Form 511 - Oklahoma Resident Individual Income Tax Forms And Instructions - 2014 Page 15
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40Schedule 511-A continued
A13
Miscellaneous: Other Subtractions
Schedule 511-B
Enter in the box on Schedule 511-A, line 13, the appropriate
number as listed below which shows the type of deduction. If you
B1
State and Municipal Bond Interest
are entitled to more than one deduction type, enter the number
If you received income on bonds issued by any state or political
“99”.
subdivision thereof that is exempt from federal taxation but not
exempt from taxation by the laws of the State of Oklahoma, the
Enter the number “1” if the following applies:
total of such income shall be added to Federal Adjusted Gross
Royalty income earned by an inventor from a product developed
Income.
and manufactured in this state shall be exempt from income
tax for a period of seven years from January 1 of the first year
1) Income from all bonds, notes or other obligations issued
in which such royalty is received as long as the manufacturer
by the State of Oklahoma, the Oklahoma Capital Improve-
remains in this state. To support your deduction furnish:
ment Authority, the Oklahoma Municipal Power Authority,
the Oklahoma Student Loan Authority, and the Oklahoma
1) copy of the patent.
Transportation Authority (formerly Turnpike Authority) is
2) copy of the royalty agreement with the manufacturer.
exempt from Oklahoma income tax. The profit from the
3) copy of registration form from OCAST. (74 OS Sec. 5064.7
sale of such bond, note or other obligation shall be free
(A)(1))
from taxation.
2) Income from local Oklahoma governmental obligations
Enter the number “2” if the following applies:
issued after July 1, 2001, other than those provided for in
Manufacturer’s exclusion. (74 OS Sec. 5064.7 (A)(2))
line 1, is exempt from Oklahoma income tax. The excep-
tions are those obligations issued for the purpose of pro-
Enter the number “3” if the following applies:
viding financing for projects for nonprofit corporations. Lo-
Small Business Incubator exclusion: Exemption for income
cal governmental obligations shall include bonds or notes
earned by the sponsor (74 OS Sec. 5075). Exemption for income
issued by, or on behalf of, or for the benefit of Oklahoma
earned by the tenant (74 OS Sec. 5078).
educational institutions, cities, towns, or counties or by
public trusts of which any of the foregoing is a beneficiary.
Enter the number “4” if the following applies:
3) Income from Oklahoma Municipal Bonds issued prior to
Payments received as a result of a Military member being killed
July 2, 2001, other than those provided for in line 1, is
in a combat zone: Any payment made by the United States
exempt from Oklahoma income tax only if so provided by
Department of Defense as a result of the death of a member of
the statute authorizing their issuance.
the Armed Forces who has been killed in action in a designated
combat zone shall be exempt from Oklahoma income tax during
4) Income on bonds issued by another state or political
the taxable year in which the individual is declared deceased by
subdivision thereof (non-Oklahoma), exempt from federal
the Armed Forces. (68 OS Sec. 2358.1A)
taxation, is taxable for Oklahoma income tax.
Enter the number “5” if the following applies:
Enclose a schedule of all municipal interest received by source
Income earned by an individual whose Military spouse was
and amount. If the income is from a mutual fund which invests in
killed in a combat zone: Any income earned by the spouse of a
state and local government obligations, enclose documentation
from the mutual fund to substantiate the percentage of income
member of the Armed Forces of the United States who has been
derived from obligations exempt from Oklahoma tax.
killed in action in a designated combat zone shall be exempt
from Oklahoma income tax during the taxable year in which the
Note: If the interest is exempt, the capital gain/loss from the sale
individual is declared deceased by the Armed Forces. (68 OS
of the bond may also be exempt. The gain/loss from the sale of
Sec. 2358.1A)
a state or municipal bond, other than those provided for in line 1,
is exempt only if so provided by the statute authorizing its issu-
Enter the number “99” if the following applies:
ance. Enter exempt gains on Schedule 511-A, line 11 and exempt
Allowable deductions not included in (1) through (5): Enter any
losses on Schedule 511-B, line 7.
allowable Oklahoma deductions from Federal Adjusted Gross In-
B2
come to arrive at Oklahoma Adjusted Gross Income that were not
Out-of-State Losses
previously claimed under this heading “Miscellaneous: Other
If you incurred losses from the operation of an out-of-state busi-
Subtractions.” Specify type of subtraction and Oklahoma Statute
ness, or from the rental or sale of out-of-state property, any such
losses must be added back to Federal Adjusted Gross Income.
authorizing the subtraction. Enclose a detailed explanation and
This includes partnership losses and losses sustained by Sub-
verifying documents.
chapter S Corporations attributable to other states.
Need help with the math on your form?
Where’s My Refund?
Try using our 2-D fill-in forms
After filing your individual income tax return,
available at
use OkTAP to check on your refund.
See page 16 for more information.
15
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