder is exempt from withholding and an affidavit is required for the nonresident shareholder. UltraTax CS completes Form OW-15, Part C. |
Nonresident agreement is required
Mark this checkbox if the nonresident agreement is required to be attached to the return for this shareholder. If this checkbox is marked, UltraTax CS calculates Form 512-SA, Nonresident Shareholder Agreement for this shareholder.
Acquired ownership date
Enter the dates the nonresident shareholder acquired ownership in the S Corporation. UltraTax CS uses the dates on Form 561S.
Federal Section 108(i) income adjustment
Income from discharge of indebtedness included in federal income under section 108(i)(1) of the Internal Revenue Code is deducted from Oklahoma taxable income. Enter the amount to be deducted from the shareholder's portion of federal income as a positive number. UltraTax CS uses this information to calculate the share of Oklahoma net distributive income on Form 512-S, Part 5, Shareholders’ Pro Rata Share of Income, Distributable Oklahoma Income. If you leave this field blank, UltraTax CS doesn't make an adjustment for the shareholder's portion of federal income from discharge of indebtedness and the entire portion of the shareholder's section 108(i)(1) income will be included in Oklahoma net distributive income.
Supplemental information
Use this statement for supplemental information specific to each shareholder and for items that are not pro rata. If you have pro-rata items that need to be reported to each shareholder, use Section A on the
OKKSep
screen. UltraTax CS prints the information you enter in this statement in the Shareholder Worksheet statements.Fields and buttons — Withholding information group box
Distributed taxable income (Force)
Enter the amount of distributed taxable income on which withholding is calculated. If this field is blank, UltraTax CS defaults to the amount indicated on Form 512-S.
Income tax withheld, Form 500-B (Force)
Enter the amount of taxable income withheld.
Other withholding type
Enter the other withholding statement type. UltraTax CS uses this information to complete Form 512-S, Part 5, Shareholders’ Pro Rata Share of Income, Type of Withholding.
Withholding amount
Enter the amount reported on the other withholding statement.
Date of revoked election
Enter the date the election was made. UltraTax CS uses this information to complete Form OW-15 for the shareholder. If this field is blank, UltraTax CS assumes the shareholder did not revoke an election.