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Oklahoma Free Printable  for 2020 Oklahoma Partnership Information Return Packet (form and instructions)

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Partnership Information Return Packet (form and instructions)
514-Pckt

2019 Oklahoma Partnership Income Tax Forms and Instructions • Includes Forms 514, 514-SUP, 514-PT and 514-PT-SUP www.tax.ok.gov This packet contains: • Instructions for completing the Form 514. • 514 partnership income tax form. • 514-SUP supplemental schedule for Form 514, Part 5. • 514-PT partnership composite income tax supplement. 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 http://oktap.tax.ok.gov • 514-PT-SUP supplemental schedule for Form 514-PT. Filing date: • Your Oklahoma return is due 30 days after the due date of your Federal return. For assistance or forms: • See page 11 for methods of contacting the Oklahoma Tax Commission. TABLE OF CONTENTS General Filing Information....................................... 2-5 Amended Returns.......................................................3 Specific Line Instructions...................................... 5-10 When You Are Finished.............................................10 Direct Deposit Information........................................11 How to Contact the OTC...........................................11 2019 OKLAHOMA PARTNERSHIP INCOME TAX RETURN What’s New in the 2019 Oklahoma Partnership Tax Packet? • See page 5 for information on being an electing passthrough entity (PTE) and on being a member of an electing PTE. • The line for Credits for Employers in the Vehicle Manufacturing Industry was added to Form 511CR. See page 8 for information on how to obtain Form 511CR. • “Initial Return” and “Electing PTE” checkboxes were added to the top of the form. The top of the form has been revised. GENERAL FILING INFORMATION General Information When and Where the Return Must Be Filed (continued) When the last date for filing any document or performing any act required by the 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. Title 68 Oklahoma Statutes (OS) Returns by Partnerships. Returns by Limited Liability Companies (LLCs) and Limited Liability Partnerships (LLPs). Any reference to partnership partners in the instructions and on Form 514 also relate to LLC and LLP members. Business Code Number Oklahoma business codes are the same as federal business codes. Notice: If this is a fiscal year or short period return, please enter both the beginning and ending dates. Every partnership, including syndicates, groups, pools, joint ventures or other unincorporated organizations (exclusive of trusts, estates or corporations defined by the act), having Oklahoma source income, shall make a return of income on Form 514, for the calendar year or fiscal year ended on the last day of any month other than December. Composite Return Information (Rule 710:50-19-1) Any partnership required to file an Oklahoma income tax return may elect to file a composite return for its nonresident partners. The income tax liability for such nonresident partners will be computed and paid on the partnership return. Any nonresident partner may be included in the composite return. When filing a composite return, the Form 514-PT “Partnership Composite Income Tax Supplement” and Form 514, Part One “Tax Computation for Nonresident Composite Filers” must be completed. If there are more than 15 partners included in the composite return, complete Form(s) 514-PT-SUP. Each partner having Oklahoma source income sufficient to make a return, shall make such return as required by law. Partnerships filing Federal Form 1065-B will file Form 514. Accounting Methods and Periods The taxable year and method of accounting shall be the same as the taxable year and method of accounting used for federal income tax purposes. Use Form 514-PT and, if applicable, Form 514-PT-SUP to compute each of the nonresident partner’s Oklahoma income tax. The instructions are on the back of Form 514PT. The totals of the nonresidents’ Oklahoma distributive income and their tax are carried from Form 514-PT to Form 514, Part One, lines 1 and 2a. See page 8 for the instructions for Part One. When and Where the Return Must Be Filed Partnership returns shall be due no later than 30 days after the due date established under the Internal Revenue Code (IRC). The return must be filed with the Oklahoma Tax Commission (OTC), PO Box 26800, Oklahoma City, Oklahoma 73126-0800 or via an electronic filing product. Estimated tax payments made on behalf of the nonresident partners electing to be included in the composite return must be made under the partnership’s name and Federal Employer Identification Number. Use Form OW8-ESC “Oklahoma Corporate, Fiduciary and Partnership Estimated Tax Coupon”. An extension of time for the filing of the return may be granted but in no case to exceed six months. If you have an extension of time from the Internal Revenue Service in which to file your federal return, an Oklahoma extension is automatic. However, a copy of the federal extension must be enclosed with your Oklahoma tax return. File Form 504-C to extend the due date to the full six months. Information at Source Every partnership making payments of salaries, wages, premiums, annuities or other periodical gains, profits or income, amounting to $750 or more, paid or payable during the year, to any taxpayer, shall make a complete report by February 28 of the succeeding calendar year in the manner prescribed by the OTC. 68 OS Sec. 2369(A) and Rule 710:50-3-50(A). COMMON ABBREVIATIONS FOUND IN THIS PACKET OS - Oklahoma Statutes OTC - Oklahoma Tax Commission Sec. - Section(s) 2 GENERAL FILING INFORMATION Adjustments by the IRS Withholding on Nonresident Members (continued) To file and pay the income tax withheld, the partnership must complete Form WTP10003 “Oklahoma Nonresident Distributed Income Withholding Tax Annual Return”. The partnership will file Form WTP10003 on or before the due date (including extensions) of the partnership’s income tax return. The partnership must provide nonresident partners a Form 500-B by the due date (including extensions) of its income tax return, showing their respective amount of income and tax withheld. Copies of Form 500-Bs, along with the cover Form 501, must be sent to the OTC by the same date. Each nonresident partner must enclose a copy of the Form 500-B to their Oklahoma income tax return as verification for this withholding. Taxpayers who file “consents” extending the time for making federal adjustments automatically extend the time for making State adjustments. Also, the taxpayer is required to furnish copies of all Internal Revenue Service adjustments. Withholding on Nonresident Members Pass-through entities (partnerships, S Corporations, limited liability companies or trusts) are required to withhold Oklahoma income tax at a rate of 5% of the Oklahoma share of taxable income distributed to each nonresident member (partner, member, shareholder or beneficiary). A pass-through entity is not required to withhold income tax with regard to any nonresident member who submits a Form OW-15 “Nonresident Member Withholding Exemption Affidavit”. 