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Oklahoma Free Printable Form 501 Annual Information Return Summary of Reports Enclosed Herewith for 2024 Oklahoma Annual Information Return (reconciliation for Forms 500, 500A and 500B)

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Annual Information Return (reconciliation for Forms 500, 500A and 500B)
Form 501 Annual Information Return Summary of Reports Enclosed Herewith

Please do not use this space FORM Annual Information Return State of Oklahoma Income Tax Summary of reports provided herewith. 501 Revised 2023 Tax Year ______ (Do not remit payment with this form) Please do not use this space Name of person or organization submitting this return Please check one: Corporation If this is your final return, please check here Partnership Individual Fiduciary Other Street address or Rural Route LY LY N O AL City, State and ZIP S E NIC S O PO RNumber Federal Identification Number Social Security T R PU LEC L A DE N Number of reports provided (Form 500 or 1099) Total amount of income IO FILE reported with this form Oklahoma income tax withheld T MA BE R T transmitted. A separate Form 501 is required for each type of statement reported. Check only one box below to indicate the type FOof formSbeing IN MU R 1 FO 50 109910991099W-2 M R FO Address continued A G G PATR 500 1099-B 1099-INT 1099-R 500-A 1099-C 1099-MISC 1099-S 500-B 1099-DIV 1099-OID NOTE: Do Not File Form 501 for any 1099 forms electronically filed with the Internal Revenue Service (IRS) if you participate in the Combined Federal/State Filing (CF/SF) Program. The IRS electronically forwards information returns (original and corrected) to the Oklahoma Tax Commission as a participating state in the CF/SF Program. I declare, under the penalties of perjury, that this form has been examined by me, and to the best of my knowledge and belief is a true, correct, and complete return of payments of the described classes of income, made by the person or organization named above, during the calendar year. Signature Date Contact person, if more information is needed: Name: Title Telephone Number: ( ) Who Shall Report Form 501 Instructions All payors, including but not limited to churches, charitable organizations, labor unions, lodges, fraternities, sororities, school districts, state, county and municipal departments, cooperatives and any other tax exempt organization, shall report these payments. Due Dates This return together with the reports provided must be submitted to the Oklahoma Tax Commission (OTC) by February 28 of the succeeding calendar year except where indicated below. • Every remitter, required to withhold income tax from royalty payments made to nonresident royalty owners, shall provide this return together with either Forms 1099-MISC or Forms 500-A to the OTC by January 31 of the succeeding calendar year. Each person to whom such payment was made shall also be provided either Form 1099-MISC or Form 500-A by January 31. 68 OS Sec. 2385.26. • Every pass-through entity, required to withhold income tax from the Oklahoma share of income distributed to nonresident members, shall provide this return together with Forms 500-B to the OTC by the due date, including extensions, of the passthrough entity’s income tax return. Each person to whom such payment was made shall also be provided Form 500-B by such date. 68 O.S. Sec. 2385.30. Payments to be Reported When Paid to Residents All persons (individuals, trusts, estates, corporations and partnerships) acting as payor, and including lessees, mortgagors of real and personal property, employers, officers and employees of the state or any political subdivision thereof, should report the following payments when these payments amount to $750 or more in the calendar year: interest, rent, dividends, annuities, gambling winnings, or other fixed or determinable or periodical gains, profits or income. Production Payment Rules (resident • nonresident) The OTC requires the reporting of “production payments” made to individuals, corporations, partnerships, trusts or estates whether made to a resident or nonresident. For purposes of 68 OS Sec. 2369, production payments means payments of proceeds generated from mineral interests in this state, including, but not limited to, a lease bonus, delay rental, royalty and working interest payment, and overriding royalty interest payment. Income from real property should be reported only when the property is located within Oklahoma, whether the recipient is a resident or nonresident. Amounts to report: $750 or more except $10 or more for royalties. All payments with Oklahoma withholding must be reported. State code “OK” must be entered in box 17 of form 1099-MISC to designate that the property is located in Oklahoma. Do not remit payment with this form. Dividend or Interest Payments Corporations paying to individuals interest on bonds, mortgages, deeds of trusts and other similar obligations or dividend payments, should report these when they exceed $100; other persons (individuals, trusts, estates and partnerships) should report interest payments of $750 or more, when paid to an individual. Brokers or agents in stocks, bonds, and security or stock transactions will report, on Form 500, the total amount of commodity or security sales or the total market value of the securities exchanged for the customer, when they were $25,000 or more in the calendar year. This includes banks which handle orders for depositors or custodian accounts. Nonresidents Persons making payments to nonresident individuals, partnerships, trusts, corporations or estates of fixed or determinable income, from property owned, business or trade carried on in Oklahoma or gambling winnings won in Oklahoma, totaling $750 or more in the calendar year should report such payments. Also see production payment rules for nonresidents. Professional Payments Persons making payments to professional individuals should report them when they amount to $750 or more and are made to an Oklahoma resident or to a nonresident providing professional services within the State of Oklahoma. Pass-Through Entities Oklahoma requires withholding from distributions made to nonresident members (partners, members, shareholders or beneficiaries) of pass-through entities (partnerships, S corporations, limited liability companies or trusts). Report the income distributed and the income tax withheld on Form 500-B. General Information The foregoing instructions are in conformity with the provisions of the Oklahoma statutes, requiring information returns to be filed in accordance with rules and regulations prescribed and adopted by the OTC. The OTC is not required to notify taxpayers of changes in any state tax law.
Extracted from PDF file 2023-oklahoma-form-501.pdf, last modified August 2023

More about the Oklahoma Form 501 Corporate Income Tax TY 2023

We last updated the Annual Information Return (reconciliation for Forms 500, 500A and 500B) in January 2024, so this is the latest version of Form 501, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 501 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 500-A Information Return
Form 500B Information Return - Report of Nonresident Member Income Tax Withheld
Form 576 Natural Disaster Tax Credit
Form 501 Annual Information Return (reconciliation for Forms 500, 500A and 500B)

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 Form 501 from the Tax Commission in January 2024.

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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 Form 501

We have a total of twelve past-year versions of Form 501 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 Form 501

Form 501 Annual Information Return Summary of Reports Enclosed Herewith

2022 Form 501

Form 501 Annual Information Return Summary of Reports Enclosed Herewith

2021 Form 501

Form 501 Annual Information Return Summary of Reports Enclosed Herewith

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