511-NR-NOL: 2024 Form 511-NR-NOL Oklahoma Net Operating Loss(es) Nonresident Part-Year Residents Only (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Form 511-NR-NOL supplements Form 511-NR for Oklahoma nonresidents and part-year residents. It calculates Oklahoma net operating losses separately for all sources and Oklahoma sources, using income, deductions, and adjustments.
Who files this form
Form 511-NR-NOL is a supplement to Form 511-NR for nonresidents and part-year residents calculating an Oklahoma net operating loss (NOL).
You must file the return for the loss year to establish the Oklahoma NOL. If the loss comes from a pass-through entity, that entity must also file a tax return.
What you'll need
- A copy of your federal return is required. For Schedule B, a copy is required for the intervening year shown on the worksheet.
- Have Form 511-NR and its applicable schedules available. The calculations use amounts from Schedules 511-NR-A, 511-NR-B, 511-NR-C, 511-NR-D and 511-NR-1.
- Have federal Schedule D available if you have capital gains or losses used in the calculations.
- For carryover calculations, have the federal NOL carryover worksheet and the previous year's NOL Schedule B, if applicable.
- Enter your name, Social Security number and the tax year. Schedule B also asks for the NOL year and intervening year.
Common mistakes
- Do not continue Schedule A if line 3 is zero or more. There is no net operating loss for that schedule.
- Enter Schedule A adjustments on lines 4 through 25 as positive numbers.
- If Schedule A, line 26 is more than zero, enter zero. There is no Oklahoma NOL for that column.
- Use a separate NOL Schedule B for each intervening year.
- On Schedule B, include any federal NOL carryover included in line A1 when completing line A2. Exclude the NOL for the listed NOL year and later years from line A3.
- Do not leave out the required copy of your federal return.
Questions people ask
Can I have an Oklahoma NOL without a federal NOL?
Yes. An Oklahoma NOL is determined separately and is allowed without regard to whether a federal NOL exists.
Why does the form calculate losses in two columns?
Oklahoma computes the base tax as if all income were earned in Oklahoma. The NOL from all sources is calculated using the Federal Amount Column and deducted in that column. The NOL from Oklahoma sources is calculated using the Oklahoma Amount Column and deducted in that column. Each loss is determined separately.
Can I choose not to carry a loss back?
A taxpayer entitled to a carryback period may elect to forgo it. A written election must be included with the timely filed Oklahoma loss-year return or with an amended return for the NOL year filed within six months of the original return's due date, excluding extensions.
What happens if I become a full-year Oklahoma resident?
The NOL from Oklahoma sources is the loss that would be carried to Form 511. If that loss is carried into a year when you are a full-year resident, use the NOL Schedule B for Form 511.