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Oklahoma Free Printable 573-05 for 2020 Oklahoma Farm Income Averaging

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Farm Income Averaging
573-05

State of Oklahoma FORM Farm Income Averaging Enclose this form with your Oklahoma tax return. Taxpayer’s First Name and Middle Initial Last Name 573 2 0 1 9 Taxpayer Social Security Number 1 Enter the 2019 taxable income from Form 511, line 13 or Form 511NR, line 14... 00 2 Enter your elected farm income, but not more than the amount on line 1. (see instructions)................................................................................................... 00 3 Subtract line 2 from line 1...................................................................................... 00 4 Figure the tax on the amount on line 3. Use the 2019 Tax Table ........................ 00 5 Enter the 2016 taxable income. To determine taxable income see page 3. (if zero or less see instructions) .................. 00 6 Divide the amount on line 2 by 3.0........................................................................ 00 7 Combine lines 5 and 6. If less than zero enter - 0 -............................................... 00 8 Figure the tax on the amount on line 7 using 2016 tax rates. (see page 2 for tax rate schedule)......................................................................... 00 9 Enter the 2017 taxable income. To determine taxable income see page 3. (if zero or less see instructions) .................. 00 10 Enter the amount from line 6................................................................................. 00 11 Combine lines 9 and 10. If less than zero enter as a negative amount................. 00 12 Figure the tax on the amount on line 11 using 2017 tax rates. (see page 2 for tax rate schedule)......................................................................... 00 13 Enter the 2018 taxable income. To determine taxable income see page 3. (if zero or less see instructions) .................. 00 14 Enter the amount from line 6................................................................................. 00 15 Combine lines 13 and 14. If less than zero enter as a negative amount............... 00 16 Figure the tax on the amount on line 15 using 2018 tax rates. (see page 2 for tax rate schedule) ........................................................................ 00 17 Add lines 4, 8, 12 and 16....................................................................................... 00 18 Enter the tax for 2016. To determine tax, see page 3............................................ 00 19 Enter the tax for 2017. To determine tax, see page 3............................................ 00 20 Enter the tax for 2018. To determine tax, see page 3............................................ 00 21 Add lines 18 through 20......................................................................................... 00 22 Subtract line 21 from line 17, enter here and on Form 511, line 14 or Form 511NR, line 15. (Be sure and enter a “1” in the box for “Farm Income Averaging”)........ 00 2019 Form 573 - Page 2 Farm Income Averaging Instructions Use Form 573 to elect to figure your 2019 tax by averaging, over the previous 3 years (base years), all or part of your 2019 taxable income from your trade or business of farming. Making this election may give you a lower tax if your 2019 income from farming is high and your taxable income for one or more of the 3 prior years was low. Line 2: Your “elected farm income” is the amount of your taxable income from your farming business, as defined in IRC Section 263A(e)(4), that you elect to include on line 2. You do not have to include all of your taxable income from farming on line 2. A gain from the sale or other disposition of property, other than land, regularly used by you in your farming business for a substantial period shall be treated as attributable to such farming business. Lines 5, 9, and 13: If your deductions exceed your gross income for any year that is a base year for 2019 (2016, 2017 or 2018), your taxable income for farm income averaging purposes for such year may be a negative amount. However, when you enter your taxable income, • do not include such year’s Net Operating Loss (NOL). The amount of the NOL, from your 511-NOL Schedule A or your 511NR-NOL Schedule A “Federal Amount Column”, that is being carried to another year should be added back to arrive at the amount of the taxable income to enter. • do