Oklahoma Corporate Income Tax Return Packet (form and instructions)
Extracted from PDF file 2019-oklahoma-512-pckt.pdf, last modified September 2019
Corporate Income Tax Return Packet (form and instructions)2019 Oklahoma Corporation Income and Franchise Tax Forms and Instructions www.tax.ok.gov • Includes Form 512; Forms 512-TI, 512-TI-SUP; Forms 512-FT, 512-FT-SUP • Download Forms 24/7 • View FAQs or Email the OTC a Question • Latest Tax News This packet contains: • Instructions for completing the Form 512 • 512 corporation income and franchise tax form • Form 512-TI Computation of Oklahoma Consolidated Taxable Income • Form 512-TI-SUP Supplemental schedule for Form 512-TI • Form 512-FT Computation of Oklahoma Consolidated Annual Franchise Tax • Form 512-FT-SUP Supplemental schedule for Form 512-FT Filing date: • Your Oklahoma return is due 30 days after the due date of your Federal return. For assistance or forms: • See page 15 for methods of contacting the Oklahoma Tax Commission. http://oktap.tax.ok.gov One Site with Many Oklahoma Filing Options TABLE OF CONTENTS General Filing Information...................................2-5 Estimated Income Tax Information......................... 3 Amended Returns.................................................. 3 Line by Line Instructions...................................5-14 General Instructions for Determining Oklahoma Taxable Income..................................5-6 OkTAP Information................................................. 6 Part 1 Instructions...............................................7-8 Part 2 Instructions...............................................8-9 Page 1 of Form 512 Instructions.......................9-11 Line by Line Instructions: Franchise Tax.........11-12 Page 2 of Form 512 - Section 2: Franchise Tax... 12 Page 2 of Form 512 - Section 3: Total.............13-14 When You Are Finished........................................ 14 How to Contact the OTC...................................... 15 Direct Deposit Information................................... 15 2019 OKLAHOMA CORPORATION TAX PACKET WHAT’S NEW IN THE 2019 PACKET? • Members of an electing pass-through entity may exclude the Oklahoma income (loss) covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019. See instructions for Part 1, Column B, line 10 or Part 2, line 6. • A donation may be made from your refund to the following: o Support of Programs for Regional Food Banks in Oklahoma o Public School Classroom Support Fund o Oklahoma Pet Overpopulation Fund o Support the Oklahoma AIDS Care Fund • An “Initial Return” checkbox has been added to the top of the form. The top of the form has been revised. See the instructions on pages 13 and 14 for more information. A donation to Public School Classroom Support Fund may also be made if you have a balance due. See Form 512, line 14. • The line for Credits for Employers in the Vehicle Manufacturing Industry was added to Form 511CR. See page 9 for information on how to obtain Form 511CR. GENERAL FILING INFORMATION: INCOME TAX AND FRANCHISE TAX Who Must File Time and Place for Filing (continued) required by the Oklahoma Tax Commission (OTC) falls on a day when the offices are not open for business, the filing of the document or performance of the act shall be considered timely if it is performed by the end of the next business day. Any corporation doing business within or deriving income from sources within Oklahoma is required to file an Oklahoma Corporation Income Tax Return, whether or not a tax is due. Every corporation organized under the laws of this state or qualified to do or doing business in Oklahoma in a corporate or organized capacity by virtue or creation of organization under the laws of this state or any other state, territory, district, or a foreign country, including associations, joint stock companies and business trusts as defined by Oklahoma statutes unless exempt by statutes must file an Annual Franchise Tax Return. The term “doing business” means and includes every act, power, or privilege exercised or enjoyed in this state as an incident to do or by virtue of powers and privileges acquired by the nature of all organizations falling within the purview of the Franchise Tax Code. A valid extension of time in which to file your federal return automatically extends the due date of your Oklahoma return if no Oklahoma liability is owed. A copy of the federal extension must be provided with your Oklahoma return. If your federal return is not extended, or an Oklahoma liability is owed, an extension of time to file your Oklahoma return may be granted on Form 504-C. The Form 504-C must be filed on or before the due date of the return. To avoid delinquent penalty for late payment of income tax, 90% of the income tax liability must be paid with the extension. To avoid delinquent interest for late payment of income tax, 100% of the income tax liability must be paid with the extension. To avoid delinquent penalty and interest for late payments of franchise tax, 100% of the franchise tax liability must be paid with the extension. Corporations required to file a franchise tax return, may elect to file a combined corporate income and franchise tax return. To make this election file Form 200-F. Corporations not filing Form 200-F must file a stand-alone Oklahoma Annual Franchise Tax Return (Form 200). Corporations that remitted the maximum amount of franchise tax for the preceding tax year or have had their corporate charter suspended, do not qualify to file a combined income and franchise tax return. Returns should be mailed to the Oklahoma Tax Commission, PO Box 26800, Oklahoma City, OK 73126-0800. Fiscal Year and Short Period Returns For all fiscal year and short period returns, the beginning and ending dates of the tax year must be shown on the top portion of the return where indicated. Omission of this information may cause a significant delay in the processing of the return and no interest will accrue on any refund pending. Note: Small Business Corporations (Subchapter S) must use Form 512-S. Time and Place for Filing Tax Tips: Corporate returns shall be due no later than 30 days after the due date established under the Internal Revenue Code (IRC). In the case of complete liquidation or the dissolution of a corporation, the return shall be made on or before the 15th day of the fourth month following the month in which the corporation is completely liquidated. When the last date for filing any document or performing any act √ Check your calculations carefully. √ Don’t forget to sign your tax returns. √ Keep a copy for your records. 2 GENERAL FILING INFORMATION: INCOME TAX AND FRANCHISE TAX GENERAL FILING INFORMATION: INCOME TAX Consolidated Returns Declaration of Estimated Tax If a federal consolidated return is filed, an Oklahoma consolidated return may be required or permitted under certain circumstances. Corporations must make estimated tax payments when the tax liability for the current year can reasonably be expected to be $500 or more. The estimated tax payments shall be the lesser of 70% of your current year’s tax liability or 100% of the tax liability shown on your return for the preceding taxable year of 12 months. An election to file a separate or consolidated return is made with the timely filing of the original return. This election cannot be changed with the filing of an amended return. If an affiliated group of corporations elects to file a consolidated Oklahoma income tax return, such election shall be binding. The affiliated group of corporations shall be required to file a consolidated Oklahoma income tax return for all future tax years unless the OTC releases the affiliated group of corporations from such election. The estimated tax payments shall be paid in four equal* installments of: • one-quarter on or before the 15th day of the fourth month of the taxable year; • one-quarter on or before the 15th day of the sixth month of the taxable year; • one-quarter on or before the 15th day of the ninth month of the taxable year; • one-quarter on or before the 15th day of the first month of the succeeding taxable year. • Income Tax In filing a Consolidated Income Tax Return for Oklahoma, the Oklahoma taxable income for each corporation is computed separately on its own factors and then combined for one total income upon which the tax is computed. Complete Form 512-TI “Computation of Oklahoma Consolidated Taxable Income” to determine the combined taxable income to report on page 1, line 1 of Form 512. Submit separate Form 512, pages 3-5 for each company within the consolidation. Amended declarations may be filed on any of the payment dates. Form OW-8-ESC, for filing estimated payments, can be obtained from our website at www.tax. ok.gov. *For purposes of determining the amount of tax due on any of the respective dates, taxpayers may compute the tax by placing taxable income on an annualized basis as prescribed in Rule 710:50-13-9. If filing by paper, the Form 512-TI must be the third page. Provide a copy of the federal consolidated return with an income statement, balance sheet, M-1, M-2, M-3 and supporting schedules for each member of the consolidated group. 