68 OS Sec. 2385.29, 2385.30 and 2385.31. When a partnership files a composite return on behalf of its nonresident partners, the nonresident partner’s withholding can be claimed on Form 514, Part 1, line 7. A copy of the nonresident partner’s Form 500-B must be enclosed with Form 514. Withholding is not required on distributions made to persons, other than individuals, who are exempt from federal income tax; organizations granted an exemption under Section 501(c)(3) of the Internal Revenue Code; insurance companies subject to the Oklahoma Gross Premiums Tax and therefore exempt from Oklahoma income tax under 68 OS Sec. 2359(c) and nonresident members who have filed Form OW-15 “Nonresident Member Withholding Exemption Affidavit”. Withholding is not required on any distribution of royalty income on which the nonresident royalty interest income tax has already been withheld, on any distribution made to another pass-through entity or on any distribution of income not subject to Oklahoma income tax. Amended Returns... Form 514 is used for amended returns also. If this is an amended return, place an ‘X’ in the box located at the top of Form 514, page 1. Enter on line 9 any amount paid with the original return plus any amount paid after it was filed. Enter on line 10 any refund previously received or overpayment applied. Complete Schedule 514-X on page 5. Enclose Federal Amended Form 1065 when applicable. Overpayments cannot be applied to next year’s estimated tax. Line 13 cannot be amended or changed once the original return has been processed. The following pass-through entities are not required to withhold: Oklahoma Depletion in Lieu of Federal Depletion Oklahoma depletion on oil and gas well production, at the option of the taxpayer, may be computed at 22% of gross income derived from each Oklahoma property during the taxable year. Major oil companies, as defined in Title 52 OS Sec. 288.2, when computing Oklahoma depletion shall be limited to 50% of the net income (computed without the allowance for depletion) from each property. If Oklahoma options are exercised, the federal depletion not used due to 65% limit may not be carried over. Lease bonus received is considered income subject to depletion. If depletion is claimed on a lease bonus and no income is received as a result of non-producing properties, upon expiration of the lease, such depletion must be restored. A complete schedule by property must be furnished. · An entity electing to be treated as a disregarded entity for federal income tax purposes. A disregarded entity is an eligible entity that is treated as an entity that is not separate from its single owner. · An entity that does not have a requirement, or properly elects out of the requirement, to file a federal income tax return. · An entity making distributions of income not subject to Oklahoma income tax. · An entity that made the election to become an electing pass-through entity (see “Electing Pass-Through Entity” for more information). Tax Tips: Distributions made from the partnership Partnerships, that make distributions subject to Oklahoma withholding, must register with the OTC. Register by completing Form OW-11 “Registration for Oklahoma Withholding for Nonresident Members”. This form is available from our website at www.tax.ok.gov. √ Check your calculations carefully. √ Don’t forget to sign your tax returns. √ Keep a copy for your records. 3 GENERAL FILING INFORMATION Agricultural Commodity Processing Facility Exclusion Safety Pays OSHA Consultation Service Exemption Owners of agricultural commodity processing facilities may exclude 15% of their investment in a new or expanded agricultural commodity processing facility located within Oklahoma. (Part Two, Column B, line 20 or Part Four, 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. Agricultural commodity processing facility means buildings, 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. Qualified Refinery Property Attach a separate schedule showing the type of investment(s), the date placed in service, the cost, the total exclusion and the exclusion available for each partner. Do not include this exclusion in the Oklahoma distributive income. Each partner shall report their allowable share of the exclusion on the designated line of their individual return. (Part Two, Column B, line 7 or Part Four, line 2) If the election was made to expense the cost of qualified refinery property located in Oklahoma 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 distributive income. This addition must be made regardless of whether the expense was claimed on the partnership return or allocated to its owners. 68 OS Sec. 2357.204. Allocable Income or Loss Part Two, Column A and Part Three, Column A are to be completed by all partnerships. Cost of Complying with Sulfur Regulations Part Two, Column B and Part Three, Column B are to be completed by partnerships deriving all of their income from within Oklahoma and by partnerships whose business is oil and gas production, mining, farming, income from other pass-throughs, or rental within and without Oklahoma, on a direct accounting basis. (68 OS Sec. 2357.205) 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. Apportionment Income or Loss Part Four is to be completed by partnerships 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 (commonly called unitary business) 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. If you are the Refinery To make the election, attach a schedule of 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 costs allocated to such owner. The notice must include your name and Federal Employer Identification Number and the owner’s name and federal identification number. Partnerships consisting of business other than oil and gas production, mining, farming or rentals operating in more than one state should compute their Oklahoma income by using the three factor formula consisting of Sales, Payroll and Property. 