Get For The Nonresident Shareholder Whose Income Is Reported On Form 512-s, Part 1

This guide provides step-by-step instructions for completing the Form 561S for nonresident shareholders whose income is reported on Form 512-S, Part 1. Understanding how to accurately fill out this form is essential for correctly reporting capital gains and deductions.

Follow the steps to successfully complete your form online.

1. Click ‘Get Form’ button to obtain the form and open it in the online editor.
2. Enter the corporate name as shown on the return along with the name of the nonresident shareholder in the appropriate fields.
3. Provide the Federal Employer Identification Number and the Social Security Number of the nonresident shareholder.
4. Input the date(s) the nonresident shareholder acquired ownership in the S corporation.
5. List any qualifying Oklahoma capital gains and losses not included in previous lines. For each property, describe it in Column A1, include its Oklahoma location or Federal ID in Column A2, and complete the remaining columns with the corresponding data.
6. If applicable, report any qualifying Oklahoma capital gain from installment sales using the details from Federal Form 6252. Ensure to enclose a copy of this form when you submit.
7. Report qualifying Oklahoma net capital gains or losses from like-kind exchanges as shown on Federal Schedule D and enclose a copy of Federal Form 8824.
8. Calculate the total qualifying Oklahoma net capital gain by adding relevant amounts and complete the form using instructed lines.
9. Enter the nonresident shareholder’s share of the net capital gain apportioned and allocated to Oklahoma.
10. Finally, determine the Oklahoma Capital Gain Deduction by entering the smallest figure between the calculated total and the share of net capital gain. Be sure it doesn't fall below zero.
11. Once completed, save your changes, download the form for your records, print it as needed, or share it according to your requirements.

Complete your forms online now to ensure accurate reporting and compliance.