68 Oklahoma Statutes (OS) Sec. 2367. Estimated payments can be made electronically through the OTC website. Visit the “Online Services” page on the web at www.tax.ok.gov for further information. • Franchise Tax If filing a Consolidated Franchise Tax Return for Oklahoma, the Oklahoma franchise tax for each corporation is computed separately and then combined for one total tax. Complete Form 512-FT “Computation of Oklahoma Consolidated Annual Franchise Tax” to determine the combined taxable income to report on page 2, Section Two, lines 18 – 25 of Form 512. Submit separate Form 512, pages 6 – 9 for each company within the consolidation. There is no provision in the present law for tentative returns. Amended Returns Beginning with tax year 2013, the Form 512 will be used to file an amended return. See Form 512, page 10 for complete instructions. The Form 512X will only be used for tax year 2012 and prior. Overpayments cannot be applied to next year’s estimated tax. Line 28 cannot be amended or changed once the original return has been processed. Special Instructions Regarding Form 512, Page 5 Complete Page 5 or attach a copy of the Federal Form 1120 Schedules L, M-1 and M-2. Corporations that are not required to complete Federal Form 1120 Schedules L, M-1 and M-2 are still required to complete the Oklahoma Form 512, Page 5 - Balance Sheets, Reconciliation of Income per Books with Income per Return (OK M-1) and Analysis of Unappropriated Retained Earnings per Books (OK M-2). Adjustments by Internal Revenue Service Taxpayers who file “consents” extending the time for making federal adjustments automatically extend the time for making state adjustments. The taxpayer is also required to file an amended return reporting all Internal Revenue Service adjustments. A copy of the finalized RAR must be provided with each return. Corporations that are not required to complete Federal Form 1120 Schedule M-1 due to the requirement to complete Schedule M-3 must either complete the Oklahoma Schedule M-1 or provide a copy of the Federal Schedule M-3. 3 GENERAL FILING INFORMATION: INCOME TAX Banks and Credit Unions Oklahoma Net Operating Loss Deduction (continued) A detailed schedule must be furnished for any net operating loss carried forward to the current tax year. State and national banks and state credit unions are subject to an “In Lieu” tax. See 68 OS Sec. 2370. When reporting income on Part 1, line(s) 5 and/or 6b, please furnish a detailed schedule of the interest income by source and amount. Expense deductions claimed in arriving at taxable income shall be reduced by an amount equal to 50% of excluded interest income on obligations of the United States government or agencies thereof and obligations of the State of Oklahoma or political subdivisions thereof. An election may be made to forego the carryback period. A written statement of the election must be part of the original timely filed Oklahoma loss-year return. If the corporation timely filed its return for the loss-year without making the election, it may make the election on an amended return filed within 6 months of the due date of the loss year return (excluding extensions). Attach the election to the amended return. Once made, the election is irrevocable. Real Estate Investment Trusts GENERAL INFORMATION: FRANCHISE TAX A real estate investment trust that does not become regularly traded on an established securities market within one year of the date on which it first becomes a real estate investment trust shall be deemed not to have been regularly traded on an established securities market, retroactive to the date it first became a real estate investment trust. An amended return shall be filed reflecting such retroactive designation for any tax year or part year occurring during its initial year of status as a real estate investment trust. For purposes of this paragraph, a real estate investment trust becomes a real estate investment trust on the first day it has met the requirements of Section 856 of the Internal Revenue Code (IRC) and has elected to be treated as a real estate investment trust pursuant to IRC Section 856(c)(1). 68 OS Sec. 2358. Requirement for Filing a Franchise Tax Return All foreign (non-Oklahoma) corporations, including non-profits, must pay an annual registered agent fee of $100.00. Indicate this amount on Line 13 of the Form 512, page 6. The maximum annual franchise tax is $20,000.00. Corporations that remitted the maximum amount of franchise tax for the preceding tax year do not qualify to file a combined income and franchise tax return. For these corporations their franchise tax is due and payable on May 1st of each year, and delinquent if not paid on or before June 1st. If a taxpayer computes the franchise tax due and determines that it amounts to $250.00 or less, the taxpayer is exempt from the tax and a “no tax due” form is required to be filed. A schedule of corporate officers must still be filed and, for foreign corporations, the $100.00 registered agents fee is still due. Oklahoma Net Operating Loss Deduction Notice: The amount of any net operating loss deduction claimed on Part 1, line 29a or Part 2, line 6e, must also be entered on the front of Form 512 in the space provided at the top of the form. There is also a space provided to enter the loss year(s). If the charter or other instrument is suspended, a fee of $150.00 is required for reinstatement. (See Line 16 Reinstatement Fee on page 12.) The amount of any federal net operating loss deduction shall be adjusted as follows: Franchise Tax Computation The amount of any net operating loss deduction allowed for the taxable year shall be an amount equal to the aggregate of the Oklahoma net operating loss carryovers and carrybacks to such year. Oklahoma net operating losses shall be separately determined by reference to IRC Section 172 as modified by the Oklahoma Income Tax Act and shall be allowed without regard to the existence of a federal net operating loss. For tax years 1996-2000, net operating losses may not be carried back but may be carried forward for a period of time not to exceed 15 years. For tax years 2001 – 2007 and tax years 2009 and subsequent, the years to which such losses may be carried shall be determined solely by reference to IRC Section 172. For tax year 2008, years to which such losses may be carried back shall be limited to two years. No carryback is allowed for losses arising in tax years beginning after December 31, 2017, except as provided for in IRC Section 172. 68 OS Sec. 2358 (A)(3). The basis for computing Oklahoma franchise tax is the balance sheet as shown by your books of account at the close of the last preceding income tax accounting year, or electing to change filing to match the due date of the corporate income tax, the balance sheet for that corporate tax year. The franchise tax for corporations doing business both within and outside of Oklahoma, is computed on the proportion to which property owned, or property owned and business done, within Oklahoma, bears to total property owned, or total property owned and total business done everywhere. “Property owned” is the book value of the assets. For the purpose of determining apportionment as between Oklahoma and elsewhere, liabilities are not to be deducted from gross assets. 