Form 511 - Oklahoma Resident Individual Income Tax Forms And Instructions - 2014 Page 17
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40Schedule 511-C
C5
C1
Deduction for Providing Foster Care
Military Pay Exclusion
If you contract with a child-placing agency, as defined in 10 OS
Oklahoma residents who are members of any component of the
Sec. 402, you may deduct $5,000 for expenses incurred provid-
Armed Services may exclude 100% of their active military pay,
ing foster care. Married persons filing separately in a year in
including Reserve & National Guard pay, to the extent such pay
which they could have filed a joint return may each claim only
is included in the Federal Adjusted Gross Income. Retired military
$2,500.
see instructions for Schedule 511-A, line 4.
C6
C2
Miscellaneous: Other Adjustments
Qualifying Disability Deduction
Enter in the box on Schedule 511-C, line 6, the appropriate
If you have a physical disability constituting a substantial handi-
number as listed below which shows the type of deduction. If you
cap to employment, you may deduct the expense incurred to
are entitled to more than one deduction listed below, enter the
modify a motor vehicle, home, or work place necessary to
number “99”.
compensate for the disability. Enclose a schedule detailing the
Enter the number “1” if the following applies:
expenses incurred and a description of the physical disability
Qualified Medical Savings Account/Health Savings Account:
with documentation regarding the Social Security Administration
Contributions made to, and interest earned from, an Oklahoma
recognition and/or allowance of this expense.
medical savings account established in this state, pursuant to
C3
Qualified Adoption Expense
63 OS Sec. 2621 through 2623, shall be exempt from taxation.
An Oklahoma resident may deduct “nonrecurring adoption
In order to be eligible for this deduction, contributions must be
made to a medical savings account program approved by either
expenses” not to exceed $20,000 per calendar year. Expenses
the State Department of Health or the Insurance Commissioner.
are to be deducted in the year incurred. “Nonrecurring adoption
A statement of the contributions made to, and interest earned
expenses” means adoption fees, court costs, medical expenses,
on, the account must be provided by the trustee of the plan,
attorney fees and expenses which are directly related to the legal
and enclosed as part of the filed return. This is not on your W-2.
process of adoption of a child. Enclose a schedule describing
Enclose a copy of your federal return.
the expenses claimed.
Contributions made to, and interest earned from, an Oklahoma
C4
Contributions to Oklahoma 529 College Savings Plan
Health Savings Account established in this state, pursuant to
and OklahomaDream 529 account(s)
36 OS Sec. 6060.14 through 6060.18, shall be exempt from
Each individual may deduct contributions made to accounts
taxation. A statement of the contributions made to, and interest
established pursuant to the Oklahoma College Savings Plan Act.
earned on, the account must be provided by the trustee of the
The maximum annual deduction is the amount of contributions
plan, and enclosed as part of the filed return. This is not on your
to all Oklahoma 529 College Savings Plan or OklahomaDream
W-2. Enclose a copy of your federal return.
529 accounts plus any contributions to such accounts for prior
Note: If you took a Health/Medical Savings Account Deduction
tax years after December 31, 2004, which were not deducted. If a
to arrive at Federal Adjusted Gross Income, you cannot take a
rollover* or non-qualified withdrawal is taken within the same tax
deduction on this line.
year as a contribution is made, the deduction for such contribu-
tion must be reduced by the amount of the rollover or non-qual-
Enter the number “2” if the following applies:
ified withdrawal. In no event can this deduction exceed $10,000
Agricultural Commodity Processing Facility Exclusion:
($20,000 on a joint return) per tax year. Any amount of a contribu-
Owners of agricultural commodity processing facilities may ex-
tion that is not deducted in the year for which the contribution is
clude 15% of their investment in a new or expanded agricultural
made may be carried forward as a deduction from income for the
commodity processing facility located within Oklahoma (68 OS
succeeding five years. If a rollover* or non-qualified withdrawal
Sec. 2358). Agricultural commodity processing facility means
is taken during the carryover period, the tax deduction otherwise
buildings, structures, fixtures and improvements used or operated
available must be reduced by the amount of the rollover or non-
primarily for the processing or production of agricultural commod-
qualified withdrawal. Deductions may be taken for contributions
ities to marketable products. The investment is deemed made
and rollovers made during a taxable year and up to April 15 of
when the property is placed in service. Under no circumstances
the succeeding year, or the due date of a taxpayer’s state income
shall this exclusion lower your taxable income below zero. In the
tax return, excluding extensions, whichever is later. A deduction
event the exclusion does exceed income, any unused portion
for the same contributions may not be taken for two different tax
may be carried over for a period not to exceed six years.
years. Enclose proof of your contribution including the name of
the beneficiary and the account number.
A schedule must be enclosed showing the type of
investment(s), the date placed in service, and the cost. If the total
*For purposes of reducing the deduction, “rollover” means the
exclusion available is not used, a copy of the schedule must be
transfer of funds from the Oklahoma 529 College Savings Plan
enclosed in the carryover year and show the total exclusion avail-
or OklahomaDream 529 accounts to any other plan under IRC
able, the amount previously used and amount available in the
Section 529.
carryover year. If the exclusion is through a partnership or
Contributions must be made to Oklahoma 529 College Savings
S corporation, the schedule must also include the partnership’s
Plan or OklahomaDream 529 account(s). Contributions made to
or S corporation’s name, Federal ID number and your pro-rata
another state’s college savings plans, the Coverdell Education
share of the exclusion.
Savings Account or transfers from one Oklahoma 529 College
Savings Plan or OklahomaDream 529 account to another, may
Enter the number “3” if the following applies:
not be deducted.
Depreciation Adjustment for Swine or Poultry Producers:
Individuals who are swine or poultry producers may deduct
For information on setting up an Oklahoma 529
depreciation on an accelerated basis for new construction or
College Savings Plan, visit the following website:
expansion costs. The same depreciation method elected for fed-
or call (877) 654-7284. For
eral income tax purposes will be used, except the assets will be
information on setting up an OklahomaDream 529 ac-
deemed to have a 7-year life. Any depreciation deduction allow-
count, contact your financial advisor.
able is the amount so computed minus the federal depreciation
continued on page 18
17
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