68 OS Sec. 2358 (A) (4) and Sec. 2358 (A) (5). If less than 3 factors are present, the resulting amount is apportioned to Oklahoma on a two-factor or single factor formula consisting of the arithmetical average of the factors present. A factor is considered present if there is a denominator. When a partnership has capital gains (or other allocable items such as depletion), a separate schedule must be furnished showing the Oklahoma portion and the total amount claimed on the federal return. If you are the Owner (Part Two, Column B, line 20, or Part Four, line 6 - as a deduction) 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. 4 GENERAL FILING INFORMATION Electing Pass-Through Entity If you are the electing PTE Place an “X” in the “Electing PTE” box located at the top of Form 514, page 1. Use Form 587-PTE “Pass-Through Entity Income Tax Supplement” to compute the electing PTE’s Oklahoma tax. Each member’s distributive share of the PTE’s Oklahoma net entity income is multiplied by 5% for individual and trust members or 6% for corporate, S corporation and partnership members. The total of which is the electing PTE’s tax. The electing PTE’s taxable income and tax are entered on Form 514, Part 1, lines 1 and 2b and 2c. (68 OS Sec. 2355.1P-1 through 2355.1P-4) “Electing pass-through entity” means any pass-through entity (PTE) as defined in 68 OS Sec 2355.1P-2(6) that has made an election pursuant to 68 OS Sec 2355.1P-4(F) to pay income tax as computed pursuant to 68 OS Sec 2358. Any PTE required to file an Oklahoma partnership income tax return or Oklahoma S corporation income tax return may elect to become an electing PTE by filing Form 586 “Pass-through Entity Election Form”. The election to become an electing PTE has priority over and revokes any election to file a composite Oklahoma partnership return or the requirement of a Subchapter S corporation to report and pay tax on behalf of a nonresident shareholder for the same tax year. An election made by one PTE is not binding on any other PTE; each PTE must make its own election. Oklahoma Net Entity Loss If the PTE election results in a net entity loss for Oklahoma income tax purposes in any tax year, the net entity loss may be carried back and carried forward by the electing PTE for Oklahoma income tax purposes as set forth in 68 OS Sec 2358(A)(3)(b). If you are a member of an electing PTE (Part 2, Column B, line 4 or Part 4, line 6) If you are a member, either directly or indirectly, of an electing pass-through entity (PTE) you may exclude the Oklahoma income (loss) covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019. Attach a 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 this Act. Provide a copy of the OTC acknowledgement letter. 68 OS Sec 2358(A)(11) The election is binding until revoked by the PTE or by the Oklahoma Tax Commission (OTC). Form 586 is also used by the PTE to revoke the election. If the amount of tax required to be paid by the PTE pursuant to the provision of the Pass-Through Entity Tax Equity Act of 2019 is not paid when due, the OTC may revoke the PTE’s election effective for the first year for which the tax is not paid. SPECIFIC LINE INSTRUCTIONS FOR DETERMINING DISTRIBUTIVE INCOME Part Two Part Three To compute Oklahoma distributive income, all partnerships start with Part Two. If federal and Oklahoma distributive net incomes are the same, you may complete Part Three, Columns A & B, line 15; then complete Part Five. A copy of your Federal Form 1065 and K-1s must be enclosed with your Oklahoma return. An Oklahoma return must be filed by all partnerships having Oklahoma source income. Lines 1-22, Column A Part Two, Column A must be completed by all partnerships. List exact figures as reported on the front page of your Federal Form 1065. Lines 1-15, Column A: Part Three, Column A is to be used by all partnerships. List exact figures as reported on your Federal Form 1065, Schedule K. Lines 1-22, Column B Part Two, Column B is to be used by all partnerships deriving all of their income from within Oklahoma. This column is also to be used by all partnerships whose business, both within and without Oklahoma, is oil and gas production, mining, farming, income from other passthroughs, or rental. This should be completed using the direct accounting method. Partnerships conducting business of a unitary nature do not complete Column B. Lines 1-15, Column B: Part Three, Column B is to be used by partnerships deriving all of their income from within Oklahoma. This column will be the same as in Column A except for lines 4b and 4c. This column is also to be used by partnerships whose business, both within and without Oklahoma, is oil and gas production, mining, farming, and rental. Complete this column using the direct accounting method as shown below. Rents and interest expenses paid to a captive real estate investment trust and deducted on your federal return must be added back on Column B, line 7 to compute Oklahoma distributable income. Such add-back is not required if the captive real estate investment trust is subject to the addback for the dividends-paid deduction pursuant to 68 OS Sec. 2358. Partnerships conducting business of a UNITARY nature do not complete Column B, lines 1-14. Such partnerships shall complete Part Four using the Apportionment Formula before completing Column B, line 15. 5 SPECIFIC LINE INSTRUCTIONS FOR DETERMINING DISTRIBUTIVE INCOME Line 4b (continued) 4) Income on bonds issued by another state or political subdivision thereof (non-Oklahoma), exempt from federal taxation, is taxable for Oklahoma income tax. Column B Line 1 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. Use Page 2, Part Two, or enclose schedule. Enclose 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, enclose documentation from the mutual fund to substantiate the percentage of income derived from obligations exempt from Oklahoma tax. Lines 2 and 3 Income (loss) from real and tangible personal property shall be allocated in accordance with the situs of such property. Line 4 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. See line 1 instructions on this page. All other intangible income (loss) shall be allocated in accordance with the situs of the partnership. 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 4c 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, enclose 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. Gains or losses from the sale of leases or from the sale of real and tangible personal property shall be allocated in accordance with the situs of the property. Line 4b State and Municipal Bond Interest: Partnerships domiciled in Oklahoma who 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. 