4 GENERAL FILING INFORMATION: FRANCHISE TAX COMMON ERRORS Franchise Tax Computation (continued) The term “business done” means and includes the engaging in any activity or the performing of any act or acts in this state that constitutes the doing or transacting of business. Business done in Oklahoma includes sales shipped from Oklahoma to another state in which the corporation is not doing business. Below are the most common errors. To aid in processing your return, please double check your return carefully. • Refunds must be made by direct deposit. Failure to supply direct deposit information will delay the processing of the refund. Intercompany payable and receivables between parent, subsidiary and/or affiliates, are to be eliminated from the calculations necessary to determine the amount of franchise tax due. • Check your FEIN on all forms and schedules. Oklahoma franchise (excise) tax is levied and assessed at the rate of $1.25 per $1,000.00 or fraction thereof on the amount of capital allocated or employed in Oklahoma. • Provide a complete copy of your federal return, and all required schedules. Failure to do so can slow down the processing of your return. • Fiscal year dates are a common problem. If you file based on a fiscal year, please list dates on top of form where indicated. LINE BY LINE INSTRUCTIONS: INCOME TAX GENERAL INSTRUCTIONS FOR DETERMINING OKLAHOMA TAXABLE INCOME Income Computation Cost of complying with Sulfur Regulations: Beginning with federal taxable income, proper adjustments are to be made to arrive at Oklahoma taxable income. Some of the adjustments may be to add interest income from obligations of state and political sub-divisions thereof, and to deduct interest from U.S. obligations. Oil and mining production or royalties and gain or loss from disposition of such property shall be allocated according to their situs. General and administrative expenses, such as interest expense, etc., will ordinarily be allocated on the basis of Oklahoma direct expense to total direct expense. A qualified refinery may make an irrevocable election to allocate all or a portion of the cost of complying with sulfur regulations issued by the Environmental Protection Agency as a deduction allowable to its owners. The allocation for each person is equal to the ratable share of the total amount allocated, determined on the basis of the ownership interest of the person. The taxable income of the refinery shall not be reduced by the reason of any amount allowed under this section. 68 OS Sec. 2357.205 If you are the Refinery - Safety Pays OSHA Consultation Service Exemption: To make the election, attach a schedule stating your corporate name and Federal Employer Identification Number, a list of the costs of complying with sulfur regulations some or all of which are being allocated to your owners, and the portion of such costs allocated to each owner, including the owner’s name and federal identification number. You shall also provide each owner with written notice of the amount of the allocation. The notice must include your corporate name and Federal Employer Identification Number and the owner’s name and federal identification number. (Part 1, Line 26, column B or Part 2, Line 3) An employer that is eligible for and utilizes the Safety Pays OSHA Consultation Service provided by the Oklahoma Department of Labor shall receive a $1,000 exemption for the tax year the service is utilized. Employers must be able to substantiate their participation in the Oklahoma Department of Labor’s Safety Pays Consultation Service upon request. Qualified Refinery Property: If you are the Owner - (Part 1, Line 10, column B or Part 2, Line 2) If the election was made to expense the cost of qualified Oklahoma refinery property placed in service before January 1, 2012 on a previous year’s Oklahoma return, the depreciation deduction claimed on the federal return for such property must be added back to arrive at Oklahoma taxable income. This addition must be made regardless of whether the expense was claimed on the corporate return or allocated to its owners. 68 OS Sec. 2357.204 (Part 1, Line 26, column B or Part 2, Line 6) Deduct the portion of the cost of complying with sulfur regulations which have been allocated to you. Attach the written notice of the allocation received from the refinery. Don’t forget to sign and make a copy of your return before mailing! 5 LINE BY LINE INSTRUCTIONS GENERAL INSTRUCTIONS FOR DETERMINING OKLAHOMA TAXABLE INCOME, CONTINUED Oklahoma Capital Gain Deduction: Captive Real Estate Investment Trusts: (Part 1, Line 25, column B or Part 2, Line 6d) Corporations can deduct qualifying gains receiving capital treatment which are included in federal taxable income. “Qualifying gains receiving capital treatment” means the amount of the net capital gains, as defined under IRC Section 1222(11). The qualifying gain must: 1) Be earned on real or tangible personal property located within Oklahoma that you have owned, either directly or indirectly, for at least five uninterrupted years prior to the date of the sale; 2) Be earned on the sale of stock or ownership interest in an Oklahoma headquartered company, limited liability company or partnership where such stock or ownership interest has been owned, either directly or indirectly, by you for at least three uninterrupted years prior to the date of the sale; or (Part 1, Line 10, column B or Part 2, Line 2) A captive real estate investment trust, which is subject to federal income tax, is required to add-back the dividends-paid deduction otherwise allowed by federal law in computing net income. 68 OS Sec. 2358. Find Us On Social Media! @Ok Tax Commission @oktaxcommission @ok.tax 3) Be earned on the sale of real property, tangible personal property or intangible personal property located within Oklahoma as part of the sale of all or substantially all of the assets on an Oklahoma company, limited liability company or partnership where such property has been directly or indirectly owned by such entity or owned by the owners of such entity, and used in or derived from such entity for a period of at least three uninterrupted years prior to the date of the sale. Use OkTAP to File and Pay Your Taxes Provide Form 561C and a copy of your Federal Schedule D and Form 8949. Agricultural Commodity Processing Facility Exclusion: (Part 1, Line 26, column B or Part 2, Line 6) Owners of agricultural commodity processing facilities may exclude 15% of their investment costs in a new or expanded agricultural commodity processing facility located within Oklahoma. Agricultural commodity processing facility means building, structures, fixtures and improvements used or operated primarily for the processing or production of agricultural commodities to marketable products. The investment is deemed made when the property is placed in service. Access to file, pay, update, interact… all on your time, anytime! With OkTAP you can: • File and pay taxes for your sales, withholding, franchise and mixed beverage accounts along with many more tax types • View OTC returns, letters and notices • Engage in secure messaging with OTC representatives • Order coin-operated device decals • Register new businesses with the OTC • Register a third-party preparer to manage your account Under no circumstances shall this exclusion lower your taxable income below zero. In the event the exclusion does exceed taxable income, any unused portion may be carried over for a period not to exceed six years. A schedule must be provided showing the type of investment(s), the cost of the investment and the date placed in service. For more information, visit http://oktap.tax.ok.gov 6 LINE BY LINE INSTRUCTIONS: INCOME TAX PAGE THREE - PART 1 Part 1, Column A is to be completed by all corporations. All corporations start with Part 1. Part 1, Column B is to be used by all corporations