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Oklahoma Farm Income Averaging
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, or request a six-month extension here .Extracted from PDF file 2021-oklahoma-form-573.pdf, last modified November 2005Farm Income Averaging
State of Oklahoma FORM Farm Income Averaging Enclose this form with your Oklahoma tax return. Taxpayer’s First Name and Initial Last Name 573 2 0 1 1 Taxpayer Social Security Number 1 Enter the 2011 taxable income from Form 511, line 13 or Form 511NR, line 31... 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 2011 Tax Table . ....................... 00 5 Enter the 2008 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 2008 tax rates. (see page 3 for tax rate schedule)......................................................................... 00 9 Enter the 2009 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 2009 tax rates. (see page 3 for tax rate schedule)......................................................................... 00 13 Enter the 2010 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 2010 tax rates. (see page 3 for tax rate schedule) . ...................................................................... 00 17 Add lines 4, 8, 12 and 16....................................................................................... 00 18 Enter the tax for 2008. To determine tax see, page 3............................................ 00 19 Enter the tax for 2009. To determine tax see, page 3............................................ 00 20 Enter the tax for 2010. 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 32. (Be sure and enter a “1” in the box for “Farm Income Averaging”)....... 00 2011 Form 573 - Page 2 Farm Income Averaging Instructions Use Form 573 to elect to figure your 2011 tax by averaging, over the previous 3 years (base years), all or part of your 2011 taxable income from your trade or business of farming. Making this election may give you a lower tax if your 2011 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 2011 (2008, 2009 or 2010), 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 32 and enter a “1” in the box for “Farm Income Averaging”. 2011 Form 573 - Page 3 Farm Income Averaging Determination of Taxable Income and Tax for Tax Years 2008, 2009 and 2010 2008 Taxable Income Line 5 If you used Form 573 to figure your tax for: • 2010 ...........................................enter the amount from your 2010 Form 573, line 11. Stop here, go to line 6. • 2009 and not 2010......................enter the amount from your 2009 Form 573, line 15. Stop here, go to line 6. • 2008 but not 2009 nor 2010........enter the amount from your 2008 Form 573, line 3. Stop here, go to line 6. If you did not use Form 573 in 2010, 2009 or 2008, enter the taxable income from your 2008 Form 511, line 13, or Form 511NR, line 31. If zero or less, see instructions. 2009 Taxable Income Line 9 If you used Form 573 to figure your tax for: • 2010 ...........................................enter the amount from your 2010 Form 573, line 15. Stop here, go to line 10. • 2009 and not 2010......................enter the amount from your 2009 Form 573, line 3. Stop here, go to line 10. If you did not use Form 573 in 2010 or 2009, enter the taxable income from your 2009 Form 511, line 13, or Form 511NR, line 31. If zero or less, see instructions. 2010 Taxable Income Line 13 If you used Form 573 to figure your tax for: • 2010............................................enter the amount from your 2010 Form 573, line 3. Stop here, go to line 14. If you did not use Form 573 in 2010, enter the taxable income from your 2010 Form 511, line 13, or Form 511NR, line 31. If zero or less, see instructions. 2008, 2009 & 2010 Tax Line 18 - Tax for 2008 If you used Form 573 to figure your tax for: • 2010 ...........................................enter the amount from your 2010 Form 573, line 12. Stop here, go to line 19. • 2009 and not 2010......................enter the amount from your 2009 Form 573, line 16. Stop here, go to line 19. • 2008 but not 2009 nor 2010........enter the amount from your 2008 Form 573, line 4. Stop here, go to line 19. Otherwise, enter the tax from your 2008 Form 511, line 14 or Form 511NR, line 32. Line 19 - Tax for 2009 If you used Form 573 to figure your tax for: • 2010 ...........................................enter the amount from your 2010 Form 573, line 16. Stop here, go to line 20. • 2009 and not 2010......................enter the amount from your 2009 Form 573, line 4. Stop here, go to line 20. Otherwise, enter the tax from your 2009 Form 511, line 14 or Form 511NR, line 32. Line 20 - Tax for 2010 If you used Form 573 to figure your tax for: • 2010 ...........................................enter the amount from your 2010 Form 573, line 4. Stop here, go to line 21. Otherwise, enter the tax from your 2010 Form 511, line 14 or Form 511NR, line 32. Oklahoma Tax Rates for Tax Year 2008, 2009 and 2010 Married Joint, Head of Household and Surviving Spouse Filers Single and Married Separate Filers If taxable income is: If taxable income is: -0- - 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 - 15,000 Pay 255.00 + 5% over 12,200 7,200 - 8,700 Pay 171.50 + 5% over 7,200 15,000 - over Pay 395.00 + 5.50% over 15,000 8,700 - over Pay 246.50 + 5.50% over 8,700
573-05
More about the Oklahoma Form 573 Corporate Income Tax
We last updated the Farm Income Averaging in April 2022, and the latest form we have available is for tax year 2021. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Oklahoma Tax Commission. You can print other Oklahoma tax forms here.
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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 OW-8-ESC | Estimated Tax Declaration for Corporations |
| 512S-Pckt | Small Business Corporate Tax Return Packet (form and instructions) |
| Form 512 | Corporate Income Tax Return (form and schedules) |
| Form 512E | Return of Organization Exempt from Income Tax |
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 April 2022.
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 ten 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:
2011 Form 573
573-05
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