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. Line 4d and 4e Intangible income is allocated to the situs of the partnership, except accounts receivable interest income and interest from investments held to generate working capital. Such interest is allocated to Oklahoma on the basis of direct expense. See line 1. Line 5 Gains or losses from real or tangible personal property shall be allocated in accordance with the situs of the property. 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 6 The gain on the sale, exchange, or other disposition of property for which a section 179 expense deduction was passed through to partners is reported as Supplemental Information on the Federal K-1. For Oklahoma purposes, report such gain on this line. Enclose the following: description of the property, date the property was acquired, date the property was sold, gross sales price, cost or other basis plus expense of sale (including the partnership’s basis reduction in the property due to the section 179 expense deduction), depreciation allowed or allowable (not including the section 179 expense deduction), and amount of section 179 expense deduction (if any) passed through to each partner for the property and the partnership’s tax year(s) in which the amount was passed through. 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. 6 SPECIFIC LINE INSTRUCTIONS FOR DETERMINING DISTRIBUTIVE INCOME Lines 8 through 13 Expenses relative to the income shall be allocated directly to that income. Allowable oil and gas depletion, guaranteed payments, and Oklahoma withholding will be stated in Part Five. Part Five All partnerships must complete Part Five or may enclose the Federal K-1s if Oklahoma information is stated separately on the Federal K-1s. If completing Part 5, use Form 514-SUP if there are more than 3 partners. Complete as many Form(s) 514-SUP as needed to list all partners. Part Four Part Four is to be used by Partnerships conducting a business within and without the state of Oklahoma which must be apportioned. If your business is either wholly Oklahoma or of an allocable nature, complete Part Five after you complete Part Three. If your business is of a unitary nature, complete Part Five after you complete Part Four. Generally, unitary income 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. Each factor is a ratio of the total within Oklahoma to the total everywhere. Oklahoma distributable net income is figured by adding separately allocated Oklahoma income with net Oklahoma apportioned income. 68 OS Sec. 2358. Partner’s Share of Income... Enter the names, addresses and Social Security Numbers/ Federal Employer Identification Numbers of the partners, and each partner’s share of the net income whether distributed or not. Distributable Federal and Oklahoma Income... Enter each partner’s share of Net Distributive Income included in Part Three. Guaranteed Payments... Enter each partner’s share of guaranteed payment from Partnership Return, Federal Schedule K. Line 1 Enter Net Distributable Income from Page 2, Part Three, Column A, line 15. Allowable Oil and Gas Depletion... Enter each partner’s allowable depletion. Enclose detailed schedule. Line 2 Deductions relating to income which is separately allocated shall not be allowed and will be entered here. Notice... The amount shown on Page 4, Part Five, Distributable Oklahoma Income, may not be the amount to be entered on the partner’s Oklahoma Income Tax Return. This amount includes all allowable partnership income, losses and deductions. However some of these partnership items may be limited on the partner’s Federal Income Tax Return. If these items are allowed in full or in part on the partner’s Federal Income Tax Return, they will be allowed to the same extent on their Oklahoma Income Tax Return. 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 distributable 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 pursuant to 68 OS Sec. 2358. Line 3 Income from U.S. obligations and income separately allocated (oil and gas production, mining, farming, or rentals and other partnership income or loss) will be entered here. Gains or losses from sale of intangible personal property which is directly allocated should also be entered here. Partnerships Please Note: Nonresident partners may be included in a composite return. For more information on filing a composite return, refer to the “Composite Return Information” in the General Filing Information section. Your nonresident partners, who are electing to be included in the composite return, will not file an Oklahoma income tax return. Any Oklahoma income tax withheld from their Oklahoma distributed income, shown on Form 500-B, and their pro rata share of any withholding passing through to them, shown on Part Five, line 12, will be claimed on the partnership return, Part One, line 7. The nonresident’s pro rata share of any credits, shown on Part Five, line 10, will be claimed on the partnership return, Part One, line 3. See the instructions for Part One on pages 8-10. Line 4 Total apportionable income. Refer to top of Part Four instructions for more information on apportionable income. Line 5 Apportionment Factor from Apportionment Schedule. Line 6 Income separately allocated to Oklahoma should be entered here (interest income from state obligations or political subdivisions, oil and gas production, mining, farming, income from other pass-throughs, or rentals, etc.). Line 7 Oklahoma distributable income. Place this figure on Page 2, Part Three, Column B, line 15. Then complete Part Five. A complete copy of the Federal Partnership Return is required. 7 SPECIFIC LINE INSTRUCTIONS FOR DETERMINING DISTRIBUTIVE INCOME Line 1 Form 514-PT must be completed for nonresidents electing to be included in a composite return. Form 587-PTE must be completed for an electing PTE. If the Oklahoma capital gain deduction (Form 561P or 561-PTE) is included in Column C or F of Form 514-PT, or Column C of Form 587-PTE place an “X” in the box. Oklahoma Withholding and Credits If a partner has more than one type of credit, enter the total amount in line 10 and enter “see schedule” in line 11. If a partner has more than one type of withholding, enter the total amount in line 12 and enter “see schedule” in line 13. Enclose a detailed schedule showing the type and amount of each credit and/or withholding for the partner. Line 2 Recapture of the 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 low-income housing credits subject to recapture. Add the recaptured credit to the Oklahoma income tax and enter a “1” in the box. For nonresident partners who have elected to be included in the composite return or for partners of an electing PTE, their share of Oklahoma credits and withholding will be reported here and on Part One, line 3 and line 7. Withholding Enter and describe each partner’s share of Oklahoma withholding. The partnership must enclose Form 500-A, Form 500-B, Form 1099-MISC, Schedule K-1 (if separately stated) or other documentation to substantiate any Oklahoma withholding passing through to its partners. 