domesticated in Oklahoma deriving all of their income within Oklahoma or by corporations whose business within and without Oklahoma is oil and gas production, mining, farming, income from pass-through entities or rental. This should be completed using the direct accounting method. Income (loss) shall be allocated in accordance with the situs of such property. Overhead expense shall be allocated on the basis of direct expense in Oklahoma to the total direct expense everywhere. Line 5 - Interest on U.S. Government Obligations If you report interest on bonds, notes, and other obligations of the U.S. on your federal return, it may be excluded from your Oklahoma income if a detailed schedule is furnished, accompanied with 1099s showing the amount of interest income and the name of the obligation from which the interest is earned. If the income is from a mutual fund which invests in U.S. Government obligations, provide documentation from the mutual fund to substantiate the percentage of income derived from obligations exempt from Oklahoma tax. Interest from entities such as FNMA & GNMA does not qualify. Line 6b - State and Municipal Interest (continued) 2) Income from local Oklahoma governmental obligations issued after July 1, 2001, other than those provided for in 1, is exempt from Oklahoma income tax. The exceptions are those obligations issued for the purpose of providing financing for projects for nonprofit corporations. Local governmental obligations shall include bonds or notes issued by, or on behalf of, or for the benefit of Oklahoma educational institutions, cities, towns, or counties or by public trusts of which any of the foregoing is a beneficiary. Line 6a - Other Interest Accounts receivable interest income and interest income from investments held to generate working capital shall be allocated to Oklahoma on the basis of direct expense. 3) Income from Oklahoma State and Municipal Bonds issued prior to July 2, 2001, other than those provided for in 1, is exempt from Oklahoma income tax only if so provided by the statute authorizing their issuance. All other intangible income (loss) shall be allocated in accordance with the situs of the corporation. 4) Income on bonds issued by another state or political subdivision thereof (non-Oklahoma) exempt from federal taxation is taxable for Oklahoma income tax. Line 6b - State and Municipal Interest Corporations domiciled in Oklahoma that receive income on bonds issued by any state or political subdivision thereof, exempt from federal taxation but not exempt from taxation by the laws of the State of Oklahoma, shall add the total of such income to arrive at Oklahoma income. Provide a schedule of all municipal interest received by source and amount. If the income is from a mutual fund which invests in state and local government obligations, provide documentation from the mutual fund to substantiate the percentage of income derived from obligations exempt from Oklahoma tax. 1) Income from all bonds, notes or other obligations issued by the State of Oklahoma, the Oklahoma Capital Improvement Authority, the Oklahoma Municipal Power Authority, the Oklahoma Student Loan Authority and the Oklahoma Transportation Authority (formerly Turnpike Authority) is exempt from Oklahoma income tax. The profit from the sale of such bond, note or other obligations shall be free from taxation. Note: If the interest is exempt, the capital gain/loss from the sale of the bond may also be exempt. The gain/loss from sale of a state or municipal bond, other than those provided for in 1, is exempt only if so provided by the statute authorizing its issuance. Line 7 and 8 - Rents and Royalties Income from real or tangible personal property, lease royalty or bonus shall be allocated in accordance with the situs of the property. Line 9 - Gains or Losses Gains or losses from the sale of leases and gains or losses from the sale of real and tangible personal property, shall be allocated in accordance with the situs of the property. 7 LINE BY LINE INSTRUCTIONS: INCOME TAX PAGE THREE - PART 1, CONTINUED schedule listing the electing PTE, federal identification number, federal taxable income (loss) and Oklahoma taxable income (loss) in line 1 that is covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019 (68 OS §2355.1P-4). Line 10 - Other Income (Column B) Rents and interest expenses paid to a captive real estate investment trust and deducted on your federal return must be added back to compute Oklahoma taxable income. Such add-back is not required if the captive real estate investment trust is subject to the add-back for the dividends-paid deduction. See “Captive Real Estate Investment Trusts” on page 6. Line 12 through 26 - Expenses Expenses relative to the income above shall be allocated directly to that income. If you are a member, either directly or indirectly, of an electing pass-through entity (PTE), please attach a PAGE FOUR - PART 2 Line 3 - Deductions Income from U.S. obligations (see page 7, Part 1 instructions) and net income separately allocated (oil and gas production, mining, farming, pass-through entities or rentals) will be entered here. Gains or losses from sale of intangible personal property which is directly allocated should also be entered here. Part 2 is to be used by corporations conducting a business of a unitary nature. A unitary business is one whose income is derived from the conduct in more than one state of a single business enterprise, all the factors of which are essential to the realization of an ultimate gain derived from the enterprise as a whole, and not from its component parts which are too closely connected and necessary to each other to justify division or separate allocation. Line 6 - Oklahoma Additions and Deductions Income separately allocated to Oklahoma should be entered here. (Examples: interest income from state obligations or political subdivisions, oil and gas production, mining, farming, rentals, the Oklahoma distributable income from pass-throughs, etc.) Generally the resulting amount is apportioned to Oklahoma based on the 3-factor formula. The basis of the apportionment is the arithmetical average of three factors consisting of property, payroll and sales. If less than 3 factors are present, the resulting amount is apportioned to Oklahoma on a 2-factor or single factor formula consisting of the arithmetical average of the factors present. A factor is considered present if there is a denominator. If you are a member, either directly or indirectly, of an electing pass through entity (PTE), please attach a schedule listing the PTE, federal identification number, federal taxable income (loss) and Oklahoma taxable income (loss) in line 1 that is covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019 (68 OS §2355.1P-4). NOTE: FACTORS ARE NOT COMPUTED FROM THE CONSOLIDATED TOTALS. Each factor is a ratio of the total within Oklahoma to the total everywhere. For income apportioned to Oklahoma, there is to be added all income separately allocated to Oklahoma with the result being Oklahoma taxable income. 68 OS Sec. 2358. Make Your Payments by Credit Card... You can pay the balance due by credit card. Payments can be made for any tax year. Estimated income tax payments are also accepted. Line 1 - Federal Taxable Income Enter Net Taxable Income from Part 1, Column A, line 30. Line 2 - Additions Deductions relating to income which is separately allocated shall not be allowed and will be entered here. Log on to our website at www.tax.ok.gov. Click on the “Online Services” link to pay online. Rents and interest expenses paid to a captive real estate investment trust and deducted on your federal return must be added back to compute Oklahoma taxable income. Such add-back is not required if the captive real estate investment trust is subject to the add-back for the dividends-paid deduction. See “Captive Real Estate Investment Trusts” on page 6. A convenience fee will be added to credit and debit card transactions. For more information regarding this service, please visit our website at www.tax. ok.gov or call (405) 521-3160. 