not include any of an NOL carryover or carryback that was not used (absorbed) in such year. The amount of the NOL, from your 511-NOL Schedule B or your 511NR-NOL Schedule B “Federal Amount Column”, that is being carried over to the following year should be added back to arrive at the amount of the taxable income to enter. Line 22: Enter your tax on Form 511, line 14 or Form 511NR, line 15 and enter a “1” in the box for “Farm Income Averaging”. Oklahoma Tax Rates for Tax Years 2016 - 2018 Married Joint, Head of Household and Surviving Spouse Filers Single and Married Separate Filers If taxable income is: -0- - If taxable income is: 2,000 Pay 0.00 + 0.5% over 0 -0- - 1,000 Pay 0.00 + 0.5% over 0 2,000 - 5,000 Pay 10.00 + 1% over 2,000 1,000 - 2,500 Pay 5.00 + 1% over 1,000 5,000 - 7,500 Pay 40.00 + 2% over 5,000 2,500 - 3,750 Pay 20.00 + 2% over 2,500 7,500 - 9,800 Pay 90.00 + 3% over 7,500 3,750 - 4,900 Pay 45.00 + 3% over 3,750 9,800 - 12,200 Pay 159.00 + 4% over 9,800 4,900 - 7,200 Pay 79.50 + 4% over 4,900 12,200 - over Pay 255.00 + 5% over 12,200 7,200 - over Pay 171.50 + 5% over 7,200 2019 Form 573 - Page 3 Farm Income Averaging Determination of Taxable Income and Tax for Tax Years 2016, 2017 and 2018 2016 Taxable Income Line 5 If you used Form 573 to figure your tax for: • 2018 ...........................................enter the amount from your 2018 Form 573, line 11. Stop here, go to line 6. • 2017 and not 2018......................enter the amount from your 2017 Form 573, line 15. Stop here, go to line 6. • 2016 but not 2017 nor 2018........enter the amount from your 2016 Form 573, line 3. Stop here, go to line 6. If you did not use Form 573 in 2018, 2017 or 2016, enter the taxable income from your 2016 Form 511, line 13, or Form 511NR, line 14. If zero or less, see instructions. 2017 Taxable Income Line 9 If you used Form 573 to figure your tax for: • 2018 ...........................................enter the amount from your 2018 Form 573, line 15. Stop here, go to line 10. • 2017 and not 2018......................enter the amount from your 2017 Form 573, line 3. Stop here, go to line 10. If you did not use Form 573 in 2018 or 2017, enter the taxable income from your 2017 Form 511, line 13, or Form 511NR, line 14. If zero or less, see instructions. 2018 Taxable Income Line 13 If you used Form 573 to figure your tax for: • 2018............................................enter the amount from your 2018 Form 573, line 3. Stop here, go to line 14. If you did not use Form 573 in 2018, enter the taxable income from your 2018 Form 511, line 13, or Form 511NR, line 14. If zero or less, see instructions. 2016, 2017 & 2018 Tax Line 18 - Tax for 2016 If you used Form 573 to figure your tax for: • 2018 ...........................................enter the amount from your 2018 Form 573, line 12. Stop here, go to line 19. • 2017 and not 2018......................enter the amount from your 2017 Form 573, line 16. Stop here, go to line 19. • 2016 but not 2017 nor 2018........enter the amount from your 2016 Form 573, line 4. Stop here, go to line 19. Otherwise, enter the tax from your 2016 Form 511, line 14 or Form 511NR, line 15. Line 19 - Tax for 2017 If you used Form 573 to figure your tax for: • 2018 ...........................................enter the amount from your 2018 Form 573, line 16. Stop here, go to line 20. • 2017 and not 2016......................enter the amount from your 2017 Form 573, line 4. Stop here, go to line 20. Otherwise, enter the tax from your 2017 Form 511, line 14 or Form 511NR, line 15. Line 20 - Tax for 2018 If you used Form 573 to figure your tax for: • 2018 ...........................................enter the amount from your 2018 Form 573, line 4. Stop here, go to line 21. Otherwise, enter the tax from your 2018 Form 511, line 14 or Form 511NR, line 15.
Extracted from PDF file 2019-oklahoma-form-573.pdf, last modified November 2005

More about the Oklahoma Form 573 Corporate Income Tax TY 2019

We last updated the Farm Income Averaging in February 2020, so this is the latest version of Form 573, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 573 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 Form 573 from the Tax Commission in February 2020.

Show Sources >

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 573

We have a total of eight past-year versions of Form 573 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


PDF Form Pack generated by formuPack 2012 Form 573

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