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 OS Sec. 2368(K) Oklahoma income tax is withheld from oil royalties paid to nonresident partnerships. Enter each partner’s share of such withholding. The partner’s pro rata share of Oklahoma withholding should be reported to each partner. Each partner must enclose documentation with their Oklahoma income tax return to substantiate this withholding. Oklahoma Credits Note: If you have any nonresident partners who have not filed a withholding exemption affidavit (Form OW-15), Oklahoma income tax should have been withheld on any distribution of Oklahoma income. Such withholding is not reported here, instead you should have issued a Form 500-B to your nonresident partners. For those nonresident partners who have elected to be included in the composite return or for the partners of an electing PTE, enter their share of any credit on the applicable line. The partner’s share of the credit(s) is shown on Part 5, line 10. Enclose all forms and documentation required to substantiate any credits. Credits Note: Do not include the portion of the partnership’s credit(s) attributable to the partners not included in the composite return or members of an electing PTE. Enter and describe each partner’s portion of credits. Enclose all forms and documentation required to substantiate the credit(s). See the instructions for Part One “Oklahoma Credits” for more detail on the credits available. Line 3 Other Credits Credits 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. If you are entitled to more than one credit, enter “99” in the box. See the following for a list of credits available on Form 511CR. Enclose Form 511CR and any applicable forms or schedules. This form can be obtained from our website at www. tax.ok.gov. Part One Part One is to be completed for those nonresident partners who have elected to be included in the composite return or for an electing PTE. The tax liability will be paid on Part One of the partnership return. Part One is also to be completed by a partnership claiming the Refundable Coal Credit or the Refundable Credit for Electricity Generated by Zero-Emission Facilities. 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. 8 SPECIFIC LINE INSTRUCTIONS FOR DETERMINING DISTRIBUTIVE INCOME Line 3 - Other Credits (continued) Oklahoma Investment / New Jobs Credit Enclose Form 506. 68 OS Sec. 2357.4 and Rule 710:50-15-74. Line 3 - Other Credits (continued) Credit for Contributions to an Educational Improvement Grant Organization 68 OS Sec. 2357.206 and Rule 710:50-15-115. Coal Credit 68 OS Sec. 2357.11 and Rule 710:50-15-76. Credit for Venture Capital Investment Enclose Form 518-A or 518-B. 68 OS Sec. 2357.7 & 8 and Rule 710:50-15-77 & 78. Credit for Conversion of a Motor Vehicle to Clean Burning Fuels Enclose Form 567-A. 68 OS Sec. 2357.22 and Rule 710:50-15-81. 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 Credit for Entities in the Business of Providing Child Care Services 68 OS Sec. 2357.27. Line 5 Oklahoma Estimated Tax Payments Enter the Oklahoma estimated tax payments paid on behalf of the nonresident partners who have elected to be included in this composite return or on behalf of an electing PTE. The payments should have been made under the partnership’s name and Federal ID number. 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. Do not include on this line any withholding paid for your nonresident partners on Form WTP10005 or Form WTP10003. Such withholding will be reported to your nonresident partners on Form 500-B. If the nonresident partner elects to be included in the composite return, their share of such withholding will be reported on Line 7 “Oklahoma Withholding”. Credit for Qualified Rehabilitation Expenditures 68 OS Sec. 2357.41 and Rule 710:50-15-108. Credit for Electricity Generated by Zero-Emission Facilities 68 OS Sec. 2357.32A. Credit for Financial Institutions Making Loans Under the Rural Economic Development Loan Act 68 OS Sec. 2370. Line 7 Oklahoma Withholding Enter the portion of Oklahoma withholding that is passing through the partnership to those nonresident partners that have elected to be included in the composite return or to partners of an electing PTE. The partner’s share of such withholding is shown in Part 5, line 12. Enclose the Form 1099-MISC, Form 500-A, or Form 500-B received by the partnership to substantiate the Oklahoma withholding. 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. Credit for Railroad Modernization 68 OS Sec. 2357.104 and Rule 710:50-15-103. Research and Development New Jobs Credit Enclose Form 563. 68 OS Sec. 54006 and Rule 710:50-15-105. Enter the Oklahoma income tax withheld from Oklahoma distributions made to your nonresident partners that have elected to be included in this composite return. The partner withholding is shown on the Form 500-B. Enclose a copy of the Form 500-B for each such nonresident partner. Do not show such withholding in Part 5, line 12. Credit for Biomedical Research Contribution 68 OS Sec. 2357.45 and Rule 710:50-15-113. Credits for Employers in the Aerospace Sector Enclose Form 565. 68 OS Sec. 2357.301, 2357.302 & 2357.303 and Rule 710:50-15-109. Note: Do not include the Oklahoma withholding for partners that are not included in the composite return or are not partners in an electing PTE. Wire Transfer Fee Credit 68 OS Sec. 2357.401 and Rule 710:50-15-111. Tax assistance,forms and payment options available 24/7: Credit for Cancer Research Contribution 68 OS Sec. 2357.45 and Rule 710:50-15-113. Credit for Capital Investment Board Tax Credit 74 OS Sec. 5085.7. www.tax.ok.gov Credit for Contributions to a Scholarship-Granting Organization 68 OS Sec. 2357.206 and Rule 710:50-15-114. 9 SPECIFIC LINE INSTRUCTIONS FOR DETERMINING DISTRIBUTIVE INCOME Line 8 Refundable Credits Place an “X” in the box(es) on line 8 to report any credit from Form 577 or Form 578. FEDERAL EMPLOYER IDENTIFICATION NUMBER (FEIN) 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. If claiming the Refundable Coal Credit, enclose 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. 