8 LINE BY LINE INSTRUCTIONS: INCOME TAX PAGE FOUR - PART 2, CONTINUED Line 8 - Oklahoma Accrued Tax Oklahoma accrued tax is computed by dividing line 7 (Oklahoma Net Income before Oklahoma Income Tax) by the number 17.6667. Line 8 - Oklahoma Accrued Tax (continued) Computation of Tax Accrual When Tax Credits Are Allowable 1. Oklahoma income before tax accrual 2. Allowable Oklahoma credits When filing a consolidated return, complete Form 512TI. The accrual of Oklahoma state income tax must be made after the combination of the income and loss from all companies included in the combination. The accrued tax cannot be less than zero. When credits are allowed, the accrual of Oklahoma tax will not be allowed on the amount of Oklahoma taxable income that is covered by the credit. Tax accrual is allowed on the amount of income for which tax is actually paid. The following example shows how the accrual should be calculated. A schedule, like the example, should be provided and submitted with Form 512. Computation of accrued tax allowed A. Oklahoma income (Line 1 above) B. Line 2 above divided by 6% C. Subtract Line B from Line A D. Divide Line C by 17.6667 (If Line D is less than 0, enter 0) 100,000 2,000 100,000 33,333 66,667 3,774 3. Subtract Line D from Line 1 above 96,226 (Enter Line 3 above on Page 1, Line 1 of your Oklahoma corporation income tax Form 512) Total tax due Tax accrual allowed Tax credit allowed 5,774 3,774 2,000 PAGE ONE - SECTION ONE: INCOME TAX Line 2 - Tax The income tax rate is 6%. Line 3 - Other Credits (continued) If you are claiming any of the credits on Form 511CR, provide the form, and any applicable forms or schedules, with your Form 512 return. Recapture of Oklahoma Affordable Housing Tax Credit If under IRC Section 42 a portion of any federal lowincome housing credits taken on a qualified project is required to be recaptured during the first 10 years after a project is placed in service, the taxpayer claiming Oklahoma Affordable Housing Tax Credits with respect to such project shall also be required to recapture a portion of such credits. The amount of Oklahoma Affordable Housing Tax Credits subject to recapture is proportionally equal to the amount of federal lowincome housing credits subject to recapture. Add the recaptured credit to the Oklahoma income tax and enter a “1” in the box. Form 511CR can be obtained from our website at www. tax.ok.gov. Tax credits transferred or allocated must be reported on OTC Form 569. Failure to file Form 569 will result in the affected credits being denied by the OTC pursuant to 68 OS Sec. 2357.1A-2. • Oklahoma Investment/New Jobs Credit Provide Form 506. 68 OS Sec. 2357.4 and Rule 710:50-15-74. • Coal Credit 68 OS Sec. 2357.11 and Rule 710:50-15-76. • Credit for Investment in a Clean-Burning Motor Vehicle Fuel Property Provide Form 567-A. 68 OS Sec. 2357.22 and Rule 710:50-15-81. • Small Business Guaranty Fee Credit (for banks and credit unions) Provide Form 529. 68 OS Sec. 2370.1. • Credit for Entities in the Business of Providing Child Care Services 68 OS Sec. 2357.27. • Credit for Tourism Development or Qualified Media Production Facility 68 OS Sec. 2357.34 - 2357.40. • Oklahoma Local Development and Enterprise Zone Incentive Leverage Act Credit 68 OS Sec. 2357.81. Making an Oklahoma installment payment pursuant to IRC Section 965(h) If a taxpayer elected to make installment payments of tax due pursuant to the provisions of subsection (h) of Section 965 of the IRC, such election may also apply to the payment of Oklahoma income tax, attributable to the income upon which such installment payments are based. Add the installment payment to the Oklahoma income tax and enter a “2” in the box. Provide a schedule of the tax computation. 68 O.S. Sec. 2368(K) Line 3 - Other Credits The amount of other credits as claimed on Form 511CR should be entered on this line. Enter in the box the number that corresponds with the credit to which you are entitled. Enter “99” if entitled to more than one credit. See below for a list of the credits available on Form 511CR. 9 LINE BY LINE INSTRUCTIONS: INCOME TAX PAGE ONE - SECTION ONE: INCOME TAX, CONTINUED Line 3 - Other Credits (continued) • Credit for Qualified Rehabilitation Expenditures 68 OS Sec. 2357.41 and Rule 710:50-15-108. Line 7 - Oklahoma Withholding 1. Enter the Oklahoma income tax withheld from your royalty payments. • Credit for Electricity Generated by Zero-Emission Facilities 68 OS Sec. 2357.32A. 2. Oklahoma income tax is withheld from distributions made by pass-through entities to nonresident members, unless such nonresident member has filed a withholding exemption affidavit (Form OW-15). If you are a nonresident member of a pass-through entity who has not filed an affidavit, Oklahoma income tax should have been withheld on distributions of Oklahoma taxable income. Enter the Oklahoma income tax withheld on your distribution. • Credit for Financial Institutions Making Loans under the Rural Economic Development Loan Act 68 OS Sec. 2370.1. • Credit for Manufacturers of Small Wind Turbines 68 OS Sec. 2357.32B and Rule 710:50-15-92. • Credit for the Construction of Energy Efficient Homes 68 OS Sec. 2357.46 and Rule 710:50-15-104. Provide the Form 500-A, Form 1099-MISC, Form 500-B, Form K-1 or other documentation to substantiate Oklahoma withholding. • Credit for Railroad Modernization 68 OS Sec. 2357.104 and Rule 710:50-15-103. Line 8 - Refundable Credits Place an “X” in the box(es) on line 8 to report any credit from Form 577 or Form 578. • Research and Development New Jobs Credit Provide Form 563. 68 OS Sec. 54006 and Rule 710:50-15-105. If claiming the Refundable Coal Credit, provide Form 577. Credits earned, but not used, based upon activity occurring during the tax year will be refunded at 85% of the face amount of the credits. For any credit calculated, the credit allowed is equal to 75% of the amount otherwise provided. A pass-through entity that does not file a claim for a direct refund will allocate the credit to one or more of its shareholders, partners or members. • Credit for Biomedical Research Contribution 68 OS Sec. 2357.45 and Rule 710:50-15-113. • Credit for Employers in the Aerospace Sector Provide Form 565. 68 OS Sec. 2357.301, 2357.302 and 2357.303 and Rule 710:50-15-109. • Wire Transfer Fee Credit 68 OS Sec. 2357.401 and Rule 710:50-15-111. If claiming the Refundable Credit for Electricity Generated by Zero-Emission Facilities, provide Form 578. Credits earned, but not used, based on electricity generated during the tax year may be refunded to the taxpayer at 85% of the face amount of the credits. A pass-through entity that does not file a claim for a direct refund may allocate the credit to one or more of its shareholders, partners or members. • Credit for Cancer Research Contribution 68 OS Sec. 2357.45 and Rule 710:50-15-113. • Oklahoma Capital Investment Board Tax Credit 74 OS Sec. 5085.7. • Credit for Contributions to a Scholarship-Granting Organization 68 OS Sec. 2357.206 and Rule 710:50-15-114. Line 14 - Support the Oklahoma General Revenue Fund and Public Classroom Support Fund A donation to these funds may be made on a tax due return. For more information regarding these funds, see the instructions for Line 29, #3 and #8. • Credit for Contributions to an Educational Improvement Grant Organization 68 OS Sec. 2357.206 and Rule 710:50-15-115. • Credit for Venture Capital Investment Provide Form 518-A or 518-B. 68 OS Sec. 2357.7 & 8 and Rule 710:50-15-77 & 78. E-file! Did you know Forms 512 and 512-S can be electronically filed? E-filing is the fastest and easiest way to file your taxes. • Oklahoma Affordable Housing Tax Credit 68 OS Sec. 2357.403. • Credits for Employers in the Vehicle Manufacturing Industry Provide Form 585. 68 OS Sec. 2357.404 and Rule 710:50-15-116 Visit www.tax.ok.gov to see which software companies are approved for use. Remember, e-filing is simple, safe, speedy and secure. 