Form 511nr - Oklahoma Nonresident/ Part-Year Income Tax Return - 2012 Page 19
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42Schedule 511NR-B
B6
Other Retirement Income
Additional Depletion (continued)
Federal Amount Column - Each individual may exclude
Lease bonus received is considered income subject to
their retirement benefits, up to $10,000, but not to exceed
depletion. If depletion is claimed on a lease bonus and
the amount included in the Federal Adjusted Gross Income.
no income is received as a result of nonproducing prop-
For any individual who claims the retirement exclusion on
erties, upon expiration of the lease, such depletion must
Schedule 511NR-B, line 5, the amount of the exclusion on
be restored on Schedule 511NR-A, line 4, in the year the
this line cannot exceed $10,000 minus the amount already
lease expires.
claimed on Schedule 511NR-B, line 5, in the “Federal
If you have Federal depletion being carried over into this
Amount” column (if less than zero, enter zero).
year, see Schedule 511NR-A, line 4.
The retirement benefits must be received from the follow-
Oklahoma Amount column - Enter that part of the
ing and satisfy the requirements of the Internal Revenue
“Federal Amount” column that represents additional
Code (IRC): an employee pension benefit plan under IRC
depletion only from Oklahoma properties, the net income
Section 401, an eligible deferred compensation plan under
of which is included in the “Oklahoma Amount” column
IRC Section 457, an individual retirement account, annuity
on the front of Form 511NR.
or trust or simplified employee pension under IRC Section
B9
408, an employee annuity under IRC Section 403 (a) or (b),
Oklahoma Net Operating Loss
United States Retirement Bonds under IRC Section 86, or
The loss year return must be filed to establish the Okla-
lump-sum distributions from a retirement plan under IRC
homa Net Operating Loss.
Section 402 (e). Enclose a copy of Form 1099-R or other
Federal Amount column - Enter the Oklahoma net
documentation.
operating loss, computed based on the “Federal Amount
Oklahoma Amount Column - You may exclude up to
Column” carried over from previous years. Enclose a
$10,000, but not to exceed the amount of qualified retire-
detailed schedule showing origin and NOL computa-
ment benefits reported in the “Oklahoma Amount” column
tion and enclose a copy of Federal NOL computation.
on the front of Form 511NR. For any individual who claims
See the “Net Operating Loss” section on pages 5 and 6.
the retirement exclusion on Schedule 511NR-B, line 5, the
(Also see Schedule 511NR-A, line 3.)
amount of the exclusion on this line cannot exceed $10,000
Oklahoma Amount column - Enter the Oklahoma net
minus the amount already claimed on Schedule 511NR-B,
operating loss, which was computed on the “Oklahoma
line 5, in the “Oklahoma Amount” column (if less than zero,
Amount Column” carried over from previous years.
enter zero).
Enclose a detailed schedule showing origin and NOL
Enclose a copy of Form 1099 or other supporting docu-
computation. See the “Net Operating Loss” section on
mentation.
pages 5 and 6. (Also see Schedule 511NR-A, line 3.)
B7
U.S. Railroad Retirement Board Benefits
Federal Amount column - All qualified U.S. Railroad
Retirement Board benefits that are included in the Fed-
eral Adjusted Gross Income may be excluded.
Oklahoma Amount column - Enter that part of the
Online Filing of Your Income Taxes
“Federal Amount” column that represents U.S. Railroad
Retirement benefits exempt by statute included in the
2-D Fill-in Forms with Online Calculations
“Oklahoma Amount” column.
B8
QuickTax: Business Tax Filing System
Additional Depletion
Federal Amount column - Depletion on oil and gas well
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production, at the option of the taxpayer, may be com-
puted at 22% of gross income derived from each prop-
erty (regardless where located) during the taxable year.
View FAQs or Email the OTC a Question
When computing Oklahoma depletion you are limited
to 50% of the net income from each property computed
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without the allowance of depletion. Any depletion deduc-
tion allowable is the amount so computed minus the
Federal depletion claimed. If Oklahoma Options are
exercised, the Federal depletion not used due to the
One Site with Many
65% limitation may not be carried over for Oklahoma
Oklahoma Filing Options
purposes. A complete detailed schedule by property
must be furnished.
19
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