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 If claiming the Refundable Credit for Electricity Generated by Zero-Emission Facilities, enclose 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. • When finished, double check all calculations. • When complete, make copies of all the documents for your records. • Do not enclose any other tax reports or correspondence in your envelope other than those documents and schedules required for this return. Line 9 Amounts Previously Paid When filing an amended return, enter any amount(s) paid with the original return plus any amount(s) paid after it was filed. • Paper checks are not your only option for payments. Electronic payments are accepted on the OTC website at www.tax.ok.gov. Click on “Online Services” to view all available payment systems. Line 10 Refunds or Overpayment Applied When filing an amended return, enter any refund previously received and/or overpayment previously applied. • Do not forget to sign your return. • Mail your return and payment to: Line 14 All refunds must be directly deposited into a bank account. See page 11 “Direct Deposit Information” for details. Oklahoma Tax Commission Income Tax PO Box 26800 Oklahoma City, OK 73126-0800 Line 16 Place an “X” in the box if the underpayment of estimated tax was computed using the annualized income installment method. • If you have any questions about your return, please contact the OTC. See Page 11 of this packet for contact information. Credit Card Payments Accepted 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. You can pay the balance due on any income tax return by credit card. Payments can be made for the current tax year and all years prior. Estimated income tax payments may also be made by credit card. Log on to our website at www.tax.ok.gov. Click on the “Online Services” link and pay your balance due online. Find Us On Social Media! Ok Tax Commission @oktaxcommission 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. ok.tax 10 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 Partnership 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 Note: The routing and account numbers may appear in different places on your check. 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 (This location accepts online electronic payments only) www.tax.ok.gov Taxpayer Service Center (405) 521-3160 440 South Houston, 5th Floor Give Us a Call! The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law. 11 Form 514 2019 Oklahoma Partnership Income Tax Return This form is due 30 days after the due date of the Federal return. For the year January 1 - December 31, 2019, or other taxable year beginning: ending: , 2019 , Federal Employer Identification Number: Partnership Name: Street Address: Place an ‘X’ if: (1) City, State or Province, Country and ZIP or Foreign Postal Code: Initial return (2) Final return (3) Amended return (See Schedule 514-X on page 5) (4) Business Code Number: County in which located: Electing PTE (Form 586 was filed) PART 1: TAX COMPUTATION FOR NONRESIDENT COMPOSITE FILERS AND ELECTING PASS-THROUGH ENTITIES -OR- FOR PARTNERSHIPS CLAIMING THE REFUNDABLE CREDIT FROM FORM 577 OR 578. 1 Nonresident share of income (514-PT, Column F, line J) -or- electing pass-through entity’s taxable income (587-PTE, Part 3, line 3). If the Oklahoma Capital Gain Deduction (Form 561P or 561-PTE) is included in Form 514-PT, Column C or F or in Form 587-PTE, Column C, place an “X” in the box..... .... 1 Complete line 2a -or- lines 2b and 2c .00 2a Nonresident Oklahoma tax (Form 514-PT, Column H, line K)....................... 2a .00 2b Electing Pass-Through Entity Tax (Form 587-PTE, Part 1 line 21).................... 2b .00 2c Electing Pass-Through Entity Tax (Form 587-PTE, Part 2 line 21).....................2c 2 Nonresident Oklahoma tax (line 2a) -or- Electing Pass-Through Entity Tax (total of lines 2b and 2c) (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 (see instructions) (provide Form 511CR)............................................. ..... 3 4 Balance of tax due (line 2 minus line 3, but not less than zero)................................................................... 4 .00 .00 .00 .00 5 2019 Oklahoma estimated tax payments (i.e Form(s) OW-8-ESC and .00 prior year overpayment carryforward)...............................................................5 .00 6 Amount paid with extension request................................................................. 6 .00 7 Oklahoma withholding (provide Forms 1099, 500A, 500B, etc.)......................... 7 .00 8 Refundable Credits from Form.....................a) 577...........b) 578............ 8 9 Amount paid with original return and amount paid after it was filed (amended return only).................................................................................... 9 .00 ) 10 Any refunds or overpayment applied (amended return only).......................... 10 ( 11 Total of lines 5 through 10.......................................................................................................................... 11 12 Overpayment (line 11 minus line 4)............................................................................................................ 12 13 Amount of line 12 to be credited to 2020 estimated tax (original return only)........... 13 .00 14 Amount of line 12 to be refunded to you (line 12 minus line 13)........................................... Refund 14 .00 .00 .00 Direct Deposit Note: Is this refund going to or through an account that is located outside of the United States? All refunds must be by direct deposit. See Direct Deposit Information on page 11 of the 514 Packet for details. Deposit my refund in my: Routing Number: checking account Yes No savings account Account Number: .00 .00 5 Tax Due (line 4 minus line 11).............................................................................................. Tax Due 1 15 16 Underpayment of estimated tax interest...........................................................................Annualized 16 17 For delinquent payment add penalty of 5%......................... $________________________________ plus interest of 1.25% per month.................................................... $________________________________ ........ 17 18 Total tax, penalty and interest (add lines 15, 16 and 17)............................................. Balance Due 18 .00 .00 If the Oklahoma Tax Commission may discuss this return with your tax preparer, place an ‘X’ here . . . . . . . . Under penalties of perjury, I declare I have examined this return, including any accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. If prepared by person other than the taxpayer, this declaration is based on all information of which preparer has any knowledge. Signature of Partner or Member Date Printed Name of Partner or Member Title Make check payable to the Oklahoma Tax Commission Signature of Preparer Date Printed Name of Preparer Phone Number Phone Number Preparer’s PTIN The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law. Note: Provide a complete copy of your Federal Form 1065 or 1065-B. Remit to: Oklahoma Tax Commission, PO Box 26800, Oklahoma City, OK 73126-0800 2019 Form 514 - Partnership Income Tax Return - Page 2 Partnership Name: Federal Employer Identification Number: PART 2: ORDINARY INCOME FROM TRADE OR BUSINESS CAUTION: Include only trade or business income and expenses on lines 1a through 22 below. 