10 LINE BY LINE INSTRUCTIONS: INCOME TAX PAGE ONE - SECTION ONE: INCOME TAX, CONTINUED Line 15 - Underpayment of Estimated Tax Interest All corporations are required to make estimated tax payments if the tax liability is $500 or more. To avoid the 20% Underpayment of Estimated Tax Interest, timely filed estimated tax payments are required to be equal to the smaller of 70% of the current year tax liability or 100% of your prior year tax. The tax liability is the tax due less all credits except amounts paid on estimated tax and extension payments. Line 15 - Underpayment of Estimated Tax Interest (continued) If an amended return is filed before the due date for filing the original return, including any extension, the tax shown on the amended return is used to determine the amount of underpayment. If the amended return is filed after the due date, including extension, the tax shown on the amended return will not be used to compute the amount of underpayment. Place an “X” in the box if the underpayment of estimated tax was computed using the annualized income installment method. Line 16 - Delinquent Penalty and Interest Interest at the rate of 1 1/4% per month shall be paid on the tax due from the original due date until paid. 90% of the tax liability must be paid by the original due date of the return to avoid a delinquent penalty charge of 5% for late payment. Note: No Underpayment of Estimated Tax Interest shall be imposed if the tax liability shown on the return is less than $1,000. Provide Form OW-8-P. NOTE: If a combined Corporate Income and Franchise Tax Return is not being filed, skip the “Franchise Tax Instructions” and go to the “Page Two, Section Three: Total” instructions on page 13. LINE BY LINE INSTRUCTIONS: FRANCHISE TAX PAGES SIX THROUGH NINE - ANNUAL FRANCHISE TAX RETURN First Step... Complete Balance Sheet and Schedules B, C & D on Form 512, pages eight and nine. (Must be returned with annual return) Line 13 (continued) be shown at book value. All intangibles, including cash, are to be apportioned wholly to Oklahoma unless a commercial or business location for the intangibles has been established elsewhere. Balance Sheet Instructions (page nine) Lines 1 – 3 Cash, notes, accounts receivable, and inventories are to be reported at book value. Line 14 Life insurance, where the reporting taxpayer is beneficiary, is to be shown at cash surrender value. Line 4 United States, municipal, commercial and other bonds owned by the corporation. Line 15 Total net amount of lines 6 through 14. Line 18 Total lines 15, 16, and 17. Line 5 Prepaid expenses and deferred charges are to be included as assets at book value. Line 20 Reserves for taxes are allowed to the extent such taxes are unpaid. Deferred credits are included in capital employed unless they can be shown to be actual liabilities. Line 8 Stock or other evidence of ownership in subsidiary organizations as shown on the corporation’s books of account. Line 21 Current liability includes indebtedness payable in three (3) years or less after issuance. Lines 9b, 10b, 11b. If accumulated depreciation and depletion appear to be excessive, the excess may be disallowed. Line 26 Stockholder loans must be repaid within three years of creation to be considered a current liability. Contingent assets or liabilities should not be included unless fully explained and the condition under which they become actual is clearly set forth. Line 13 Patents, trademarks, copyrights, etc., and franchises are to be included as assets to the extent of their cost. In the case of a definite term franchise, the cost thereof may be amortized over its life. Goodwill is an asset and should 11 LINE BY LINE INSTRUCTIONS: FRANCHISE TAX PAGES SIX THROUGH NINE - ANNUAL FRANCHISE TAX RETURN, CONTINUED Line 32 Total lines 23 through 31. The amounts as shown by the books of account shall be the measure of value of the assets and liabilities, except when the items on the books of account are in error or lack sufficient detail to truly reflect the amount of capital invested and employed in the business. Line 13 - Registered Agent Fee If the corporation originated in a state other than Oklahoma, the Oklahoma Secretary of State charges an annual registered agent fee of $100.00 and is collected on the franchise tax return. Non-profit corporations originating in another state will be sent Form 200-N “Foreign Not-For-Profit Corporation Annual Franchise Tax Return”. Second Step... Complete the Oklahoma Annual Franchise Tax Return (Page six). Line 14 - Interest Tax not paid by the original due date is subject to 1.25% interest per month from the due date until it is paid. Multiply the amount in Line 12 by .0125 for each month the tax is unpaid. Item A: Place the taxpayer FEIN in Block A. Item B: Enter the Account number issued by the Oklahoma Tax Commission beginning with FRX followed by ten digits. If no number has been issued, leave blank. Line 15 - Penalty Tax not paid by the original due date is subject to a penalty of 10%. Multiply the amount in Line 12 by .10 to determine the penalty. Item C: Place an “X” in the box if your mailing address has changed. Write your new address in the space provided in Item C. Line 16 - Reinstatement Fee If your corporate charter has been suspended, you must file a separate franchise return, Form 200, and meet all outstanding filing and payment obligations in order to be reinstated. A $150.00 reinstatement fee is also required. Only one reinstatement fee is required even if multiple past due returns are being filed. Item D: Enter your balance sheet date (MM/DD/YY) of your most recent income tax accounting year. Do NOT leave blank. Lines 1-11 (except 9) are derived from your balance sheet (page 9). Please put the date of the balance sheet in box D. Note: To expedite the reinstatement of your corporation, the fee can be paid online through your OkTAP franchise account or by using our online payment service. Line 9 - Percent of Oklahoma Assets Select which option you will use to determine the apportionment of Oklahoma assets. Line 17 - Previous Payment • Enter any Estimated Franchise tax paid with Form 504-C. • If filing an amended return, enter any Franchise tax paid with the original return and amounts paid after it was filed. Option 1: Percent of Oklahoma assets and business done to total assets and business done. (line 6 divided by line 8). Round to six decimal points. Line 18 - Overpayment Add the amounts from lines 12 through 16. If the result is less than the amount on line 17, subtract line 17 and enter the difference (overpayment) on line 18. Option 2: Percent of Oklahoma assets to total net assets (line 1 divided by line 2). Round to six decimal points. Line 19 - Total Due Add the amounts from lines 12 through 16. If the result is larger than the amount on line 17, subtract line 17 and enter the difference (tax due) on line 19. Line 12 - Tax Compute tax at $1.25 per $1,000.00 of capital. (Either line 4 or line 11) If tax is more than $20,000.00 enter $20,000.00 on line 12. You are exempt from paying tax if your tax liability is $250.00 or less, however, a return must still be filed. Third Step... Schedule A: Officer Information (Page seven) Enter the effective date of officers. Please refer to the example on Schedule A. Failure to provide this information could result in the corporation being suspended. Note: Corporations paying the maximum franchise tax of $20,000.00 this year will be required to file a standalone franchise tax return (Form 200) next year. A combined corporate income and franchise tax return will not be allowed. PAGE TWO - SECTION TWO: FRANCHISE TAX To complete lines 18-25, use the figures from page 6, lines 12-19 or, if consolidated, use Form 512-FT. 12 LINE BY LINE INSTRUCTIONS: INCOME TAX AND FRANCHISE TAX PAGE TWO - SECTION THREE: TOTAL 4 Oklahoma Emergency Responders Assistance Program You may donate from your tax refund for the benefit of the Oklahoma Emergency Responders Assistance Program. Monies will be expended by the Department of Public Safety for the purpose of providing grants to the Program for post critical incident care to all emergency first responders and their families who are experiencing emotional trauma. