Schedule OZ: Gains Invested in Qualified Opportunity Zone Funds (Revision)
Alabama · Alabama DOR · Used for tax years 2024
Alabama Schedule OZ reports gains invested in Qualified Opportunity Zone Funds and separates taxable gains from deferred gains. It lists fund information, property details, and deferred gains from federal Form 8949, and is attached to Forms 20C, ET-1, 20S, or 65.
Who files this form
Schedule OZ lists gains invested in Qualified Opportunity Zone Funds. The form says it is to be attached to Alabama Forms 20C, ET-1, 20S and 65.
What you'll need
Have Federal Form 8949 available for the deferred gain amounts requested on Schedule OZ.
You will also need these details to complete the schedule:
- Name(s) shown on the return, FEIN, and tax period beginning and ending dates.
- Property descriptions and dates sold or disposed of.
- Opportunity Zone Fund names and FEINs.
- ADECA approval information.
- Taxable and deferred gain amounts.
How to file
Attach Schedule OZ to the applicable Alabama return: Form 20C, ET-1, 20S or 65.
Enter the total taxable gain from line 4 on the applicable return line:
- Form 20C or ET-1: Schedule FTI, line 4.
- Form 20S: Page 4, Schedule K, line 7b.
- Form 65: Page 4, Schedule K, line 8b.
Questions people ask
Where does the deferred gain amount come from?
The schedule asks for deferred gain from Federal Form 8949 in column (c).
Where do I enter taxable or deferred gains?
If a gain is taxable, enter the amount from column (c) in column (g). If it is deferred, enter the amount from column (c) in column (h).
How do I total gains from additional pages?
For taxable gains, enter the current page's column (g) total on line 2 and the total from additional pages on line 3. Add lines 2 and 3 on line 4. For deferred gains, enter the current page's column (h) total on line 5 and the total from additional pages on line 6. Add lines 5 and 6 on line 7.
What date format should I use for a sale or disposal?
Enter the date sold or disposed of in mm/dd/yyyy format.