1 a. Gross receipts or sales................... $_______________ b. Minus returns and allowances....... $_______________ ................. 2 Cost of goods sold and/or operations.............................................. 3 Gross profit (subtract line 2 from line 1)............................................ 4 Ordinary income (loss) from other partnerships and fiduciaries (provide schedule)..................................................... 5 Net farm profit (loss) (provide Sch. F, Form 1040)............................. 6 Net gain (loss) (Form 4797, line 18)................................................... 7 Other income (loss) (provide schedule)............................................. 8 Total income (loss) (add lines 3 through 7)...................................... 9 Salaries and wages (other than to partners)..................................... 10 Guaranteed payments to partners.................................................... 11 Repairs and maintenance.................................................................. 12 Bad debts.......................................................................................... 13 Rent................................................................................................... 14 Taxes and licenses............................................................................ 15 Interest............................................................................................... 16 Depreciation...................................................................................... 17 Depletion (do not deduct oil and gas depletion)............................... 18 Retirement plans, etc........................................................................ 19 Employee benefit program................................................................ 20 Other deductions (provide schedule)................................................ 21 Total deductions (add lines 9 through 20)....................................... 22 Ordinary Income (Loss) from trade or business: Subtract line 21 from line 8............................................................... Column A Column B As reported on Federal Return Total applicable to Oklahoma PART 3: DISTRIBUTIVE SHARE ITEMS Deductions Portfolio Income (loss) 1 Ordinary income (loss) from trade or business activity(ies) (Part 2, line 22). 2 Net income (loss) from rental real estate activity(ies) (provide schedule). 3 Net income (loss) from other rental activity(ies) (provide schedule)........ 4 a. Interest on loans, notes, mortgages, bonds, etc................... b. Interest on obligations of a State or political subdivision..... c. Interest on obligations of the United States.......................... d. Other interest income............................................................ e. Dividend income.................................................................... f. Royalty income (patent or copyright).................................... g. Net short-term capital gain (loss).......................................... h. Net long-term capital gain (loss)........................................... i. Other portfolio income (loss) (provide schedule)........................ 5 Net gain (loss) under section 1231 (Other than due to casualty or theft). 6 Other (provide schedule)................................................................... 7 Total income (Add lines 1 through 6)............................................... 8 Contributions.............................................................................. 9 Expense deductions for recovery property (Section 179) (provide sch.). 10 Deductions related to portfolio income...................................... 11 Depletion (Other than oil and gas).............................................. 12 Intangible drilling costs.............................................................. 13 Other deductions authorized by law (provide schedule)................. 14 Total deductions (Add lines 8 through 13)....................................... 15 Net distributive income (line 7 minus line 14)................................. .00 .00 .00 1 2 3 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 22 .00 Column A Column B As reported on Federal Return .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 Total applicable to Oklahoma 1 2 3 4a 4b 4c 4d 4e 4f 4g 4h 4i 5 6 7 8 9 10 11 12 13 14 15 If Federal and Oklahoma distributive net income is the same, you may complete Part 3, line 15, then complete Part 5. Provide a copy of your Federal Form 1065 and K-1s. .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 2019 Form 514 - Partnership Income Tax Return - Page 3 Partnership Name: PART 4: 1 Federal Employer Identification Number: COMPUTATION OF OKLAHOMA TAXABLE INCOME OF A UNITARY ENTERPRISE WHOSE INCOME IS PARTLY WITHIN AND PARTLY WITHOUT OKLAHOMA Net distributable income from Page 2, Part 3, Column A, line 15 .......................... 1 2 Add: (a) ___________________________ .......................................................... 2a (b) Unallowable deduction (provide schedule)........................................ 2b (c) Other income (provide schedule)....................................................... 2c (d) Total of lines 2a through 2c................................................................... 3 Deduct all items separately allocated: (a) Interest on obligations of the United States...................................... 3a (b) ____________________________ ........................................................ 3b (c) ____________________________......................................................... 3c (d) Total of lines 3a through 3c .................................................................. (Note: Items listed in 2 and 3 above must be net amounts supported by schedules showing source, location, expenses, etc.) 4 Net apportionable income (line 1 plus line 2d, minus line 3d)................................. 5 Oklahoma’s portion thereof __________________%, from schedule below............ 6 Add items separately allocated to Oklahoma: (a) ____________________________________ ....................................................... 