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Public Safety, Finance Department, Re: Oklahoma Emergency Responders Assistance Program, P.O. Box 11415, Oklahoma City, OK 73136-0415. All corporations complete Section Three: Total Combine Income Tax and Franchise Tax. If there is a balance due, complete line 26. If there is an overpayment, complete lines 27-31. Line 29 - Donations You have the opportunity to make a financial gift from your refund to a variety of Oklahoma organizations. Enter the amount of your donation and place the line number of the organization in the box on line 29 of Form 512. If you give to more than one organization, put a “99” in the box and attach a schedule showing how you would like your donation split. 1 Support of Programs for Volunteers to Act as 5 Support of Folds of Honor Scholarship Program You have the opportunity to donate from your tax refund to support the Folds of Honor Foundation. Folds of Honor is a 501(c)(3) charitable organization that provides scholarships for K through 12 and post-secondary education for children and spouses of military service men and women fallen or disabled while serving on active duty. If you are not receiving a refund, you may still donate to Folds of Honor. Mail your contribution to: Folds of Honor Foundation, 5800 North Patriot Drive, Owasso, OK 74055. Court Appointed Special Advocates for Abused or Neglected Children You may donate from your tax refund to support programs for volunteers to act as Court Appointed Special Advocates for abused or neglected children. Donations will be placed in the Income Tax Checkoff Revolving Fund for Court Appointed Special Advocates. Monies will be expended by the Office of the Attorney General for the purpose of providing grants to the Oklahoma CASA Association. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma CASA Association, Inc., P.O. Box 54946, Oklahoma City, OK 73154. 6 Support the Wildlife Diversity Fund Your donation will help conserve rare or declining fish and wildlife along with common species not hunted or fished. Donations to the Oklahoma Department of Wildlife Conservation’s Wildlife Diversity program supports field surveys of animals considered to be of greatest conservation need, as well as educational wildlife programs for all Oklahomans. Tax deductible donations to the Wildlife Diversity Fund also can be made at wildlifedepartment.com or by mail: P.O. Box 53465, Oklahoma City, Oklahoma 73152. 2 Indigent Veteran Burial Program You may donate from your tax refund for the benefit of the Oklahoma Department of Veterans Affairs Indigent Veteran Burial Program. Monies will be expended by the Oklahoma Department of Veterans Affairs to provide reimbursement to a cemetery or funeral home for costs incurred burying an indigent veteran; provided, the maximum reimbursement shall not exceed $500 per veteran. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Veterans Affairs, P.O. Box 53067, Oklahoma City, OK 73152. 7 Support of Programs for Regional Food Banks in Oklahoma You may donate from your tax refund for the benefit of the Regional Food Bank of Oklahoma and the Community Food Bank of Eastern Oklahoma (Oklahoma Food Banks). The Oklahoma Food Banks are the largest hunger-relief organizations in the state – distributing food to charitable and faith-based feeding programs throughout all 77 counties in Oklahoma. Your donation will be used to help provide food to the more than 500,000 Oklahomans at risk of hunger on a daily basis. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Human Services, Revenue Processing Unit, Re: Programs for OK Food Banks, P.O. Box 248893, Oklahoma City, OK 73124. 3 Support the Oklahoma General Revenue Fund You may donate for the benefit of the General Revenue Fund of the State of Oklahoma. Appropriation of such funds will be subject to the provisions of Section 23 of Article X of the Oklahoma Constitution. Expenditures from the fund will be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment. 13 LINE BY LINE INSTRUCTIONS: INCOME TAX AND FRANCHISE TAX PAGE TWO - SECTION THREE: TOTAL 8 Public School Classroom Support Fund Donations to the Public School Classroom Support Revolving Fund will be used by the State Board of Education to provide one or more grants annually to public school classroom teachers. Grants will be used by the classroom teacher for supplies, materials or equipment for the class or classes taught by the teacher. Grant applications will be considered on a statewide competitive basis. You may also mail a donation to: Oklahoma State Board of Education, Public School Classroom Support Fund, Office of the Comptroller, 2500 North Lincoln Boulevard, Room 415, Oklahoma City, OK 73105-4599. 10 Support the Oklahoma AIDS Care Fund You may donate from your tax refund for the benefit of the Oklahoma AIDS Care Fund. Monies will be expended by the Department of Human Services for the purpose of providing grants to the Fund for purposes of emergency assistance, advocacy, education, prevention and collaboration with other entities. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Human Services, Revenue Processing Unit, Re: OK Aids Care Fund, P.O. Box 248893, Oklahoma City, OK 73124. 9 Oklahoma Pet Overpopulation Fund You may donate from your tax refund for the benefit of the Oklahoma Pet Overpopulation Fund. Monies placed in this fund will be expended for the purpose of developing educational programs on pet overpopulation and for implementing spay/neuter efforts in this state. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Agriculture, Food and Forestry, Animal Industry Division, 2800 North Lincoln Blvd., Oklahoma City, OK 73105. Line 31 - Refund Complete the direct deposit section on the tax return to have the refund deposited into your account at a bank or other financial institution. See “Direct Deposit Information” for detail. WHEN YOU ARE FINISHED • In the event that you owe taxes, provide a check or money order payable to “Oklahoma Tax Commission”. Enclose a completed Form EF-V with your payment if mailing separate from your return. • For proper account application, please do not provide any estimated payments and/or vouchers with this return. Mail tax year 2020 estimated payments separately. • Return must be signed. • Payments may also be made electronically online. Log on to www.tax.ok.gov and visit the “Online Services” section. • Mail the original return along with any payment due to: • When complete, make copies of all the documents for your records. • Do not provide any correspondence other than those documents and schedules required for your return. 14 Oklahoma Tax Commission Income Tax PO Box 26800 Oklahoma City, OK 73126-0800 HOW TO CONTACT THE OKLAHOMA TAX COMMISSION Whether you need a tax form, have a question or need further information, there are many ways to reach us. Office Locations! Visit Us on the Web! Oklahoma City You’ll find a wealth of information on our website, including: 2501 North Lincoln Boulevard Tulsa • Downloadable tax forms • Answers to common questions • Online filing options for both income and business taxes 440 South Houston, 5th Floor (This location accepts online electronic payments only) Give Us a Call! Taxpayer Service Center (405) 521-3160 www.tax.ok.gov The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law. Federal Employer Identification Number (FEIN): The request for your FEIN is authorized by Section 405, Title 42, of the United States Code. You MUST provide this information. It will be used to establish your identity for tax purposes only. DIRECT DEPOSIT INFORMATION Complete the direct deposit section on the tax return to have the refund directly deposited into your account at a bank or financial institution. Refunds, with limited exceptions, must be made by direct deposit. 