Form 511 - Oklahoma Resident Individual Income Tax Forms And Instructions - 2014 Page 16
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40Schedule 511-B
B7
B3
Lump-Sum Distributions
Miscellaneous: Other Additions
Enter in the box on Schedule 511-B, line 7, the appropriate num-
Lump-sum distributions not included in the Federal Adjusted
ber as listed below which shows the type of addition. If you have
Gross Income shall be added to the Federal AGI. Rollovers and
more than one addition, enter the number “99”.
IRA Conversions are taxed in the same year as on the federal
return. Enclose a copy of Form 1099 and a complete copy of the
Enter the number “1” if the following applies:
federal return.
Losses from the sale of exempt government obligations: See
the “note” in Schedule 511-A, line 1 and Schedule 511-B, line 1
Note: The lump-sum distribution, added back on this line, may
instructions. Enclose Federal Schedule D and Form 8949.
qualify for an exclusion of retirement benefits found on Schedule
511-A. The distribution must be received from a qualified plan
Enter the number “2” if the following applies:
and satisfy the requirements of the exclusion.
If you are a swine or poultry producer who has deducted depre-
ciation on an accelerated basis on your Oklahoma tax return
B4
Federal Net Operating Loss
in previous tax years (Schedule 511-C), the asset may be fully
Enter carryover(s) included on Federal Form 1040. See “Net Op-
depreciated for Oklahoma purposes. Any depreciation deducted
erating Loss” section on page 5. Also see Schedule 511-A, line 9.
on this year’s federal return, after the date the asset has been
fully depreciated on your Oklahoma return, must be added back
B5
Recapture of Depletion Claimed on a Lease
to avoid a duplication of depreciation. Enclose a copy of the
Bonus or Add Back of Excess Federal Depletion
federal depreciation schedule showing the depreciation taken on
Upon the expiration of the lease, depletion claimed must be
the asset.
restored to income in the case of non-producing properties. Enter
Enter the number “3” if the following applies:
depletion claimed on a lease bonus if no income was received
If a qualified Oklahoma refinery, of which you are a partner or
from the property due to its lease expiration. A complete schedule
shareholder, elected to expense the cost of qualified refinery
by property must be furnished.
property, such property is fully depreciated for Oklahoma pur-
If the 22% Oklahoma option for computing depletion was used in
poses. For Oklahoma purposes no depreciation expense can be
a previous year and the 65% federal depletion limitation applied
taken for this tax year on such property. Enter your pro-rata share
in that year, you must add back any unused federal depletion
of such depreciation. Include the partnership’s or corporation’s
being carried over from such year and used in the current year’s
name and ID Number.
federal return. Applicable recapture is determined on a well-by-
Enter the number “4” if the following applies:
well basis.
You will have an amount on this line if a pass-through entity, of
For the Oklahoma option for computing depletion see the instruc-
which you are a member:
tions for Schedule 511-A, line 8. A complete schedule by property
• was required to add-back rents and interest expenses paid
must be furnished.
to a captive real estate investment trust when determining
B6
Oklahoma distributable income; or
Recapture of Contributions to Oklahoma 529 College
Savings Plan and OklahomaDream 529 Account(s)
• was a captive real estate trust that was required to add-
• If an individual elects to take a rollover on a contribution within
back the dividends-paid deduction when determining
one year of the date of the contribution, for which a deduction
Oklahoma distributable income.
was taken on the previous year’s return, the amount of such roll-
Enter your pro-rata share of such add-back. Include your pass-
over is included in income. As used in this paragraph, “rollover”
through entity’s name and ID number.
means the transfer of funds from the Oklahoma 529 College
Savings Plan or OklahomaDream 529 accounts to any other plan
Enter the number “5” if the following applies:
under IRC Section 529.
Enter any additions not previously claimed. Enclose a statement
of explanation specifying the type of addition and Oklahoma Stat-
• An individual who makes a non-qualified withdrawal of con-
ute authorizing the addition, and verifying documents.
tributions for which a deduction was taken in tax year 2005 or
later, such non-qualified withdrawal and any earnings thereon
Where’s My Refund?
are included in income. If any of the earnings have already been
included in your Federal Adjusted Gross Income, do not include
those earnings again on this line.
After filing your
Need a helping hand
individual income
tax return,
filing your taxes?
check the status
of your refund by
Oklahoma Taxpayer Access Point
visiting OkTAP.
Visit our website to find out all the
You’ll need to provide the last 7 digits of the primary Social Security
information on the who, what, when and
Number or Individual Taxpayer Identif ication Number, the ZIP Code
where for free income tax assistance
on the return and the exact dollar amount of the refund.
through VITA and TCE programs.
16
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