6a (b) ____________________________________ ....................................................... 6b (c) ____________________________________........................................................ 6c (d) ____________________________________........................................................ 6d (e) Total of lines 6a through 6d................................................................................ 7 Oklahoma distributable net income (add lines 5 and 6e; enter here and on Page 2, Part 3, Column B, line 15)....... APPORTIONMENT FORMULA 1 Value of real and tangible personal property used in the unitary business (by averaging the value at the beginning and ending of the tax period). (a) Owned property (at original cost): (i) Inventories ....................................................... 1ai (ii) Depreciable property....................................... 1aii (iii) Land.................................................................1aiii (iv) Total of section “a”......................................... 1aiv (b) Rented property (capitalize at 8 times net rental paid). 1b (c) Total of sections “a” and “b” above........................... $ 2 (a) Payroll..................................................................... 2a (b) Less: Officer salaries..............................................2b (c) Total (subtract officer salaries from payroll)............... $ 2d 3d 4 5 6e 7 Note: Provide a complete copy of your Federal return. Column A Column B Total Within Oklahoma Total Within and Without Oklahoma Column C (A divided by B) Percent Within Oklahoma $ 1c % $ 2c % (b) Sales shipped from Oklahoma to: (i) The United States government........................ 3bi (ii) Purchasers in a state or country where the partnership is not taxable (i.e. under Public Law 86-272)... 3bii $ (c) Total all of sections “a” and “b”................................. $ 3c 4 If Revenue, Traffic Units or Miles Traveled is used rather than Sales, indicate here:_______________________________________________________ 5 Total percent (sum of items 1, 2 and 3)........................................................................................................... 5 6 Average percent (1/3 of total percent) (Carry to Part 4, line 5 above)............................................................. 6 % 3 Sales: (a) Sales delivered or shipped to Oklahoma purchasers: (i) Shipped from outside Oklahoma..................... 3ai (ii) Shipped from within Oklahoma...................... 3aii % % 2019 Form 514 - Partnership Income Tax Return - Page 4 Partnership Name: PART 5: Federal Employer Identification Number: ALL PARTNERSHIPS MUST COMPLETE PART 5 OR MAY PROVIDE THE FEDERAL K-1S IF OKLAHOMA INFORMATION IS STATED SEPARATELY ON THE FEDERAL K-1. Enter number of partners: If completing Part 5, use Form 514-SUP when there are more than 3 partners. Use as many Forms 514-SUP as needed. Partner 1 1 Name and address of each partner Partner 2 Partner 3 Name: Address: City, State, ZIP: 2 SSN or FEIN 3 Percentage of Partnership Owned 4 Distributable Federal Income 5 Distributable Oklahoma Income (see instructions) 6 Guaranteed Payments (Federal) 7 Guaranteed Payments (Oklahoma) 8 Oil and Gas Depletion (Federal) 9 Oil and Gas Depletion (Oklahoma) 10 Amount of Credit 11 Type of Credit 12 Amount of Withholding 13 Type of Withholding Nonresident Partner (If the Electing PTE box is checked on page 1, leave line 14 blank) Is the Partner being included in Composite 14 filing? (If Yes, complete Form 514-PT) Yes No Yes No Yes No Notice: Forms required to compute withholding and credits must be provided with partnership return. Examples of these include: Form 1099 MISC, Form 500A: Nonresident Royalty Withholding, Form 511CR: Other Credits, Form 506: Investment/New Jobs Credit, and Form 529: Small Business Guaranty Fee Credit. Schedules or authorization must be furnished. NOTE: PROVIDE A COMPLETE COPY OF YOUR FEDERAL FORM 1065 OR 1065-B. PART 6: ADDITIONAL INFORMATION Extension: If you have applied for an extension from the IRS, place an ‘X’ here and provide a copy. Location of Principal Accounting Records Address City State Zip Has the Internal Revenue Service redetermined your tax liability for prior years? Yes No What years?_______________________ Did you file amended returns for the years stated above? Yes No N/A Has the statute of limitations been extended by consent for any prior years? Yes No What years?_______________________ Business name________________________________________________________ Date business began in Oklahoma___________________ Principal location(s) in Oklahoma___________________________________________________________________________________________ Mail to: Oklahoma Tax Commission, PO Box 26800, Oklahoma City, Oklahoma 73126-0800 2019 Form 514 - Page 5 Oklahoma Partnership Income Tax Return Partnership Name: Federal Employer Identification Number: SCHEDULE 514-X: AMENDED RETURN SCHEDULE A Did you file an amended Federal income tax return? Yes No Provide a copy of the amended Federal return and a copy of “Statement of Adjustment,” IRS refund check or deposit slip. B If this return is being filed due to a Federal audit, furnish a complete copy of the RAR. C Explanation or Reason for Amended Return (Provide all necessary schedules): ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________ __________________________________________________________________________
Extracted from PDF file 2019-oklahoma-514-pckt.pdf, last modified September 2019

More about the Oklahoma 514-Pckt Corporate Income Tax TY 2019

We last updated the Partnership Information Return Packet (form and instructions) in February 2020, so this is the latest version of 514-Pckt, fully updated for tax year 2019. You can download or print current or past-year PDFs of 514-Pckt directly from TaxFormFinder. You can print other Oklahoma tax forms here.

Other Oklahoma Corporate Income Tax Forms:

TaxFormFinder has an additional 54 Oklahoma income tax forms that you may need, plus all federal 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)

Download all OK tax forms View all 55 Oklahoma Income Tax Forms


Form Sources:

Oklahoma usually releases forms for the current tax year between January and April. We last updated Oklahoma 514-Pckt from the Tax Commission in February 2020.

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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 514-Pckt

We have a total of six past-year versions of 514-Pckt in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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