1 2 3 Place an ‘X’ in the appropriate box as to whether the refund will be going into a checking or savings account. Please keep in mind you will not receive notification of the deposit. Fill out the routing number. The routing number must be nine digits. Using the sample check shown below, the routing number is 120120012. If the first two digits are not 01 through 12 or 21 through 32, the direct deposit will fail to process. Enter your account number. The account number can be up to 17 characters (both numbers and letters). Include hyphens but omit spaces and special symbols. Enter the number from left to right and leave any unused boxes blank. On the sample check shown below, the account number is 2020268620. Please Note: The OTC is not responsible if a financial institution refused a direct deposit. If a direct deposit is refused, a check will be issued to the address shown on the tax return. WARNING! Due to electronic banking rules, the OTC will NOT allow direct deposits to or through foreign financial institutions. If you use a foreign financial institution, you will be issued a paper check. 1234 ABC Corporation 123 Main Street Anyplace, OK 00000 PAY TO THE ORDER OF Routing Number 15-0000/0000 SAMPLE $ Account Number DOLLARS ANYPLACE BANK Anyplace, OK 00000 SAMPLE For :120120012 : 2020268620 1234 15 Note: The routing and account numbers may appear in different places on your check. Form 512 2019 Corporation Income and Franchise Tax Return State of Oklahoma For the year January 1 - December 31, 2019, or other taxable year beginning: , 2019 ending: , Name of Corporation: Street Address: City, State or Province, Country and ZIP or Foreign Postal Code: B. Business Code Number Place an ‘X’ if: (1) Okla Initial return (2) Final return If you have applied for an extension from the IRS, place an ‘X’ here and provide a copy. Other TYPE OF RETURN FILED EXTENSION STATE OF INCORP A. Federal Employer Identification Number (3) Separate Oklahoma Federal Consolidated or or (page 3 of instructions) Amended return (See Schedule 512-X on page 10) Notice: Corporations should NOT complete the franchise tax portion of the return for the following: • Filing a stand-alone Oklahoma Annual Franchise Tax Return (Form 200). • Not required to file a franchise return. • Remitted the maximum amount of franchise tax for the preceding tax year. Notice: Enter the amount of Oklahoma net operating loss as shown on Part 1, line 29(a) or Part 2, line 6(e)...........................Loss year(s): ........ $ .00 SECTION ONE: INCOME TAX 1 Oklahoma taxable income (as shown on Part 1 or 2, or if consolidated, from Form 512-TI).................... 1 .00 2 Tax: 6% of line 1 (If recapturing the Oklahoma Affordable Housing Tax Credit, add the recaptured credit here and enter a “1” in the box. If making an Oklahoma installment payment pursuant to IRC Sec. 965(h) and 68 O.S. Sec. 2368(K), add the installment payment here and enter a “2” in the box)......................................... ..... 2 3 Less: Other Credits Form (total from Form 511CR) (see instructions)............................... ..... 3 4 Balance of tax due (line 2 minus line 3, but not less than zero)................................................................ 4 5 6 7 2019 Oklahoma estimated tax payments (i.e. Form(s) OW-8-ESC and prior year overpayment carryforward).............................................................5 Amount paid with extension request...............................................................6 Oklahoma withholding (provide Form 1099, 500-A or other withholding statement)... 7 .00 .00 .00 8 Refundable Credits from Form........................ a) 577..........b) 578...... 8 .00 .00 .00 .00 9 10 11 12 Amount paid with original return and amount paid after it was filed .00 (amended return only).....................................................................................9 ) .00 Any refunds or overpayment applied (amended return only)........................10 ( Total of lines 5 through 10....................................................................................................................... 11 Overpayment (line 11 minus line 4).............................................................................Overpayment 12 .00 .00 13 14 15 Tax Due (line 4 minus line 11)................................................................................. Income Tax Due 13 (a) Donation: Support the Oklahoma General Revenue Fund............................................................... 14a (b) Donation: Public School Classroom Support Fund......................................................................... 14b Underpayment of estimated tax interest.........................................................................Annualized 15 .00 .00 .00 .00 16 17 For delinquent payment add penalty of 5%....................... $_______________________________ . plus interest of 1.25% per month................................................. $_______________________________ ..........16 Total tax, penalty and interest (add lines 13 - 16)..................................................................................... Income Tax Balance Due 17 The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law. .00 .00 2019 Form 512 - Page 2 Corporation Income and Franchise Tax Name shown on Form 512: Federal Employer Identification Number: Place an “X” here if filing a combined corporate income and franchise tax return and complete Section Two. Corporations filing a Form 200 will skip Section Two and complete Section Three. SECTION TWO: FRANCHISE TAX To complete lines 18 - 25, use the figures from page 6, lines 12-19 or, if consolidated, use Form 512-FT. 18 Tax............................................................................................................................................................18 .00 19 Registered Agents Fee.............................................................................................................................19 .00 20 Interest......................................................................................................................................................20 .00 21 Penalty......................................................................................................................................................21 .00 22 Reinstatement Fee...................................................................................................................................22 .00 23 Previous Payment....................................................................................................................................23 ( ) .00 24 Overpayment....................................................................................... Franchise Tax Overpayment 24 .00 25 Total Due......................................................................................................Franchise Tax Balance 25 .00 SECTION THREE: TOTAL - All corporations complete Section Three. Combine Income Tax and Franchise Tax. If there is a net balance due, complete line 26. If there is a net overpayment, complete lines 27-31. Balance Due 26 Total Balance Due.......................................................................................................Balance Due 26 Overpayment 27 Total Overpayment.
More about the Oklahoma 512-Pckt Corporate Income Tax Tax Return TY 2019
We last updated the Corporate Income Tax Return Packet (form and instructions) in February 2020, so this is the latest version of 512-Pckt, fully updated for tax year 2019. You can download or print current or past-year PDFs of 512-Pckt directly from TaxFormFinder. You can print other Oklahoma tax forms here.
Other Oklahoma Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 564||Credit for Employees in the Aerospace Sector (you will also need Form 511CR)|
|Form 512||Corporate Income Tax Return (form and schedules)|
|514-Pckt||Partnership Information Return Packet (form and instructions)|
|Form OW-8-ESC||Estimated Tax Declaration for Corporations|
|512-Pckt||Corporate Income Tax Return Packet (form and instructions)|
Oklahoma usually releases forms for the current tax year between January and April. We last updated Oklahoma 512-Pckt from the Tax Commission in February 2020.
512-Pckt is an Oklahoma Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Oklahoma 512-Pckt
We have a total of six past-year versions of 512-Pckt in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Oklahoma Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.