Shareholder Information > Oklahoma tab

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Use the state tabs in the Shareholder Information window to enter state-specific information for shareholders. State tabs appear only if you have added states to the return.

To update a shareholder's state-specific information, click that shareholder in the Shareholder Information window, and then click the appropriate state tab.

Fields & buttons

Oklahoma information

If the shareholder is a nonresident, enter a code from the following table or select the code from the drop-down 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 drop-down list. Select this option to indicate the shareholder is subject to withholding on Form 500-B.
2

Exempt from withholding and affidavit on file

Select this option to indicate the shareholder is exempt from withholding and an affidavit is already on file. UltraTax CS does not complete Form 500-B for this shareholder.
3

Exempt from withholding and affidavit required

Select this option 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.

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.

Enter the dates the nonresident shareholder acquired ownership in the S Corporation. UltraTax CS uses the dates on Form 561S.

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 does not 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.

UltraTax CS provides this statement dialog for supplemental information specific to each shareholder. Use this statement dialog for items that are not pro-rata. If you have pro-rata items that need to be reported to each shareholder, use Section A in Screen OKKSep. UltraTax CS prints the information you enter in this statement dialog in the Shareholder Worksheet statements.

Withholding information group box

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.

Enter the amount of taxable income withheld.

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.

Enter the amount reported on the other withholding statement.

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.

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