What types of income are taxable in Oklahoma?

In Oklahoma, several types of income are considered taxable. The Oklahoma Tax Commission includes wages, salaries, tips, and other forms of compensation for services provided as taxable income. This also extends to income derived from self-employment or business activities. Additionally, interest, dividends, and rental income are subject to taxation within the state. Income from investments, such as capital gains from the sale of stocks, bonds, or real estate, is generally taxable as well. Furthermore, unemployment compensation and certain retirement benefits, including pensions and annuities, are considered taxable income. It is important to note that Oklahoma follows the federal guidelines regarding taxable income, so many forms of income recognized by the IRS are also recognized by the state. However, there are specific deductions, credits, and exemptions that may apply and can reduce the overall taxable income. For the most accurate and detailed information, individuals may consider checking the Oklahoma Tax Commission's current web page, which provides extensive resources on various income sources, deductions, and filing requirements.